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The sentence translates to English as: "The topic of artificial intelligence, which dominated the headlines in 2023, was also evident in the cryptocurrency ecosystem. The market value of artificial intelligence-focused cryptocurrency projects approached 6 billion dollars, while the number of projects produced with this focus exceeded 80.
TURKEY - The impacts of artificial intelligence, which was chosen as the word of the year by Collins Dictionary in 2023, were not limited to the transformation beginning in the business world and the news headlines. The transformative power of artificial intelligence, abbreviated as AI in English, extended into the cryptocurrency ecosystem as well. Cryptocurrencies focused on artificial intelligence, which started 2023 with a market value of 1.1 billion dollars, surpassed the 7 billion dollar threshold by December. Nevertheless, they fell below 6 billion dollars with the recent market downturn.
Sharing his thoughts on the subject, Kafkas Sönmez, the Global Growth Director of Gate.io, said, 'Artificial intelligence, which has proven its potential with tools like ChatGPT and Midjourney, has spread to a wider base with world-renowned corporate technology providers announcing their AI tools and co-pilots one after another. This potential also brought about an expansion in the cryptocurrency ecosystem.
The 2023 annual performance of artificial intelligence-focused cryptocurrencies, which are estimated to have gained $ 1.75 billion in value in the last 34 days of the year alone, was measured at over 500%. Noting that blockchain technology offers a more comprehensive and complex ecosystem beyond cryptocurrencies, cryptocurrency trading and stock markets, Kafkas Sönmez said, “For example, a project represents a protocol used to send queries to networks such as Ethereum and IPFS. Another cryptocurrency that made a significant jump in January is positioned as a utility token of a project that offers services, datasets and computing resource access to distributed applications running on the blockchain. Technologies such as smart contracts, Web3, Layer 2 transform blockchain into a complex and revolutionary concept. "Technologies such as artificial intelligence, big data, and advanced analytics now intersect with blockchain at some point, and we will encounter such examples more frequently in the future," he said.
In a study conducted by CoinGecko, which operates as the world's largest independent collector of crypto data, participants were also asked about the most popular crypto theme of 2023. Among the responses, artificial intelligence took the lead with a share of 11.3%. Kafkas Sönmez, who pointed out that the interest in artificial intelligence-focused cryptocurrencies can be understood not only from transaction volumes and market value but also from investor perception, said, 'Last year, the focus at the beginning of 2023 was on crypto and blockchain at the World Economic Forum Annual Meeting Davos 2023. This year's summit was marked by the topic of artificial intelligence. Three out of four CEOs running global companies expect productive artificial intelligence to significantly change business processes within the next three years. All these are beyond coincidence, indicating the beginning of a transformation.
According to CoinGecko predictions, Akash Network (AKT) was the best performing artificial intelligence-focused cryptocurrency of 2023 with an increase of 1,247%, while Render (RNDR) achieved a twelvefold price increase. Kafkas Sönmez, the Global Growth Director of Gate.io, which connects more than 1,800 cryptocurrencies with over 14 million users and ranks among the top 10 leading cryptocurrency exchanges globally, also expressed that they follow developments outside of cryptocurrencies. He concluded his assessments with the following statement:
“Gate.io, outpacing all its global competitors in terms of listings, even listing 2.5 times more cryptocurrencies than the second-place competitor, works to quickly bring to its users all the cryptocurrencies that stand out in market value and make a splash in the ecosystem. In Turkey, we also list artificial intelligence-focused cryptocurrencies and even provide our investors with the opportunity to trade in TRY pairs as much as possible. As we need new technologies with the corporate adoption of artificial intelligence, we can expect significant growth in this AI-focused field also in 2024. Although the recent decline in the markets due to the spot Bitcoin ETF has also affected AI-focused projects, it is still possible to speak of a potential here.
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