- Although web3 AI tokens have seen significant drawdowns in recent weeks, the cooperation nevertheless goes forward.
The Filecoin Foundation has partnered with Nuklai, an artificial intelligence (AI) infrastructure platform, to develop a decentralized database that will fuel AI and machine learning, making Filecoin the latest web3 company to take aim at the growing AI market.
Nuklai, which made its announcement on July 8, plans to use its Lighthouse permanent storage service to store data on the Filecoin network. According to Nuklai, the database aims to offer a traceable preservation solution for data ontologies that supports both raw data and metadata. A data ontology provides a strong resource for AI model training by classifying and defining the relationships between various data categories.
Nuklai stated in a news release that their goal is to use Filecoin’s decentralized data storage network to store data effectively, transparently, and decentralized. By sharing and contextualizing datasets that are available via app.nukl.ai, everyone can participate.
Through their collaboration, Nuklai and Filecoin intend to challenge the centralized incumbents’ dominance in the data storage market.
At the moment, centralized cloud providers like AWS, Google Cloud, and Alibaba Cloud store the majority of data.
In order to maximize the effectiveness of utilizing it to train AI and machine learning models, data uploaded to Lighthouse is standardized.
Following definition and standardization, the data is saved on Filecoin’s data storage network and is always available through Nuklai; ownership of the data is retained, according to Nuklai.
According to The Defiant’s cryptocurrency price feeds, Filecoin (FIL) has dropped 13.5% in value over the last week as a result of the overall market decline.
AI token prices decline
With the public release of OpenAI’s ChatGPT, which marked the explosive rise of large-language models (LLMs), several web3 projects jumped on the AI bandwagon.
According to CoinGecko, tokens linked to AI-aligned web3 projects almost doubled in value in May, reaching a regional high of $39 billion in market capitalization on June 1. Nevertheless, the industry has experienced extreme volatility as a result of the majority of protocols failing to produce tangible AI goods.
Since then, the value of AI tokens has plummeted by 37.5%, and it is currently valued at $22.9 billion, down 2.6% in just one day.
The asset that performed the best over the last 24 hours was Nuklai’s NAI token, which gained 27%. But after reaching an all-time high on April 19, two days after the token went online, NAI has plummeted by 88.4%.
According to a June 26 research by Grayscale Research, with an 80% year-to-date gain, AI tokens were one of the best-performing areas of the cryptocurrency market in 2024. According to the survey, AI tokens possessed the greatest degree of dominance in the social media domain.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
