The recent launch of OpenAI’s next generation model Sora has caused quite a stir. Ongoing discussions about the ethics of artificial intelligence, possible use cases, hundreds of new memes… And, somewhat unexpectedly, a crypto price rally, with multiple AI cryptocurrencies increasing in value by more than 100% in the past week. But what caused this, and will these AI cryptocurrencies continue to rise?
Why Are AI Crypto Prices Rising?
There are two obvious reasons for this rally: first, the foundation laid by the Bitcoin and altcoin rallies earlier this year, and second, the recent launch of OpenAI’s video generation model Sora. The hype was then further amplified by NVIDIA’s earnings reportwhich is related to the growing demand for hardware that can support some of the more resource-intensive AI applications.
“Accelerated computing and generative AI have reached the tipping point. Demand is rising globally across companies, industries and countries,” said Jensen Huang, Founder and CEO of NVIDIA.
As for why this hype was ultimately reflected in crypto prices: well… Cryptocurrencies always thrive on hype and attention, and with artificial intelligence and blockchain technology with an overlap in sector participantsit is no surprise that AI crypto projects are now increasing in value.
Top AI Crypto Projects You Can Get Now
There are already hundreds of AI cryptocurrencies on the market, with more being launched every week. The five projects below have not only proven their reliability, but have also shown promising returns.
SingularityNET (AGIX)
AGIX was one of the biggest winners of the February 2024 rally, gaining more than 100% in value in just a week. It is the native token of SingularityNET, one of the world’s largest and most established crypto AI platforms. This project has created what is essentially an AI marketplace: a blockchain-powered platform where anyone can “create, share, and monetize” AI products and services. As AI becomes even more mainstream, a platform like this could see an influx of users – which will in turn benefit its native utility token AGIX.
The SingularityNET team has previous experience working with AI. They are known for developing Sophia, the world’s “most expressive robot.” They are also working on developing an AI framework that can reach the level of human intelligence.
Take AGIX
World currency (WLD)
While not an AI cryptocurrency per se, Worldcoin still has a strong association with the world of artificial intelligence. The parent company was founded by none other than Sam Altman, the famous CEO of OpenAI. Moreover, Worldcoin also offers one of the best tools for the post-AI world: World ID, a unique form of identity verification that could play an important role in distinguishing between humans and machines.
Between these strong ties to the growing world of AI, the growing community – Worldcoin’s crypto wallet app recently reached a huge milestone of 1 million daily users – and a reliable team behind it, WLD holds all the cards to play extend his rally. However, the project is not without its flaws. See the video below for an overview of some common issues surrounding this project.
Get WLD
Ocean Protocol (OCEAN)
Ocean Protocol is a unique project that aims to fill the niche at the intersection of blockchain, data and AI. It does this by creating tools and services that can facilitate seamless and secure data sharing and data commercialization. They have already introduced several new technologies to the industry such as token engineering, data tokens and more. You can find out more about the project here. The development team behind Ocean also has extensive experience in AI, big data and blockchain.
OCEAN is up 50% during the AI crypto rally and is showing a lot of purpose. It is one of the most promising AI cryptocurrencies.
Buy OCEAN
The graph (GRT)
GRT is the native token of The Graph – the Google of the blockchain world. It is an innovative protocol that can index and retrieve data from blockchains in the same way the world’s largest search engine does with websites. It can power dApps and other elements of the Web3 ecosystem.
GRT can be traded on a wide range of exchanges and is one of the most popular AI cryptocurrencies in the world. It rose more than 40% following the rally following Sora’s launch. The GRT token is available on Ethereum, Solana, Arbitrum, Near, Sora and the Avalanche C-Chain.
Get GRT
Collect.AI (FET)
Fetch.ai is a relatively old project that was launched in 2019. The native cryptocurrency FET is currently one of the 100 largest cryptos by market capitalization and was also one of the top 30 tokens by daily trading volume. Fetch.ai is an AI lab that aims to build a permissionless and decentralized machine learning network that allows anyone to connect and access secure databases.
Fetch.ai has the established trust of its extensive community, as well as a wide range of use cases, such as the optimization of digital services that rely on large-scale databases. The FET token is up over 100% in the past year, gaining 70% during the recent AI crypto rally.
Get FET
Are AI cryptocurrencies worth investing in?
The hype is good and all, but will it last? This feels like the most important evergreen question in the crypto market: how healthy are the long-term prospects of these AI + cryptocurrency projects?
This is a twofold question. First, you have to ask yourself: how long is ‘long term’ for you? Because for many crypto investors (and non-crypto investors too) the most important thing is how much profit they can make in a year or two. In this sense, AI crypto projects could be a great opportunity given their current potential and the enormous amount of attention they are currently receiving.
Second, we need to discuss whether AI crypto projects can remain relevant in 3, 5 or 10 years. After all, both the cryptocurrency industry and the tech world tend to leave trends behind: there are already predictions about them The next big thing. Can AI and, by extension, AI cryptos survive the hype and weather the inevitable bear market?
For now, the answer to this question appears to be yes. There will undoubtedly be major regulatory changes in the field of AI, and the connection to blockchain may allow some projects to remain more decentralized. Moreover, AI is already being introduced on many established platforms: most major critics are concerned about generative AI, but it is only one of the branches of artificial intelligence-driven projects.
Disclaimer: Please note that the content of this article is not financial or investment advice. The information contained in this article is solely the opinion of the author and should not be considered trading or investment recommendations. We make no guarantees about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional random movements. Any investor, trader or regular crypto user should research multiple points of view and be familiar with all local regulations before making an investment.