AI Crypto Heavyweights FET, AGIX, And OCEAN Set To Merge Tokens, Challenge NEAR As AI Sector Leader

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Updated: 28 March 2024

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AI crypto heavyweights Fetch.ai, SingularityNET, and Ocean Protocol are discussing a token merger to create a joint Artificial Superintelligence (ASI) token.

Under the proposed deal, the three platforms will continue operating as separate entities, but their individual tokens will be merged into ASI.

The combined market capitalizations of the three tokens currently totals $5.41 billion, according to CoinMarketCap. That sets up to challenge NEAR Protocol as the AI crypto sector’s biggest token by market cap. NEAR’s market cap stands at $7.6 billion.

The new ASI token will have a fully diluted valuation of $7.5 billion.

🔔 @SingularityNET, @Fetch_ai, and @oceanprotocol reportedly discuss a $7.5 billion token merger.

➡️ The new token would have a fully diluted valuation of $7.5 billion.https://t.co/ECbC5YXiv6

➡️ Follow Us @psquarevc | @pSquare_Daily pic.twitter.com/6Y5p3DWTRu

— Psquare Daily (@pSquare_Daily) March 27, 2024

The news triggered gains for the existing tokens. FET rose almost 8% in the past 24 hours as of 10.20 a.m. EST, AGIX is up 4.4% and OCEAN 2.6%.

AI Crypto Titans’ Merger Details

Fetch.ai’s $FET token will change to ASI with a total supply of 2.63 billion tokens, Singularity.NET’s AGIX will convert to ASI at a rate of 0.43335:1, and OCEAN’s conversion rate is set at 0.433226:1.

The CEO of Singularity.NET, Ben Goertzel, will run the merged entity while the CEO of Fetch.ai, Humayun Sheikh, will serve as the chairman.

A governing council for the alliance will also be set up to monitor and guide the operations of the merged token.

The projects have already submitted their proposals to the governance communities for a two-week consultation period. The communities will then vote on the proposals between April 2 and April 16.

The crypto community has complained over the scanty details provided on the merger.

@Fetch_ai admins and management of FET:
I have been a long term holder of FET since its launch, but now I have a serious question. I read that we can exchange the FET token on a 1:1 basis for the new token. But the market cap is twice as high, how do you think that calculation is…

— Wolfy 🥷 (@Cryptowolfys) March 27, 2024

The merger reflects the growing popularity of crypto projects with AI and other solid technology backing.

5^thScape (5SCAPE), a crypto project that’s revolutionizing augmented and virtual reality through AR/VR gaming and education, has one of the most successful presales in 2024, raising over $2.8 million.