The market capitalisation of generative AI tokens has surpassed the $12-billion mark, according to a Stocklytics.com data presentation.
Stocklytics’ financial expert Edith Reads believes that attaining that mark is no mean feat for a sector still in its infancy.
She adds that several factors, including the increasing adoption of conversational AI, are behind this rise.
The growth of generative AI crypto tokens has been phenomenal, considering these investments are hardly two years old. This surge is largely due to the mainstreaming of Chat GPT and other conversational AI software. These have ignited a broader interest in the application of AI tech in other sectors, including crypto.
Edith added that big tech investments in generative AI have also impacted its adoption in crypto. Tech giants like Microsoft and Google have ramped up their investments in such projects. With that, they’ve enhanced the sector’s credibility, thus pushing for further adoption.
Stocklytics’ report also ranked the leading crypto AI projects by market cap. Topping this list is TAO, Bittensor’s native cryptocurrency, which stood at $3,86-billion at time of going to press.