Near Protocol’s native token, NEAR, has seen a remarkable surge, almost doubling its value in just a week. The token is now trading at its highest level since May 2022, reaching $7.00 after a 20% increase in the past 24 hours. This surge in value comes as the crypto world turns its attention to Nvidia’s upcoming annual AI conference, where Near Protocol will be among the few crypto-related companies presenting.
A Keynote Speaker from Near Protocol
The anticipation surrounding Near Protocol’s involvement in Nvidia’s conference is high, particularly because Near Protocol’s co-founder and CEO, Illia Polosukhin, is set to speak. Polosukhin will join a panel titled “Transforming AI,” hosted by Nvidia’s founder and CEO, Jensen Huang. The spotlight on Polosukhin and the introduction of Near Tasks, a new AI-focused product, have sparked discussions about potential collaborations between Near Protocol and Nvidia.
The Buzz in Crypto AI Markets
The excitement isn’t confined to Near Protocol alone. The entire crypto AI market is experiencing a bullish trend, with tokens like Fetch.ai, The Graph, and SingularityNET posting significant gains. The broader crypto market, as reflected by the CoinDesk 20 index, has also seen a notable increase, further buoyed by Bitcoin reaching a record high of $72,446.
Near Protocol’s Growth and Potential
Near Protocol has come a long way since its inception. Starting as NEAR.AI, an AI company unrelated to blockchain, the team pivoted to develop the NEAR protocol in 2018, rolling out its mainnet in 2020. Illia Polosukhin’s background at Google Research, where he worked on AI models and tools, underscores the project’s deep roots in AI technology.
Near Protocol is built on a proof-of-stake blockchain, utilizing a consensus protocol called Nightshade. This allows for impressive performance, with the capability to handle about 100,000 transactions per second and process a block every second. With a current market cap of $7.45 billion, Near Protocol’s trajectory seems promising, especially in the intersection of AI and blockchain technology.
The Future Looks “NEAR”
The crypto community is abuzz with anticipation, not just for Near Protocol’s presentation at Nvidia’s conference but also for its future prospects. As Arthur Cheong, CEO of crypto venture capital firm DeFiance Capital, aptly put it, “the future is NEAR.” With its significant recent gains and the spotlight on its AI initiatives, Near Protocol is positioned as a key player in the evolving landscape of blockchain and AI integration.
