The market for artificial intelligence, currently worth $327.4 billion, continues to grow due to the spread of investment in this sector of the technology industry.
This is largely due to the growing potential implementation of AI technologies, ranging from content production to autonomous vehicles.
As artificial intelligence technology advances and becomes more widely available, AI spending is growing across a variety of sectors.
From 2015 to 2020, annual global corporate investment in AI will increase by $55 billion, with the majority of this increase coming from US private enterprise operations.
As popular platforms like SingularityNET and ChatGPT become mainstream, the use of artificial intelligence applications has increased.
AGIX, SingularityNET’s native token, bucked this trend as it registered strong gains since the start of 2023.
Image: Altcoin Buzz
SingularityNET Explodes 126% On Weekly Chart
According to Coingecko, as of Sunday, February 5, AGIX was trading at $0.4374 – a 127% jump over the past week – with the coin up 60% in the last 24 hours.
AGIX’s market capitalization has increased by more than $526 million from its lowest point in 2022, representing a rally of more than 204%. Coingecko statistics reveal that the 24-hour volume has increased to $252,247,987 at the time of this writing.
On Friday, the SingularityNET cryptocurrency rose to $0.25, the highest level since January 14.
SingularityNET: Quick Definition
SingularityNET is a blockchain platform that allows anyone to easily design, share, and sell Artificial Intelligence services. The SingularityNET Marketplace invites users to browse, evaluate, and purchase AI services using AGIX, their native currency.
AGIX is used to empower individuals to vote on issues that may affect the future of the network. In addition, it can be purchased in exchange for incentives and used to pay for platform services. AGIX can be bought, sold, and traded on digital currency exchanges.
#SingularityNETDecentralized AI market sees strong growth in 2022, and with projects funded by @DeepFunding (Round 2 = open) actively developing #AI Our agents will see a massive expansion in 2023! Read our Year End review here: https://t.co/ZWJEdIDS4r#BuildingOnCardano #AGI pic.twitter.com/c8wb6s6gUt
— SingularityNET (@SingularityNET) January 8, 2023
The majority of the SingularityNET crew consists of AI scientists, developers, engineers, and researchers. It was founded by Dr. Ben Goertzel (CEO and chief scientist of SingularityNET), Simone Giacomelli, and David Hanson.
The platform was publicly available for the first time in 2017 and earned $36 million in one minute through an initial coin offering (ICO) in December of the same year.
Crypto total market cap at $1 trillion on the weekly chart | Chart: TradingView.com
As with other cryptocurrencies, the price of AGIX rises due to macroeconomic variables. As recent data show that wage inflation has started to moderate. Investors expect the U.S. Federal Reserve to become more dovish as inflation eases.
Featured image from Mutant Reviewers