- SingularityNET blockchain allows users to monetize AI services.
- AI has gained popularity recently after the launch of ChatGPT.
- AGIX token has been on a very bullish trend since the turn of the year.
The price of SingularityNET (AGIX) has risen by over 774% over the past month and the bull trend seems to be gaining momentum with every passing day. Today, the coin had risen by about 40.13% to trade at $0.4579.
It is true the crypto market has been in recovery mode since the beginning of the year, but that is not the only reason why the price of the AGIX token has risen by more than 774%. There are other factors contributing to the price surge.
What is SingularityNET?
Before delving into why the price of SingularityNET is rising, it is important to briefly explain what it is.
SingularityNET is a blockchain-powered platform that allows users to create, share, and monetize artificial intelligence (AI) services. AI developers can sell their AI tools and libraries while those interested in AI services can test and buy any AI service uploaded on the SingularityNET AI marketplace.
In addition, if a user wants a customized AI service, they can tap the extensive SingularityNET community of AI specialists via the Request for AI portal (RFAI).
Users use the platform’s native token, AGIX, to purchase the AI services. This means that developers earn AGIX tokens by selling their AI services or filling the RFAI requests.
AGIX holders can also vote on changes to the SingularityNET network operations and also stake their tokens to earn some interest.
Why is the price of AGIX on the rise?
The news around the now popular artificial intelligence tool ChatGPT has triggered a surge in AI-focused cryptocurrencies, one of them being the AGIX.
The current AGIX Bull Run started on Tuesday after Microsoft announced plans to invest $10 billion in OpenAI, the startup behind ChatGPT. The coin shot up by a whopping 18% immediately after the news and has since maintained the bullish trend.
Besides its price, AGIX trading volume has also witnessed a huge surge as people flock to the AI market.
SingularityNET recently released a joint venture called Awakening Health in collaboration with Hanson Robotics. The venture develops healthcare products leveraging AI.
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