Aptos (APT) has scored a major deal with tech giant Microsoft yesterday. However, the announcement of a “partnership” between Aptos Labs and tech giant Microsoft has raised eyebrows and ignited debates across the crypto community if this is just smoke and mirrors. With the APT token witnessing a surge of nearly 20% following the news, and a significant token unlock looming, the timing and nature of this partnership have come under scrutiny.
Aptos-Microsoft Deal Just A Click?
In the official press release, Aptos Labs revealed its plans to integrate Microsoft’s artificial intelligence (AI) technology. The collaboration aims to introduce a range of tools and services, including the Aptos Assistant chatbot, powered by Microsoft’s Azure OpenAI Service. The chatbot is designed to assist users with queries about the Aptos ecosystem and offer resources to developers crafting smart contracts and decentralized applications.
CEO Mo Shaikh commented on the convergence of AI and blockchain, stating, “Artificial intelligence and blockchain technologies are quickly converging for one important reason: They are both generational breakthroughs that profoundly impact the evolution of the internet and shape society.”
However, the partnership’s announcement has not been without its critics. Renowned crypto analyst @DefiSquared, known for being the top-ranked trader on Bybit, took to Twitter to express his skepticism. He pointed out, “lmao what. Did you guys really just pump Aptos 15% on the “news” that it’s paying to use Microsoft Azure services? Seems like an obvious short on a chain that yes, still has no users and an $8 bil valuation with an infinite token supply and 100% annual emissions.”
@DefiSquared further highlighted the timing of the news, just two days (on Friday) before more than 4.5 million APT tokens (2% of the circulating supply) will be unlocked, suggesting potential ulterior motives. He also shared a screenshot from Microsoft’s website, indicating the ease with which entities can join the Microsoft AI Cloud partner program, sarcastically remarking, “Aptos really clicked ‘Enroll at no cost and become a partner today’ and added a billion dollars to their market cap. Who knew it was that easy?”
Aptos really clicked “Enroll at no cost and become a partner today” and added a billion dollars to their market cap. Who knew it was that easy? pic.twitter.com/Lt42y4vpB2
— DeFi^2 (@DefiSquared) August 10, 2023
While the partnership promises to explore blockchain-based financial services, including asset tokenization and central bank digital currencies, the specifics remain vague. Aptos’ representative emphasized the collaborative nature of the partnership, stating, “This is a collaboration from day one. Aptos Labs’ team of AI experts, Ph.Ds, and Web3 developers are working directly with Microsoft’s AI team to train models, integrate AI technology into the Aptos Assistant and GitHub elements integrating with Aptos’ blockchain.”
APT Price Analysis
As the crypto community continues to dissect the nuances of this partnership, the question remains: Is this a genuine stride forward for Aptos, or a well-timed PR move to buoy token prices ahead of a significant unlock for venture capitalists (VCs)? Only time will tell.
At press time, the APT price stood at $7.27. Thus, APT failed to post a higher high. The price has already bounced downwards off the resistance at $7.98 and also ahead of the 200-day EMA as well as the 23.6% Fibonacci retracement level.
Featured image from iStock, chart from TradingView.com