Tremendous growth has taken place in the crypto world with the merging of artificial intelligence (AI) and “Big Data”. This dynamic sector has achieved a position among the top 10 industries experiencing tremendous market capitalization growth this year.
By using advanced algorithms and machine learning techniques to analyze large data sets, the AI and Big Data sector has revolutionized the way data is processed and used, providing a substantial boost to efficiency and innovation across sectors.
Incredible Growth of AI and Big Data Sector
AI & Big Data is ranked 2nd with a market cap of $4.6 billion – Source: CoinMarketCap
A new report that takes data from CoinMarketCap shows that the AI and Big Data sector has shown an astonishing growth rate of 323%. With these impressive numbers, the sector cemented its position as a pioneer in the crypto market, setting a precedent for other sectors.
Among the many rapidly growing sectors within the crypto space, the Virtual Reality (VR) and Augmented Reality (AR) sectors stand out as the true champions of growth. Experiencing a tremendous surge, the sector witnessed an impressive market capitalization growth of 704% during the first half of 2023, steadily securing its position at the top.
Following closely behind the VR/AR sector, the AI and Big Data sector has quickly emerged as an important player in the crypto market. In 2023, the sector, driven in part by OpenAI’s introduction of ChatGPT, has received significant attention, propelling it to become one of the most watched sectors.
In recent years, the progress of AI has been nothing short of extraordinary, and its transformative potential extends to various industries, including the crypto world. This breakthrough technology is seen as a game changer, capable of reshaping the financial and social landscape, with decentralized finance (DeFi) being one of its most promising frontiers.
As a result, many crypto projects are now integrating AI to open up new possibilities and pave the way for innovative solutions. One of the biggest catalysts driving interest in AI within the crypto community and beyond has been the widespread adoption of ChatGPT.
This revolutionary language model, which was introduced not long ago, has captured the imagination of crypto investors and individuals outside the community. Its sudden presence has sparked curiosity, highlighting the huge potential of AI technology in various applications.
OpenAI ChatGPT’s Influence on AI Narration
The AI and Big Data sector has emerged as a new entrant among the most viewed sectors of 2023, driven mainly by the launch of ChatGPT by OpenAI. The introduction of ChatGPT has further pushed the AI narrative further, with the introduction of the technology in Q1 2023 sparking a surge in interest and discussion around AI within the crypto market.
June 2023 is proving to be a significant month for AI and Big Data, as it sees a substantial comeback in interest after the dips in February and March. SingularityNET (AGIX) and Fetch.ai (FET) emerged as the most viewed tokens in the sector, bouncing almost 40% from their mid-June 2023 lows.
Interestingly, crypto AI has soared in the last week after Elon Musk launched ChatGPT competitor xAI. With the arrival of technologies like ChatGPT that spark curiosity and drive innovation, the intersection of AI and crypto is set to create a more inclusive, efficient and secure financial landscape for the world.
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