- The SingularityNET blockchain makes it possible to monetize AI services.
- ChatGPT launched AI and it has been gaining popularity.
- Since the beginning of the year, AGIX token has been in a bullish trend.
Over the past month, the price of SingularityNET has increased by more than 774% and the bull market seems to be growing in strength with each passing day. Today, the coin traded at $0.4579 after having risen by approximately 40.13%.
While it is true that the crypto market is in recovery mode since the start of 2018, the AGIX token price has risen by more 7744%. Other factors are also contributing to the price rise.
What is SingularityNET?
Before we get into the reasons why SingularityNET’s price is increasing, let us briefly describe what it is.
SingularityNET, a blockchain-powered platform, allows users to share and monetize artificial Intelligence (AI) services. AI developers can make and sell their AI libraries. Those interested in AI services may test and purchase any AI service that is uploaded to the SingularityNET AI Marketplace.
A user can also request an AI service customized by the vast SingularityNET community via the Request for AI portal.
Users use the platform’s native token, AGIX, to purchase the AI services. Developers can earn AGIX tokens selling their AI services and filling out the RFAI request.
AGIX holders are able to vote on any changes to the SingularityNET operation and stake their tokens to gain some interest.
Why is AGIX’s price on the rise?
ChatGPT, the popular AI tool for artificial intelligence, has caused a surge of AI-focused cryptocurrency. One example is the AGIX.
After Microsoft announced its plans to invest $10 Billion in OpenAI (the startup behind ChatGPT), the current AGIX Bull Run began on Tuesday. After the news, the coin soared by an incredible 18% and has maintained its bullish trend ever since.
AGIX’s trading volume has seen a significant increase as more people flock to the AI market.
SingularityNET and Hanson Robotics have recently created a joint venture called AwakeningHealth. This venture develops AI-based healthcare products.
