Over the past month or two, the crypto-currency market has witnessed a significant price recovery. The majority of the currencies in the top 100 list have seen double and triple digit gains, with several even hitting their all-time highs.
Moreover, the few recent price increases come as “AI” is currently trending in the crypto-currency sector, following the rise of AI tools like ChatGPT and Google’s new Bard.
Near Protocol in the AI frenzy?
Among the growing list of AI-focused altcoins gaining value, Near Protocol’s surprise entry saw its native token, NEAR, climb more than 15% today at the time of writing. This appears to be a deliberate jump on the AI bandwagon, with Near’s recent tweet stating that “AI is NEAR” while retweeting a community post was very influential and caught the attention of NEAR holders and followers.
The retweet, which came from a community profile on Twitter, briefly describes how the Near protocol could serve as a leading blockchain to facilitate “Next-generation AI use cases“. According to the post, Near generates a value layer for the purpose of establishing rules and prices for data, which other applications and protocols can then use in an open, honest and transparent approach.
AI is #NEAR 👀 https://t.co/0Uc8a2NIEn
— NEAR Protocol | Create Without Limits (@NEARProtocol) February 8, 2023
The post also claims that the most widely used crypto-AI crossover application is actually one of the oldest DApps on the Near blockchain. An application called “NearCrowd“Running on the blockchain has been quietly operational for nearly two years, with thousands of workers around the world (more than 1,000 DAUs) tagging millions of data points that are used to train true machine learning models.
A growing artificial intelligence industry in the crypto-currency space
The artificial intelligence industry has quickly grown to a value of $327.4 billion. And today, as ChatGPT and other AI-based services continue to grow in popularity, the industry is expected to expand even further in the coming years. This optimistic outlook on artificial intelligence (AI) and blockchain technology is expected to prove extremely beneficial to successful digital assets in the AI sector.
As it stands, Near Protocol (NEAR) has moved up to $2.74 at the time of compounding. And that translates into a 16.75% increase over the past 24 hours, as opposed to a 22% jump over the past seven days.