Market Note: The Surprising Interplay of AI & Cryptocurrencies

A recent and dramatic surge in artificial intelligence innovation has likened the field to a Cambrian explosion. AI went from the realm of science fiction for many to something rapidly approaching reality. Although AI’s development and application have steadily progressed over the past decade, the turning point was arguably in October/November 2022 with the public launch of OpenAI’s ChatGPT. This event sparked widespread public interest, as evidenced by ChatGPT amassing its first million users in just five days, outpacing many popular consumer applications to the same milestone, such as Spotify and Instagram.

A well-known aspect of budding industries is that they attract a lot of capital and, by extension, capital farmers. During the blockchain hype, struggling startups would often hold an ICO to raise funds and perhaps revive their businesses.

The persistent strength of AI-related tokens coupled with the heightened enthusiasm around AI warrants a detailed market note. Without further ado, let’s dive in!

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