AI tokens briefly retreat after OpenAI product hype

Several cryptocurrencies related to artificial intelligence have surged in value after artificial intelligence research firm OpenAI announced a new product. However, on November 7, they turned red as the market plummeted.

AI Tokens Briefly Retreat After OpenAI Product Hype - 1
Artificial Intelligence Tokens with the Highest Market Cap | Source: CoinMarketCap

Figure (GRT) Price

Earlier today, market data showed that The Graph (GRT), an Ethereum (ETH) token that powers a decentralized protocol for querying blockchain data, was up 17.67% in the past 24 hours. It has gained 35.66% in the past seven days. When markets were down earlier today, GRT was up 1.67% in 24 hours and 29% over the past seven days.

The Graph aims to be the Google of blockchain, indexing and organizing data from networks like Ethereum and Filecoin (FIL) into open APIs.It is often considered an AI coin because it focus About the applications and functions of artificial intelligence.

AI Tokens Briefly Retreat After OpenAI Product Hype - 2
Chart (GRT) Price | Source: CoinMarketCap

SingularityNet (AGIX) Price

SingularityNet (AGIX), a token that supports decentralized artificial intelligence services, was up 2.6% in 24 hours and 5.4% in 7 days, but closed down 7% today and was up 1.21% in the past 7 days.

SingularityNet operates an AI marketplace where users can buy and sell AI algorithms and services. The native AGIX token facilitates transactions on the network.

AI Tokens Briefly Retreat After OpenAI Product Hype - 3
SingularityNet (AGIX) Price | Source: CoinMarketCap

Get(FET) price

Fetch (FET), an Ethereum token used for decentralized machine learning, is up 5.81% in 24 hours and 6.7% in 7 days. Following the market’s rout, these indicators revised down 7.13% today and were up 1.4% over the past seven days.

AI Tokens Briefly Retreat After OpenAI Product Hype - 4
Get (FET) Price | Source: CoinMarketCap

Fetch powers AI agents for transaction automation, energy optimization, and more. Their first application helps automate DeFi trading on Uniswap (UNI).

OpenAI recent activities

While these coins are currently mostly in the red after the overall market plummeted, they have all seen significant gains over the past seven days and have surged significantly over the past 24 hours. This shows that AI tokens enjoyed huge market interest until the market changed direction.

While causation cannot be ensured, the rally follows the announcement of new AI features at the OpenAI AI Developer Day event on November 6, such as custom GPT chatbots, upgraded GPT-4 and GPT-3.5 natural language models, Helper API and more. The new product may stimulate the development of more artificial intelligence products based on the OpenAI API, which may have a direct impact on certain artificial intelligence tokens.

For example, the new GPT-4 Turbo model supports longer contexts of up to 128,000 tokens, over 3x cheaper pricing, and new features such as repeatable outputs. GPT-3.5 Turbo has also been upgraded.

The Assistants API allows developers to build AI agents that can call models and external APIs for specific use cases. This enables AI assistants for data analysis, vacation planning, visual canvas applications, and more.

Investors may bet that these advanced tools will accelerate the development and adoption of artificial intelligence services that rely on blockchain networks and tokens such as GRT, AGIX and FET.

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