Filecoin Targets AI Sector, Teams Up with Nuklai to Create Decentralized Database

Filecoin is the latest web3 firm to target the burgeoning AI sector, with the Filecoin Foundation teaming up with Nuklai

Web3 data storage firm Filecoin is joining forces with artificial intelligence (AI) infrastructure platform Nuklai to create a decentralized database for powering AI and machine learning.

Announced on July 8, Nuklai will be storing data on the Filecoin network through its Lighthouse perpetual storage service. According to Nuklai, the database aims to provide a data ontology solution that supports both raw data and metadata with traceable archiving. A data ontology organizes and defines the relationships between different data concepts, providing a robust resource for training AI models.

"Our aim is to store data efficiently, transparently, and in a decentralized manner using Filecoin's decentralized data storage network,” explained Nuklai in a press release. “Everyone can contribute by sharing and contextualizing datasets, accessible via app.nukl.ai."

Through their partnership, Nuklai and Filecoin hope to challenge the dominance of centralized incumbents in the data storage sector. Currently, the majority of data is stored by centralized cloud providers such as AWS, Google Cloud, and Alibaba Cloud.

Data uploaded to Lighthouse is standardized to improve the efficiency of using it to train AI and machine learning models.

"Once the data is defined and standardized, it is stored using Filecoin's data storage network and accessible through Nuklai at all times, while the data owner retains ownership,” added Nuklai.

The price of Filecoin (FIL) is down 13.5% over the past week amid the broader market pullback, according to The Defiant’s crypto price feeds.

AI tokens tumble

Following the explosive emergence of large-language models (LLMs) ushered in by the public launch of OpenAI’s ChatGPT, many web3 projects have been quick to jump on the AI bandwagon.

Throughout May, tokens associated with AI-aligned web3 projects nearly doubled, with their combined market cap reaching a local high of $39 billion on June 1, according to CoinGecko. However, with most protocols failing to deliver concrete AI products, the sector has suffered from violent volatility.

The capitalization of AI tokens has since crashed 37.5%, currently sitting at $22.9 billion after dipping 2.6% in 24 hours.

Among the top gainers over the past 24 hours is Nuklai's NAI token, which surged 27%. Despite this, NAI has crashed 88.4% since reaching an all-time high on April 19 — two days after the token went live.

In a June 26 report, Grayscale Research noted that AI tokens were among the strongest-performing segments of the crypto market in 2024, having posted an 80% year-to-date gain at the time. The report also highlighted that AI tokens had the largest amount of dominance when it came to the social media landscape.

Related: FIL Rockets After Filecoin Integrates With Solana

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