SingularityNET, Fetch.ai, and Ocean Protocol are in discussions to merge their cryptocurrency tokens. The move aims to develop a decentralized artificial intelligence platform. Sources familiar with the matter say the combined entity could be valued at approximately $7.5 billion at full dilution.
The proposed deal hinges on approval from each project's community. If successful, it would create a new token called ASI, standing for "artificial superintelligence". The token would have a total supply of about 2.63 billion and an initial price of $2.82.
Ben Goertzel, founder and CEO of SingularityNET, is set to lead the new "Superintelligence Collective". Humayun Sheikh, CEO of Fetch.ai and an early DeepMind investor, would assume the role of chairman. Despite the token merger, the three platforms would maintain their separate identities. The consolidation seeks to establish an open, decentralized AI infrastructure at scale. This approach contrasts with existing systems that often obscure their inner workings from the public. It represents a growing trend among AI-focused platforms to pioneer decentralized AI technology.
Market reaction to the news has been positive. SingularityNET's AGIX token rebounded from a recent low, while Fetch.ai's token set a new all-time high of $3.34 on March 27 and Ocean Protocol surged 37% within 24 hours, reaching $1.66.
The proposed merger reflects a broader push to democratize access to AI technologies as it challenges the dominance of tech giants like Alphabet and Microsoft. The aim is to ensure that companies prioritize more than just shareholder interests.
If approved, the native token of Fetch.ai (FET) will transition to ASI. Also, SingularityNET (AGIX) and Ocean Protocol (OCEAN) tokens will merge into ASI at conversion rates of approximately 0.433 to one. The move underscores the growing momentum in the decentralized AI sector.