Livepeer skyrockets after OpenAI introduces video AI model Sora

• Livepeer (LPT) and SingularityNET (AGIX) prices spiked after OpenAI unveiled its text-to-video AI model Sora. 
• The Livepeer team said its community is looking to bring Sora’s capabilities to the blockchain protocol in coming months.
• LPT soared 80% to above $14.80, with trading volume up 3,300% in 24 hours.

OpenAI announced its Sora, a text-to-video AI model, on Thursday, heralding a new era in the generative AI space. According to OpenAI, Sora can create highly detailed AI videos, featuring complex camera motions, multiple scenes and characters.

The announcement saw a rally in the price of Livepeer (LPT) and other AI-related cryptocurrencies. On Friday, the Livepeer team revealed that its community was looking into bringing generative video AI capabilities to its platform.

Today @OpenAI revealed their research progress on the Sora generative video AI model, with some impressive demonstrations.

This helps show the world how powerful generative video can be, and progress on open models is moving faster than ever. But generating these videos requires… https://t.co/srd1TkV3bY

— Livepeer (@Livepeer) February 15, 2024

Livepeer, an open live video streaming protocol, says this initiative is part of its goal of making video creation affordable for developers and creators. The Livepeer team is optimistic that these AI capabilities will be live on the decentralized video platform in coming months.

“As part of Livepeer’s AI Video initiative, the community is working to bring these capabilities to the Livepeer network in the coming months, creating affordable and open access points to developers, creators, and users looking to do inspiring things with generative video,” a post on the Livepeer X account reads.

LPT price surges after Livepeer news

The price of Livepeer’s native token LPT soared more than 80% on Friday, reaching intraday highs of $14.87 across major crypto exchanges. According to data from CoinGecko, the coin’s trading volume rose a staggering 3,300% in 24 hours, with over $495 million traded.

A spike in market activity also saw SingularityNET (AGIX) soar, with the AI token hitting $0.42. The more than 25% increase in SingularityNET’s price was helped by a 520% jump in daily trading volume. The artificial intelligence market cap rose 8% to over $13.5%.