As a seasoned financial analyst with a background in artificial intelligence and blockchain technology, I have witnessed the rapid evolution of these fields and their intersection. Grayscale’s latest fund offering, the Decentralized AI Fund, is an intriguing development that speaks to the potential of decentralized AI protocols within the crypto ecosystem.
To take advantage of the surging possibilities in decentralized artificial intelligence (AI), Grayscale, known for issuing Bitcoin ETFs and managing crypto assets, has announced the debut of its Decentralized AI Fund. This new investment vehicle is designed to offer investors access to the protocols that form a part of the AI sector within the crypto marketplace.
Using a quarterly rebalancing approach, the Grayscale Decentralized AI Fund now comprises decentralized AI cryptocurrency projects such as Bittorent Alpha (TAO), Filecoin (FIL), Livepeer (LPT), Near Protocol (NEAR), and Render Token (RNDR).
Grayscale’s Latest Fund Offering
Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, exuded positivity regarding the upcoming debut of the company’s artificial intelligence investment fund.
Since our founding in 2013, the emergence of revolutionary technologies has presented enticing investment prospects for Grayscale’s backers. We are convinced that the introduction of the Grayscale Decentralized AI Fund represents a unique chance to invest in the budding sector of Decentralized Artificial Intelligence.
Sharif-Askary underscored the compatibility of artificial intelligence (AI) systems built on blockchain with the tenets of decentralization, accessibility, and transparency. He emphasized that these protocols could help reduce risks arising from the widespread adoption of AI technology.
The announcement revealed that the Grayscale Decentralized AI Fund encompasses three major types of decentralized AI assets. Initially, it covers protocols which develop decentralized services such as chatbots and image generation tools.
Additionally, this investment vehicle focuses on implementing strategies for addressing centralized challenges related to AI, such as safeguarding against bot intrusions, combating deepfakes, and countering misinformation.
As a researcher in the field of artificial intelligence (AI), I would like to highlight that the fund encompasses essential infrastructure and resources. These elements are considered indispensable for progressing in AI technology development. They include decentralized marketplaces for data storage, high-performance graphics processing units (GPUs) for computation, 3D rendering capabilities, and streaming services.
Starting on July 16, 2024, the composition and corresponding percentages of the Grayscale Decentralized AI Fund’s constituents were disclosed as follows: Bittensor accounted for 2.92%, Filecoin made up a significant 30.59%, Livepeer held an 8.64% share, Near claimed 32.99%, and Render comprised 24.86%.
Impact On Prices
Grayscale’s announcement on Wednesday led to notable gains for various protocols’ native tokens. For instance, Bittensor’s TAO token surged by 9% within the last 24 hours, reaching a new trading price of $323. This upward trend adds to the impressive 40% increase recorded over the past two weeks.
The value of Filecoin’s FIL token climbed approximately 8% during the specified period, reaching a price point of $4.76, which was just under the $5 threshold. However, according to CoinGecko statistics, the FIL token’s price is currently 97% lower than its peak value of $236 that was achieved in April 2021.
As a blockchain analysis specialist, I’ve noticed an impressive 12% price increase for Livepeer (LPMR), the native token of the decentralized video platform, within the last 24 hours. Consequently, its current trading value now stands at $16.53.
Two recent protocols with minimal impact on the market are Render’s RNDR token, which has gained a modest 3.2% and is currently priced at $6.81. In contrast, Near protocol’s native token NEAR experienced a decline of 1.2%, making it the only token to show a negative performance since the Wednesday announcement.
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2024-07-18 10:12