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FILECOIN TEAMS UP WITH NUKLAI TO REVOLUTIONIZE AI DATA STORAGE

#Filecoin #Nuklai #altcoin #AI $FIL $nai

Despite recent struggles for web3 AI tokens, Filecoin is making significant progress in the AI sector. The Filecoin Foundation has partnered with Nuklai, an AI infrastructure platform, to develop a decentralized database for AI and machine learning.

Decentralized Data Storage

Announced on July 8, Nuklai will use Filecoin’s network through its Lighthouse perpetual storage service to create a data ontology solution for storing and archiving both raw data and metadata. This solution will improve the efficiency of training AI models by defining relationships between various data concepts.

Objectives and Benefits

Nuklai aims to store data efficiently, transparently, and in a decentralized manner using Filecoin's network. By standardizing data uploaded to Lighthouse, AI and machine learning model training becomes significantly more efficient. Data stored on Filecoin's network will be accessible through Nuklai, with ownership retained by the data owner.

Challenging Centralized Dominance

This partnership aims to challenge the dominance of centralized cloud providers like AWS, Google Cloud, and Alibaba Cloud by offering a decentralized alternative.

Market Context

Filecoin (FIL) has seen a 13.5% price drop over the past week amid a broader market pullback. Many web3 projects jumped on the AI bandwagon after OpenAI’s ChatGPT launch, but most have failed to deliver concrete AI products, leading to significant volatility.

AI Tokens Volatility

AI-aligned web3 tokens nearly doubled in May, reaching a market cap of $39 billion by June 1, but have since crashed by 37.5%, now sitting at $22.9 billion. Nuklai’s NAI token gained 27% over the past 24 hours, though it has dropped 88.4% since its all-time high in April.

A Grayscale Research report from June 26 noted that AI tokens were among the strongest-performing segments of the crypto market in 2024, with an 80% year-to-date gain and the largest dominance in the social media landscape.