The price of the Ethereum-based artificial intelligence (AI) project ($FET) has soared earlier this week after the team behind it revealed a new partnership with electronics giant Bosch, in a move that will establish a Web3 Foundation to “promote industrial applications.”

The partnership will result in the Foundation, which will “focus on the tenets of transparency, openness, neutrality, and data and technology sovereignty.” The Foundation is set to have a three-tier governance structure that aims to encourage participant growth and contributions while ensuring the ecosystem’s sustainability and independence.

The Foundation aims “drive the advancement of AI and Web3 technologies,” while cooperating with industry players to unlock new innovations and potential new business opportunities. The Foundation’s website reads:

As a transparent governing body, initiated by and Bosch, we bring key industry participants together, advance research and adoption in Web3 technology, cryptography, and artificial intelligence, and advocate for the shared benefits of these technologies. itself is a decentralized AI and machine learning platform that allows anyone to build and deploy AI at scale, from anywhere. It aims to model the real world with autonomous software agents conducting economic activities. Users can use to distribute data or services and get paid in digital currency, according to Coinbase’s pages.

News of the partnership with Bosch saw the price of FET,’s native token, surge over 15%, but the cryptocurrency soon lost most of those gains. It’s now up around 6.4% over the past 24-hour period.

FETUSD Chart via TradingView

The cryptocurrency has been exploding upward as an AI narrative grows in the market. As CryptoGlobe reported, a little-known cryptocurrency that had just slightly over 300 active daily addresses at the beginning of the month has seen its price surge over 1,000% over the past month as artificial intelligence is seemingly becoming the new narrative on the market.

The cryptocurrency’s price explosion comes at a time in which tech giants have been pouring funds into artificial general intelligence (AGI) projects, with Microsoft investing as much as $10 billion on ChatGPT-maker OpenAI and integrating it into its search engine Bing, and Google announcing the launch of a ChatGPT competitor called Bard.

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