AI tokens continue to rally following OpenAI's unveiling of Sora text-to-video generator

AI-related tokens have rallied in the past 24 hours, with the native cryptocurrencies associated with SingularityNET and Worldcoin posting double-digit gains.

The uplift comes amid the hype surrounding the unveiling of OpenAI's Sora text-to-video generator on Friday. AGIX, the native token of SingularityNET, a decentralized marketplace for AI-related services, gained over 11% in the past day, now trading for $0.52.

The price of Worldcoin's WLD +29.29% token increased by over 28% in the past 24 hours, currently changing hands for $7.51, according to The Block's price page . WLD also set a new all-time high of $7.95 today, with the market cap of worldcoin briefly exceeding $1 billion. Worldcoin is backed by Tools of Humanity , a company with Sam Altman as a co-founder and Chairman. Altman is also the CEO of OpenAI.

AI token market cap soars

In the past 24 hours, CoinGecko's list of AI tokens has posted a gain of over 8%, with the market capitalization of the sector now standing at around $15 billion.

Other major AI-related cryptocurrencies such as FET, the native token of Fetch.ai, gained over 5% in the past 24 hours. Fetch.ai focuses on automating business tasks, particularly in data processing and trading, using AI and machine learning.

Speaking to The Block about the recent surge in AI token prices, Fetch.ai CEO and Founder Humayan Sheikh said he expects the global use of AI to increase exponentially, impacting the blockchain industry. "In particular, the decentralized architecture of blockchain technology lends itself remarkably well to AI applications, setting the stage for the widespread adoption of blockchain, which has thus far been confined largely to financial applications," Sheikh said.

The Fetch.ai founder noted that the complexity of web3 user interfaces is a major factor contributing to the comparatively slow adoption of blockchain applications in mainstream usage. "As a response to this, AI brings powerful automation capabilities to the space, catapulting innovation and opening the door to the development of a diverse range of applications that can be built on the blockchain," Sheikh added.

The spike in prices in the AI-related cryptocurrency sector comes as the wider market has risen slowly over the last week, with The GMCI 30 Index up from 104 to 113.

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