3 Best AI Cryptocurrencies

Since the launch of ChatGPT in November 2022, the race to find a cryptocurrency that can leverage the full power of artificial intelligence has been on. Some of these have already skyrocketed in value over the past year, and current thinking is that at least a few AI crypto tokens could eventually post 10x, 100x, or even 1,000x gains.

The only problem, of course, is that it can be difficult to separate signal from noise. The hype and speculation about AI makes it difficult to pick a winner. With that in mind, here are three of the most prominent artificial intelligence cryptocurrencies right now.

set up

At the top of the list set up (RNDR -10.48%)has already reached a valuation of $3.6 billion, making it one of the few AI cryptocurrency tokens to surpass $1 billion in market capitalization. Year to date, Render is up nearly 100%, with most of that gain driven by expectations about its core business model.

Render is all about “GPU computing,” the ability to deliver massive amounts of computing power via graphics processing units (GPUs). Previously, this meant computing power for artists, developers, gamers, and web studios needed to “render” graphics for games, videos, or other entertainment projects. But now it means computing power for AI projects. For example, if you’re starting a new machine learning project, you’ll need a lot of computing power to train it on large datasets.

So the idea here is that as long as renders can continue to provide computing resources to support the AI ​​economy, renders will become more and more valuable. But my biggest caveat is that Render’s moat may not be as wide as some people think. The “GPU computing” business model can be replicated fairly easily. And indeed, Render has a long list of potential competitors in the cryptocurrency world.

Fetch.ai

Fetch.ai (FETs -10.71%) It has grown an impressive 240% year-to-date, giving it a market capitalization of nearly $2 billion. Fetch.ai takes a different approach to AI, calling itself “an open platform for the new AI economy.” What this means in layman’s terms is that Fetch.ai is the place to go if you need to buy or sell a dataset or hire an AI agent (basically a super smart AI chatbot) to complete a highly specialized task. . Online work. It’s essentially a huge market for anything related to AI.

Image source: Getty Images.

Conceptually, Fetch.ai makes a lot of sense. Accessing datasets in a single marketplace will make it easier to build sophisticated machine learning models, and being able to hire AI agents for each task will increase productivity in all of our daily lives. According to Fetch.ai, the largest applications will be data-intensive sectors such as transportation, finance, energy, and travel. So there’s definitely a huge market opportunity here.

SingularityNET

finally, SingularityNET (AGIX -5.60%)is up 182% year to date and now has a market cap of $1.2 billion. Similar to Fetch.ai, SingularityNET has the goal of monetizing AI products and services. However, rather than focusing on generative AI, SingularityNET focuses more on artificial general intelligence (AGI). And as a result, SingularityNET hopes to become “the knowledge layer of the Internet.”

It may sound like Silicon Valley venture capital hype, but SingularityNET has a world-class AI research team that can actually make it happen. The token’s name refers to the “technological singularity,” the hypothetical moment when a single computer becomes smarter than all of humanity combined. As the SingularityNET team sees it, all of this incredible computing power should be shared with humanity. And this is where the concept of “the Internet’s knowledge layer” starts to make much more sense.

This is why we believe SingularityNET is a type of crypto token with 1,000x long-term upside potential. This is a cryptocurrency token you can own if you fully embrace the concept of technological singularity. The only problem is that this upside potential may take years to develop. According to current AI expert Ray Kurzweil: alphabetFor Google, which popularized the term ‘technological singularity’ nearly two decades ago, this may not happen until 2029.

Before investing in AI

Keep in mind that there is always a balance between risk and reward. The upside potential of some AI crypto tokens can be as high as 100x or 1,000x, but the downside risk can easily be zero.

As of now, it is still unknown whether even the best AI cryptocurrency tokens have long-term sustainable power. The current pace of AI innovation is so fast that it seems like there’s a groundbreaking new development every few weeks. So before investing in AI crypto tokens, make sure you understand all the steps they take to stay one step ahead of the competition.