Elon Musk to build ChatGPT competitor – Will it be based on Cardano (ADA)? SingularityNET (AGIX) explodes in price

  • The Cardano-based artificial intelligence marketplace SingularityNET (AGIX) has risen more than 17 percent in the past 24 hours after Musk announced plans to build a ChatGPT competitor.
  • Musk has shown discontent with ChatGPT after Open added a filter tool to prevent users from generating offensive materials. 

The rise of artificial intelligence (AI) backed crypto assets has attracted the attention of tech billionaire Elon Musk. According to a report, Musk approached AI researchers recently about forming a new research lab to develop an alternative to OpenAI’s ChatGPT. Musk, who co-founded OpenAI but later cut ties with the startup, has criticised the developers for installing safeguards that prevent ChatGPT from producing text that might offend users.

Reportedly, Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet’s DeepMind AI unit, to build the next-generation artificial intelligence unit. The move is perhaps in line with the billionaire aim of developing an all-in-one Web3 platform through the Twitter Inc. acquisition.

The rise of ChatGPT to over 100 million users has occurred in less than two months since its inception. As a result, Musk has convinced the need for better-performing AI will remain in the coming years.

Will Musk Favor Cardano and SingularityNET?

The Cardano-based artificial intelligence marketplace SingularityNET (AGIX) has risen more than 17 percent in the past 24 hours after Musk announced plans to build a ChatGPT competitor. According to the latest crypto price oracles, AGIX’s price is trading around $0.533986 on Wednesday, with a market capitalization of approximately $636,491,685. Interestingly, AGIX has continued to rally in the past 30 days despite most crypto assets showing signs of an imminent correction.

Two days ago, Musk tweeted that he is more than eager to experience the artificial intelligence (AI) era. While Musk has nothing to do with SingularityNET or Cardano, the chances of tapping on them cannot be ruled out. 

“But, all things considered with regard to AGI existential angst, I would prefer to be alive now to witness AGI than be alive in the past and not,” Musk noted.

Notably, the Cardano network has significantly grown after the Alonzo hard fork that enables faster and more efficient smart contracts. According to aggregate data from defillama, the Cardano network has a total value locked (TVL) of approximately $115 million, with Djed stablecoin and Minswap among the top projects.

Side Notes

The adoption of the cryptocurrency market has significantly scaled since the inception of decentralized applications. However, the United States, which controls approximately 25 percent of the global market activities, has indicated that all digital assets except Bitcoin are unregistered securities. Moreover, crypto companies have been using token sales to fund internal projects in a similar manner described by SEC chair Gary Gensler.

Nonetheless, analysts expect the crypto tokens that will survive the ongoing regulatory scrutiny will rally hard in the next bull market.


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