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There are several crypto projects directly related to artificial intelligence.
Usually these are tokens or cryptocurrencies from ecosystems that leverage so-called “AI” in some way, but because there are so many of them, some of these projects use artificial intelligence primarily as a buzzword. and generate conversations about them. .
The best crypto projects powered by artificial intelligence
For example, 128 cryptocurrencies or tokens related to AI or so-called big data are listed. coin market capitalizationbut only four are also known to the general public.
Also note that none of these 128 cryptocurrencies have a market capitalization above $1 billion, only the top 4 exceed $200 million.
GRT (The Graff)
The highest market capitalization (over $800 million) is GRT, The Graph’s token on Ethereum.
This is not an artificial intelligence project, but related to big data. It is also an indexing protocol for requesting data from networks such as Ethereum and IPFS, and is already used by multiple networks. DeFi application.
This is clearly the main project in this category, so it’s worth mentioning. Not just CoinMarketCapBut don’t confuse it with a real AI project. And since it’s already been used, it’s easy to see why it has a higher market cap than other projects in this category.
It’s important to note that artificial intelligence is very often based on big data. Especially when it comes to so-called machine learning or deep learning.
Furthermore, the second token in this category, OCEAN by Ocean Protocol, also deals with big data rather than strictly artificial intelligence projects.
Fetch.ai (FET)
The most important crypto project of true artificial intelligence is Fetch.ai. Unsurprisingly, the native cryptocurrency FET is the third by market capitalization in this category, and the first among those directly related to AI projects.
Fetch AI A platform that can collectively learn IoT (Internet of Things) devices and algorithms. The project was launched in 2017 and is based in Cambridge, UK.
The idea is to provide smart contracts that use artificial intelligence to implement machine learning solutions for decentralized problem solving.
The FET cryptocurrency is just the native currency of this decentralized smart contract based ecosystem.
With just over $200 million in capital, it has made headlines several times over the years due to its performance in the crypto market.
It entered the cryptocurrency market in 2019 at a price of $0.40, which quickly proved to be exaggerated. In fact, he was down nearly 10x by December 2020 before the start of the last big bull market.
However, thanks to the 2021 speculative bubble, it initially rose to $0.8 in March and then to $1.2 in September. At that point, it marked +200% from the initial placement price, but +3,000% from the pre-bubble price.
As a cryptocurrency used within an artificial intelligence-powered ecosystem, such a boom seemed strange, and in fact, in 2022, the price crashed below $0.06 in November. So in 2022, all the gains he accumulated in 2021 have almost been wiped out and the price is -85% from his original 2019 price.
Since then, however, it has recovered a bit and has almost risen to $0.29. Still cheaper than the list price.
Singularity Net (AGIX)
The other major cryptocurrency related to artificial intelligence is AGIX, the Ethereum token of the SingularityNET project.
Market capitalization is similar to FET, but history is very different.
SingularityNET is a blockchain-based marketplace where anyone can monetize artificial intelligence services. The problem is that 5 years after the token was launched, there are still only 75 services on the market.
The initial placement price in the cryptocurrency market in 2018 was $1.5, which is significantly higher than the price the market has since priced the token.
In fact, it was below $0.02 in 2020 and was still below $0.05 when the last bull market started.
During 2021, the price crossed $0.50 twice, a tenfold increase from December 2020, before dropping below $0.04 again in 2022. Therefore, the 2022 low is below the 2020 high, and the current price is 90% lower than the 2018 initial price.
So it’s a project that doesn’t quite work out, probably because it’s too ahead of its time.
artificial intelligence boom
Artificial intelligence has been around for decades now, but it’s only in 2023 that we’re starting to see a real boom. Previously, it was confined to a real tech niche, out of reach of ordinary users who simply used artificial intelligence without knowing what it was or how it worked.
Therefore, it is possible that the most successful AI-related crypto projects have yet to emerge, or that some of the projects that have already started but are struggling to get off the ground will sooner or later become big successes. There is also
In addition, a distinction should be made between artificial intelligence crypto projects that have their own cryptocurrencies or tokens, and AI projects that use existing cryptocurrencies instead.
The data currently coming in from the crypto market reveals that there has not yet been an AI crypto project that has been able to blossom and make big numbers. .
One reason is that AI projects are hard to really decentralize. Because you need a huge investment and someone who can take advantage of it.
The real big advantage of cryptocurrencies and the crypto ecosystem is decentralization precisely. This is not suitable, for example, for commercial corporate initiatives aimed at monetization.
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