On the cryptocurrency and blockchain side of things, AI is advancing blockchain computing, decentralised finance, and cryptocurrency portfolio management.
In this article, we explain what AI means, what an AI cryptocurrency is and the top 6 AI cryptocurrencies in the market right now.
What is AI?
AI stands for Artificial Intelligence. It means developing, designing and teaching computers to do things that usually need human intelligence, like learning information, problem-solving and making decisions.
By doing this, computers can process a lot of data quickly and accurately and solve problems in many areas, including language, software development, filmmaking, finance, design and healthcare.
Artificial intelligence is used to make tools and programs that can learn and recognise things like speech and images and make predictions and decisions with or without human assistance.
These tools can be found in many industries and help improve productivity while solving complex problems. Examples of AI tools include chatbots like ChatGPT and image and speech recognition like Google Lens and Cloud Speech-to-Text.
The results produced by AI are often similar to what a real person like you might create, and everyday AI software is increasing in efficiency.
The uses of AI are multiple, and unsurprisingly, it has found uses in the crypto space.
What is an AI Cryptocurrency?
When you buy an AI crypto token, you get access to these platforms. You can also make money from investing or trading these tokens like you would trade regular cryptos like BTC, ETH, or ADA.
The Top 6 AI Cryptocurrencies In The Market According To Market Cap
According to their market capitalisations, here are 6 of the top AI crypto tokens.
The Graph (GRT)
Market Cap - $1,188,306,505
GRT Price - $0.1321
The Graph is a tool like Google but for blockchain computing. It helps people find and access data on platforms like IPFS and Ethereum.
It uses AI to make it easier to share data by creating something called subgraphs, which are open APIs that anyone can build and share.
An Open API is like a door that allows different computer programs or applications to communicate and share information with each other. It is publicly available to developers and can be used without restrictions or costs.
These APIs are made to be easy to use with well-explained instructions, and they help improve operations and enable innovation between different systems or services.
With The Graph, expensive, complex, and difficult-to-check proprietary indexing servers becomes decentralised and easier to manage.
Its native crypto token is called GRT.
Market Cap - $362,053,095
AGIX Price - $0.2968
SingularityNET is a blockchain platform that allows you to create, build and share AI products and services. It has an online store where you can buy AI tools using its native cryptocurrency, AGIX.
Developers and computer programmers can earn money by selling AI tools. They can also buy AI tools to add to their own apps.
Market Cap - $226,539,417
FET Price - $0.2763
Fetch.ai is a tool that combines machine learning and AI with blockchain technology to automate business tasks such as trading and data processing.
It also provides businesses with the infrastructure to create, set up, and connect smart agents for automated systems in different industries like travel and finance.
It's like a robot helper businesses can use to do their tasks faster and more efficiently.
FET is the cryptocurrency used to pay for using its services and making transactions on the network.
Ocean Protocol (OCEAN)
Market Cap - $265,001,066
OCEAN Price - $0.4319
Ocean Protocol is a blockchain-based platform that allows individuals and businesses to exchange and make money from data and data-based services.
With this tool, people who own the data can share data with researchers and startups without giving up control over the data itself.
OCEAN is the native crypto of the Ocean Protocol, used to trade on the platform.
iExec RLC (RLC)
Market Cap - $110,502,587
RLC Price - $1.53
iExec is an AI blockchain platform that allows users to trade their computing power and buy or sell resources for cloud computing while maintaining their privacy and ownership rights. It's a great platform for web3 app developers and platform creators.
RLC is the native cryptocurrency of iExec and is used to pay for resources and services on the platform.
Market Cap - $91,205,257
Price - $14.58
Numeraire is a cryptocurrency project that works like a fund for data scientists. They host contests where data scientists use AI and machine learning to create financial market models or tools.
The best and most valuable models will earn a certain amount of NMR, which is the native token of Numeraire.
Should You Invest in AI Crypto?
The global blockchain AI market is estimated to be worth $934.45 million by 2026.
Here are two factors to consider when deciding if you should invest in AI cryptocurrencies:
1. Early Access to Emerging Technologies and High Returns on Investment.
New technologies always offer the potential for profit. Look at NFTs, the internet, and cryptocurrency. Investing in AI-based cryptocurrency can potentially provide you with significant profit as the technology evolves.
Not only do you have the opportunity to make money, but you are also contributing to the next wave of innovation.
Fetch.ai and Ocean Protocol are some examples of AI cryptocurrencies that have had a strong price performance. SingularityNET also recorded a nearly 1,300% growth within a month of the beginning of 2023.
2. Adoption and Acceptance Across Industries
An increasing number of businesses and institutions have started acknowledging the potential of AI-supported cryptocurrencies, leading to their adoption and use in different industries.
For example, Fetch.ai has formed business partnerships with several industry leaders and has developed applications for multiple sectors.
To Wrap Up
Artificial intelligence and Cryptocurrencies are two pillars of not just web3 but the future of innovation, money and technology.
AI cryptocurrencies help facilitate the building of AI solutions and tools. Investing in these tokens can bring you significant profit and help push the needle of AI advancement further.
Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.