Year in, and year out, there is a new technological trend moving ahead of the curve. And in recent years, we’ve seen the crypto market fill this spot through various innovative projects, features and functionalities worthy of all the buzz. However, with the bear rally affecting the crypto market cap in 2022 and the emergence of mind-blowing AI technologies, there is another wave of ricochet building globally. That new wave is AI technology.
The possibilities of Artificial intelligence are endless, and that’s evident in some recent projects we’ve seen. One major one is Chatgpt, the famous chatbot launched by openAI in 2022. It gets even more exciting to know that AI technology is breaking into several sectors, and the crypto sphere is not exempted from its reach. Here, we’ll talk about the advent of AI tokens, what they are and how they could be a revolutionary addition to the overall ecosystem.
Let’s Start With The Basics: What Are AI Tokens?
AI tokens are cryptocurrencies or digital tokens that support access to AI products and services using blockchain technology. They power the AI community and function as a utility token for AI projects. The AI community is diversifying into several sectors, including the cryptocurrency market. AI projects in crypto improve the blockchain ecosystem in more ways than one, including scalability, security, decentralization, and many more.
In addition, AI tokens may also refer to tokens used to represent AI-based digital assets and blockchain projects that signify investors’ rights to such platforms. These tokens help raise funds for the project, facilitate rewards, build a community of active users, create a sense of ownership among users and ultimately provide investors with a way to benefit from the project’s success.
AI Tokens: Current State Of The Market.
With this new technology rising rapidly in popularity, we see some exciting price actions signifying that they could be worthy investment options in the long run. As of February 4th, 2023, AI price actions have risen to about $1.87 billion in market capitalization. Some top leading coins in the asset class include fetch.ai, singularityNET, Ocean protocol and more. The live price is a significant increase from previous price actions. And this indicates that AI tokens are another hot spot to watch in the market.
Applicable Use Cases Of AI Tokens
These tokens’ application and use cases often vary based on the project they power. However, we’ve seen several use cases of AI spanning from decentralized applications, DAOs, marketplaces, image generations, and so much more. The primary use case of these tokens is to serve as the primary utility tokens of these projects. Some popular AI projects and their major utilities are listed below.
- SingularityNET – Decentralized AI Marketplace
- Oraichain – Oracle solutions for AI data
- Alethea ai – Image generator
- Hera – Pathfinder
- Numerai- AI-based portfolio management
Top Five AI Tokens Making Massive Wave In 2023
According to market capitalization, here are some leading AI tokens making waves in price action and on-chain activity in 2023.
SingularityNET is currently ranked one of the top-performing AI tokens by market capitalization. It is a blockchain platform that allows users access to any AI services in a decentralized manner. This platform utilizes blockchain technology to deliver the best AI services, enabling individuals to build, create and monetize AI while maintaining the decentralized nature of the crypto community. As of March 7th. 2023, it has an overall market cap of $493 million, with a 24-hour trading volume of $125 million.
Fetch.ai is another revolutionary AI project gaining popularity. Its token FET is amongst the top performers by market cap and could improve in the coming months. Fetch.ai is a cryptocurrency platform that uses AI technology to create a decentralized infrastructure for its users. It is another platform that helps facilitate better experiences and improve efficiency through AI tech. On fetch.ai, users can build exciting new tools and perform numerous tasks more effectively using Artificial Intelligence.
Artificial Liquid Intelligence(ALI)
Artificial liquid intelligence, also known as Alethea AI, is a system that allows users to convert their NFTs into intelligent NFTs(iNFTs). iNFTs are non-fungible tokens that can make intelligent interactions and possess the ability to evolve and generate interactive capabilities. Alethea Ai is a platform that facilitates these transformations, interactions, growth and evolution of NFTs into iNFTs.
Ocean Protocol is a blockchain-based platform that aims to create a decentralized data exchange marketplace for AI applications. It enables safe and secure data sharing and monetization, particularly for AI. With ocean protocol, individuals and organizations can securely and privately share, buy, and sell data assets in a transparent and decentralized manner using blockchain technology.
iExec RLC is a decentralized cloud computing platform that uses blockchain technology to Bridge the gap between developers and users. It facilitates the users’ secure and decentralized access to computing resources. The platform allows individuals and businesses to use blockchain technology to rent out their idle computing resources.
AI is transforming human productivity, and while there might be debates on this new technology replacing humans in workforces, we cannot ignore its potential to bring notable change. The demand for AI tokens is increasing, and the prospects and future outlook point towards something bright and innovative.
These tokens can potentially transform how the decentralized AI marketplace works, interactions, and the governance process. AI technology is indeed something to look forward to, and its integration into the crypto community is another exciting event yet to be seen.
By: Grace Iyiola
Originally published at Hackernoon