AI tokens rally amid NVIDIA’s breakout earnings

After GPU giant NVIDIA announced breakout earnings last week, AI crypto tokens have surged in value.

At the time of publication, OpenAI CEO Sam Altman’s Worldcoin (WLD) is currently trading at $8.04, representing a gain of 240% over the past month. Similarly, blockchain AI analytics firm Arkham Intelligence’s native token (ARKM) has witnessed a gain of 211% during the same period, with a current price of $1.68 per token. 

On Feb. 21, NVIDIA announced revenue and earnings of $22.1 billion and $12.3 billion, respectively, in Q4 2024, representing increases of 265% and 769% compared to Q4 2023. “Accelerated computing and generative AI have hit the tipping point; demand is surging worldwide across companies, industries, and nations,” said Jensen Huang, founder and CEO of NVIDIA, regarding the solid quarter.

Crypto projects, too, are taking part in the AI tailwind.

Recently, Sleepless AI, a Web3 AI companion platform backed by Binance Ventures, disclosed its roadmap for 2024. “Sleepless AI committed to offering authentic emotional communication through AI dialogue, AI voice, and other experiences that simulate interactions with real humans,” developers said while teasing the release of its flagship AI blockchain game, Her 2.0, this year. Through the game, users will be able to dress their virtual partners, participate in PvP battles, and earn rewards through card boxes and mystery boxes. 

Fetch.ai, an AI platform for building decentralized applications, revealed on Feb. 13 that it partnered with Deutsche Telecom for enterprise AI. As part of the agreement, Deutsche Telecom will become a validator on the Fetch.ai blockchain. “The core of this technology relies on AI-driven autonomous agents, which manage resources, conduct transactions, and analyze traffic flows. Fetch.ai services are currently accessible across various sectors, including healthcare, automotive, supply chain management, and digital identities,” developers wrote. Deutsche Telekom MMS will also participate with Fetch.ai at the Bosch Connected Experience, Europe’s largest Internet of Things and AI hackathon, on February 28 and 29.

Meanwhile, crypto exchange Bitget reported a 361% increase in weekly trading volume for its listed AI tokens and a 136% increase in the number of participants. “The main reason for the current rise in the AI sector is that OpenAI has launched its text-to-video model Sora, which has the ability to create videos up to 60 seconds long, including highly detailed scenes, complex camera movements, and emotionally rich characters. This innovation has enhanced the creativity of AI and attracted high attention from the market,” researchers commented.

Since 2020, decentralized computing blockchain iExecRLC has been part of NVIDIA’s Inception Program for exploring AI edge computing. The project currently has a market capitalization of $323 million.

iExec has been selected to join the NVIDIA Inception Program.

With NVIDIA, iExec will explore how blockchain can leverage the AI Edge computing platform ‘EGX’ and accelerate the support of NVIDIA components in the Marketplace.@NVIDIA @NVIDIAAI https://t.co/pmXmEn0VX5

— iExec RLC – Official (@iEx_ec) October 28, 2020

Cointelegraph reported on February 20 that Y Combinator has called on startups to build stablecoin, metaverse, and AI solutions. The Silicon Valley venture capital firm has funded 81 cryptocurrency and Web3 startups, including Coinbase, OpenSea, TRM Labs, and Quantstamp. Y Combinator analysts commented: 

“It all looks a bit like digital music’s transition from the realm of outlaw file sharing in the early 2000s to becoming the norm as players like Apple entered the market.”

Related: Meta to combat generative-AI abuse ahead of EU parliament elections