Livepeer skyrockets after OpenAI unveils text-to-video AI mannequin

• Livepeer (LPT) and SingularityNET (AGIX) costs spiked after OpenAI unveiled its text-to-video AI mannequin Sora. 
• The Livepeer crew mentioned its neighborhood is trying to carry Sora’s capabilities to the blockchain protocol in coming months.
• LPT soared 80% to above $14.80, with buying and selling quantity up 3,300% in 24 hours.

OpenAI introduced its Sora, a text-to-video AI mannequin, on Thursday, heralding a brand new period within the generative AI area. In keeping with OpenAI, Sora can create extremely detailed AI movies, that includes complicated digital camera motions, a number of scenes and characters.

The announcement noticed a rally within the value of Livepeer (LPT) and different AI-related cryptocurrencies. On Friday, the Livepeer crew revealed that its neighborhood was trying into bringing generative video AI capabilities to its platform.

Right this moment @OpenAI revealed their analysis progress on the Sora generative video AI mannequin, with some spectacular demonstrations.

This helps present the world how highly effective generative video may be, and progress on open fashions is transferring sooner than ever. However producing these movies requires… https://t.co/srd1TkV3bY

— Livepeer (@Livepeer) February 15, 2024

Livepeer, an open reside video streaming protocol, says this initiative is a part of its aim of creating video creation reasonably priced for builders and creators. The Livepeer crew is optimistic that these AI capabilities will probably be reside on the decentralized video platform in coming months.

“As a part of Livepeer’s AI Video initiative, the neighborhood is working to carry these capabilities to the Livepeer community within the coming months, creating reasonably priced and open entry factors to builders, creators, and customers trying to do inspiring issues with generative video,” a submit on the Livepeer X account reads.

LPT value surges after Livepeer information

The worth of Livepeer’s native token LPT soared greater than 80% on Friday, reaching intraday highs of $14.87 throughout main crypto exchanges. In keeping with knowledge from CoinGecko, the coin’s buying and selling quantity rose a staggering 3,300% in 24 hours, with over $495 million traded.

A spike in market exercise additionally noticed SingularityNET (AGIX) soar, with the AI token hitting $0.42. The greater than 25% improve in SingularityNET’s value was helped by a 520% bounce in each day buying and selling quantity. The synthetic intelligence market cap rose 8% to over $13.5%.