Fetch AI: Artificial Intelligence & Crypto

This article discusses a major trend for 2023, Artificial Intelligence, or AI. AI is trending in the stock market as an innovation investment. Several crypto projects are utilizing AI and allowing both exposure to the asset class and underlying utility.

Why is AI Trending?

AI has been a speculative bet for the past several years. Investors looking to gain exposure could achieve this through leading stocks such as Tesla or NVDA, or other stocks such as MCPH, PATH and AI. Those looking for high growth stocks were investing largely in trending technology themes such as Blockchain, Biopharmaceuticals and Artificial Intelligence. These three asset classes have taken a massive blow when compared to the Dow Jones companies. This can potentially present a massive value proposition for the long-term holder.

The biggest catalysts likely came in three forms. The first are projects such as Midjourney which allow users to create AI art of any subject or form. The limitations are only based on what the user types into the prompt, and the users understanding of the prompt language. The images for this article were created using Midjourney, it only took a few seconds.

These images allow business owners to easily create beautiful art of varying realism for their use without the need to pay expensive artists. Examples include landing pages, business cards, and murals. While this is not a good thing for the artist, this is where our technology driven world has taken us. The second form of catalyst comes from ChatGPT. ChatGPT allows users to ask the chatbot a question. They can take this search engine a step further by asking it to complete tasks for it. The application can write entire papers, answer multi-step questions, solve problems and more[1]. Some students were even suspected of cheating on exams and papers using the technology.

The third catalyst is the release of AI video creation technology. When you add the chatbot to an image generator and combine the two into a video you essentially replace a variety of things simultaneously. AI will likely cause massive disruption of all markets, those who are able to utilize AI will be far ahead of those who refuse to accept the impending technology.

AI art midjourney
Artificial Intelligence AI Midjourney Image

AI In Crypto

Now that we have seen the implications of the AI explosion that is set to come, how does this play into the crypto/digital asset markets? Several projects have taken massive strides to provide tools that solve real world problems. The most successful of these will intertwine a project or network token into the AI use case providing value and utility for users. Currently one of the most popular tokens focused on AI is Fetch.ai’s FET token. Fetch aims to provide autonomy for users through agents, these agents can be coded to find, negotiate, and interact.

Fetch allows users to build autonomous applications on both Ethereum and Cosmos, this will provide interoperability for nearly all blockchains in the future. Users will be able to spend their time optimizing their AI rather than performing the grunt work themselves. Imagine cold sales calls, a salesperson might have a quota of 200 calls daily.

AI allows the salesperson to code in a manner that these calls are carried out in an interactive manner without the salesperson needing to pick the phone up. This increased efficiency, and the fact that the AI can likely perform actions exponentially faster, with multiple calls simultaneously, gives the salesperson a massive advantage. The same salesperson might be able to complete 10,000 calls per day now.

Fetch builds on this concept by allowing users to build upon each other’s models to optimize and customize their specific use case. The FET token is the primary medium of exchange within the ecosystem. If a user wants to pay for Fetch.ai services, they must do so with the FET token. Users can stake the token for a reward, and incentives also exist for builders optimizing and customizing AI coding sets. If an idea is interesting enough the open source nature of the network will allow builders to assist in the development [2].

If artificial intelligence is going to be a dominating theme for the next few years, those who are early to these small networks/projects could potentially make enormous amounts of money. While none of this is financial advice, I like to always be transparent with what I invest in and what I do not. Investing is personal, always do your own research. To date I do not own any FET tokens. I do however find interest in another project known as Orai Chain; I also own some c3.AI shares in the stock market. In my next few articles, I will review the token economy for Fetch.ai as well as introduce Orai. Thank you for reading!

For our FET token analysis check out our article [Fetch.Ai].

Patrick O’Neil

About Patrick O’Neil

Co-Founder

Patrick is an avid technology and gaming enthusiast. Patrick taught himself how to assemble computers in 2010 and was always fascinated with the gaming market. In 2019 he decided to sell his grayscale Ethereum funds and dive into the world of crypto firsthand. 

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