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The Graph's GRT Rallies 15% Amid AI Token Surge
Other AI-related tokens also rose on Thursday, with decentralized AI marketplace, SingularityNET rising 15%.
Updated Mar 16, 2023, 8:04 p.m. Published Mar 16, 2023, 8:04 p.m.
Indexing protocol The Graph’s GRT token has rallied 18% over the last 24 hours as AI-related tokens pumped following ChatGPT’s release of its latest version of the technology that powers the popular chatbot tool.
OpenAI, the company behind ChatGPT, unveiled the release in a blog post on Tuesday, stating the latest version can pass a simulated bar exam with a score around the top 10% of test takers. By contrast, GPT version 3.5’s score was around the bottom 10%, according to OpenAI's website.
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Other AI-related tokens have also recently surged, with – a decentralized AI marketplace running on blockchain – up 16%. According to data from CoinMarketCap, “Top AI and Big Data” tokens have outperformed the largest-cap cryptocurrencies bitcoin and ether over the past 24-hours.
“AI could be a threatening technology for some in the Web3 space as it immediately achieved widespread mass adoption through the launch of chat GPT almost overnight,” said Sheraz Ahmed, managing partner at blockchain consultancy Storm Partners.
Ahmed added: “AI tokens are leading the charge and will likely continue to do so as AI becomes more sophisticated. AI is a fantastic opportunity for crypto and will likely form a symbiotic complementary relationship.”
The Graph is an open-sourced indexing protocol used to collect, process and store data from various blockchain applications. It removes the need for data consumers like app developers to expand complex infrastructure for gathering on-chain data. The Graph currently supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS.
The foundation also released its annual grants report on Thursday, outlining the protocol’s growth over 2022 and how grants have played a vital role in stimulating and developing the Graph ecosystem. The Graph surpassed a $1 billion market capitalization in February, which reflected the growth of the ecosystem in the last year, particularly during the fourth quarter.
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