As NFT (non-fungible) token sales are blooming for the past few months, firms like Alethea AI and Fetch.ai use artificial intelligence to expand their business in the booming crypto world.

The creator of Intelligent NFTs (iNFTs) Alethea AI, announced in a Medium post on August 24, 2021 that the company has raised $16 million in its private and restricted token sale to build scalable AI infrastructure for the NFT market rat-race, bringing the growing demand for cryptocurrencies in the lime light once again.

Alethea AI-backer Mark Cuban said in the recent announcement, “We are increasingly witnessing collectors and consumers wanting to do more with their NFTs so that they are not just static lifeless assets.” Alethea’s protocol will permit NFTs to turn into “interactive media property, with personal traits, preferences and real-time interactive functionality.”

Besides billionaire investor Mark Cuban, the strategic iNFT protocol was also backed by DeFi Alliance, Nascent, Ravindra Kumar, LD Capital, Crypto.com Capital, Kid VC, DC Investors, Bitscale, CMS Holdings, FreeCo, Siddharth Jain and several other purchasers. 

The private token protocol offers artificial intelligence powered avatars that are protected blockchain as NFTs. It also allows to infuse intelligence into NFTs and converse with them. “There is a cambrian explosion in innovation and creativity happening in the NFT space, with [avatar communities] launching at a scale and speed we never thought possible,” CEO of Alethea AI, Arif Khan commented.

Following the Tuesday’s announcement, recently in June, Alethea AI faces a huge profitmaking success after auctioning off, one of the first most technically advanced iNFT named ‘Alice’ for $478,000 at Sotheby’s Natively Digital. Alethea AI also become one of the earliest Open AI teams to gain access to its GPT-3 API as of 10th June, 2021.

Joyashree Dey

CBW - External Analyst

INDIA