AI-Based Tokens in Crypto
AI-based tokens, which rely on artificial intelligence for their utility, are a hot subsector of the cryptocurrency market. These tokens are gaining traction and being hyped up from platforms like Injective and AnimeAIToken. They have seen substantial price pumps, such as Injective experiencing a 300% increase since June. This demonstrates the increasing popularity of these AI-based tokens.
Leading figures in the cryptocurrency space, including the Bankless bros, are spreading a narrative that cryptocurrency can become the currency of A.I. agents. As A.I. becomes more integral to our daily lives, there is a belief that A.I. agents will require currency to fulfill their objectives and will prefer decentralized digital currencies that exist online. This belief is supported by A.I. language models like ChatGPT describing digital currency as having properties that A.I. agents would seek in a currency.
Who’s Building A.I. Crypto?
Fetch.ai is one of the earliest players in the AI/ cryptocurrency field. Originally focusing on drone technology, the company pivoted to A.I. in 2018, aiming to create “autonomous economic agents.” Their FET token began to win momentum earlier this year as the OpenAI trend gained traction.
Another player, Render (RNDR), offers a distributed GPU rendering network that likewise aligns with the A.I. narrative. Nonetheless, it remains unclear whether these projects are A.I. products themselves or simply products that incorporate AI.
On the other hand, is it AI?
As the market continues to hype up tokens associated with A.I., questions arise about whether they genuinely contain artificial intelligence. When it comes to these projects, it’s uncertain whether they have any substantial A.I. integration beyond chat interfaces or use of hardware.
Although while AI-related tokens may not yet live up to the narrative of being the preferred currency of A.I. agents, their increased market cap demonstrates the enduring faith investors have in this narrative. As the market matures, it will be interesting to see how A.I. and cryptocurrency continue to intersect.
Hot Take: The Future of AI-Driven Crypto
As the cryptocurrency space continues to evolve, the narrative of cryptocurrency becoming the currency of A.I. agents is gaining momentum. Regardless of the skepticism around the actual A.I. integration in these tokens, their increasing market cap implies that this narrative is here to stay. The true probable of A.I. and crypto’s intersection may still be ahead of us, opening up further possibilities for growth and innovation.
The views and opinions expressed by the author are for informational objectives only and do not constitute financial, investment, or other advice.
Demian Crypter emerges as a true luminary in the cosmos of crypto analysis, research, and editorial prowess. With the precision of a watchmaker, Demian navigates the intricate mechanics of digital currencies, resonating harmoniously with curious minds across the spectrum. His innate ability to decode the most complex enigmas within the crypto tapestry seamlessly intertwines with his editorial artistry, transforming complexity into an eloquent symphony of understanding.