Which projects is the crypto market positioning for amid rising expectations around the NVIDIA event?
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Which projects is the crypto market positioning for amid rising expectations around the NVIDIA event?
There are ten days left until NVIDIA's annual AI conference, and the hype around AI concepts is unlikely to stop before the GTC24 event concludes.
Navigating Web3 tides with focused insightsAuthor: Kaori, BlockBeats
Meme coins cool off, AI sector tokens take the baton—Is altseason approaching?
Following last night's announcement of NVIDIA's GTC24 conference agenda, multiple crypto AI projects and AI concept tokens that have announced participation saw significant price increases. Projects including NEAR, FET, RNDR, GPT, and NMT all surged more than 20%.
Related reading: Up 20x in a Weekend—Is Crypto’s AI Summer Here?
NVIDIA's GTC (GPU Technology Conference) is an annual AI industry summit bringing together developers, researchers, business leaders, IT decision-makers, creators, and members of NVIDIA’s partner ecosystem. The 2024 NVIDIA GTC conference will be held from March 18–21 in San Jose, California.
Which crypto projects are attending?
Near
Last night, NEAR Protocol co-founder Illia Polosukhin announced he will attend the "Transforming AI" keynote and panel discussion on March 20 during GTC24. Notably, NVIDIA founder Jensen Huang will also participate in this session.
The keynote centers around the groundbreaking paper "Attention Is All You Need," which introduced the Transformer neural network architecture. Transformers have since dominated every field of artificial intelligence and revolutionized the entire industry. Illia Polosukhin, co-founder of NEAR Protocol, is one of the authors of this seminal paper.
Published in late 2017, the "Attention Is All You Need" paper introduced the Transformer architecture, now a foundational technology underlying modern natural language processing and AI. The eight Google Brain authors—including Ashish Vaswani (founder of Adept AI Labs), Noam Shazeer (founder of character.ai), Aidan Gomez (founder of Cohere AI), and Lukasz Kaiser—are also guests at this event.
In February 2023, NEAR stated it could serve as infrastructure supporting next-generation AI use cases, creating a value layer for setting rules and pricing data, enabling various applications and protocols to leverage such data publicly, fairly, and transparently. NEAR has also partnered with consumer shopping analytics platform Cosmose AI to build a stablecoin payment system allowing users to make cryptocurrency purchases with low transaction fees.
At the time of writing, NEAR was trading at $5.76, up 41% over the past 24 hours.
Render
Jules Urbach, founder of Render Network—the world’s first blockchain-based distributed GPU rendering network—will deliver a talk titled “The Future of Rendering: Real-Time Ray Tracing, AI, Holographic Displays, and the Blockchain” on Wednesday, March 20 from 3:00 PM to 3:50 PM Pacific Daylight Time during GTC24.
Jules Urbach is also co-founder and CEO of cloud rendering company OTOY, which has been at the forefront of rendering software for over a decade. Its flagship application, Octane, was the first GPU-accelerated, unbiased, physically accurate renderer and is widely regarded as best-in-class. Major studios including Disney use Octane for VFX production.
Urbach entered the crypto space driven by a vision for the metaverse. He realized that building the metaverse requires far more computational power than currently available—orders of magnitude greater than the combined capacity of all data centers worldwide. The only way to access such vast computing resources is by harnessing the hundreds of millions of consumer-owned GPUs globally.
Render Network launched in 2017 to tap into this latent supply, enabling complex GPU-based rendering tasks to be distributed and processed across a large decentralized peer-to-peer network. This allows creators to compute at unprecedented scale and cost-efficiency while offering stronger privacy guarantees than any existing cloud provider.
At the time of writing, RNDR was priced at $9.94, up 47% over the past 24 hours.
Can anyone attend just by paying?
Beyond the two highlighted projects, many other AI-sector projects have announced attendance at NVIDIA’s GTC24 conference. However, these projects only needed to purchase tickets and have not disclosed plans to host or participate in any official events. Ticket registration closes on March 17, so more crypto AI projects may still join this AI gathering. Below are some already confirmed attendees, for reference only.
NetMind.AI (NMT)
GPU-sharing-focused NetMind.AI announced last night it has been invited to attend NVIDIA GTC24, though no further event details have been released.
After this announcement, NMT rose above $12. At the time of writing, NMT was trading at $12.14, up 27.5% over 24 hours.
Node AI (GPU)
GPU leasing project Node AI announced its participation in NVIDIA GTC24. Prior to this, Node AI updated its roadmap, stating it would introduce an L1 blockchain customized for cross-node task allocation.
At the time of writing, GPU was priced at $1.25, up 1% over 24 hours.
MineAI
Computing resource and GPU-sharing project MineAI announced it will attend NVIDIA GTC24 from March 19 to 21, where it will discuss project details and future outlook with MAI holders.
At the time of writing, MAI was priced at $0.037, up 217% over 24 hours.
QnA3.AI (GPT)
AI-powered Web3 knowledge-sharing platform QnA3.AI announced it will attend NVIDIA GTC24 from March 17 to 21. Previously, QnA3.AI announced its second airdrop will occur at 04:00 UTC on April 2, 2024.
At the time of writing, GPT was priced at $0.68, up 8% over 24 hours.
AI and DePIN have remained hot narratives this year. Just days ago, Solana-based DePIN protocol io.net announced a $30 million Series A funding round. Over the past six months, tokens across the AI sector have seen sustained price growth, fueled by continuous innovation from Web2 AI companies like OpenAI and NVIDIA, driving rapid development in the crypto AI space.
With ten days remaining until NVIDIA’s annual AI conference, speculation around AI concepts is unlikely to subside before GTC24 concludes.
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