The AI-based Cryptocurrency Issue
The prospect of developing an artificial intelligence-powered, genuinely decentralized cryptocurrency has been the subject of discussions recently. Although there aren’t any blockchains that are AI-based right now, some cryptocurrencies promise to employ AI now or in the future.
a list of the principal AI cryptocurrency assets
A few AI-related cryptocurrency assets stand out in this space, including two major ones and a third that is sometimes included in this list but really focuses on big data. There are also four more in the second tier, one of which is frequently included despite having little to do with artificial intelligence.
The Diagram (GRT)
The Graph’s ERC-20 token, GRT, has a market worth of more over $1.3 billion. The Graph really concentrates on Big Data rather than AI, despite the fact that many aggregators see it as the leader in this field. It is a commonly used protocol for indexing IPFS and Ethereum data in the DeFi and Web3 ecosystem. Despite not being an AI project, it is sometimes mistaken for one because of its significant market value, which has caused its price to surge recently and increase by 7,000% in less than a month.
SingularityNET (AGIX) (AGIX)
Through its marketplace, the blockchain-based platform SingularityNET enables people to develop, distribute, and earn money from AI services. It is not necessarily based on AI, despite the fact that it functions in the realm of AI. Despite the token being accessible for more than five years, there are now just 75 AI services listed on the marketplace. Shortly after its launch in 2018, its market value rose to an all-time high of $0.95, but during the pandemic in 2020, it fell to $0.01. Three peaks above $0.50 occurred in 2021, with the largest high being at $0.80. Its value has increased by 1,500% since 2023.
Fetch.ai (FET) (FET)
FET was released onto the cryptocurrency market in March 2019 and saw a value fall up until January 2021. Its price in December 2020 was about $0.05, making it comparable to AGIX in terms of market cap. It reached three peaks in the 2021 bull run and had a boom of more than 2,000%. It lost 94% of its value in the weak market of 2022, but it recovered in 2023 with a +900% comeback. According to AGIX, its worth right now is at about $0.40.
Low-level AI Crypto Assets
Other cryptocurrencies with an AI connection include OCEAN from Ocean Protocol, NMR from Numeraire, and ALI from Artificial Liquid Intelligence. Only ALI, which makes explicit use of AI, has completely benefitted from the current 2023 boom, reporting a +610% gain from a year earlier. The two that have less ties to AI, OCEAN (+165%) and NMR (+53%) have only shown modest increase. Although not specifically an AI product, RLC by iExec is frequently regarded as falling under this heading.
In conclusion, the popularity and growth of crypto assets based on artificial intelligence are frequently influenced by this link and perceived relationship. This emphasizes the possibility for speculative bubbles to develop as well as the allegedly illogical capital movements in the cryptocurrency market.