Bitcoin (Cryptocurrency: BTC) Although it may have stalled in the $60,000 to $65,000 range, crypto investors can still find opportunities. Some new crypto tokens with connections to artificial intelligence (AI) are still doing well, with some up more than 132% over the year.
A big reason for this is the huge enthusiasm for the artificial intelligence investment thesis.Just as stock investors have embraced Nvidia (NASDAQ:NVDA), crypto investors are currently embracing new crypto tokens that they believe have the potential to benefit most from AI. With that in mind, let's take a closer look at three of the most popular AI crypto tokens that have seen the most recent growth.
give
Perhaps the most popular AI crypto tokens are: give (Code: RNDR) — up 132% for the year. With a market capitalization of $4.5 billion, Render currently ranks in the top 25 cryptocurrencies. Given its recent rise, some investors are now calling Render “his Nvidia of cryptocurrencies.” As you might guess from the name, Render provides GPU-based rendering solutions for studios, artists, and creators.
But that's not why crypto investors are so excited about lenders. The idea now is that he could use the same distributed GPU computing power used for rendering for AI. For example, if you want to train a large-scale language model (LLM), you'll need a lot of “GPU computing”. This is the raw computing power required for modern AI solutions.
So it's easy to see why Render's performance is starting to look a lot like that of Nvidia (which has become almost synonymous with AI). Nvidia is the ultimate source of GPU-based computing power, whether used for rendering or AI.
fetch eye
fetch eye (cipher: FET) has gained an impressive 208% over the year and now ranks among the top 50 cryptocurrencies by market capitalization. Fetch.ai is building what it calls “an open, permissionless, decentralized machine learning network with a crypto-economy.” Although this is a mouthful, it means that Fetch.ai is his new platform for AI products and services. This includes large data sets for training advanced AI bots known as LLMs and agents.
The payment method for these AI products and services uses Fetch.ai tokens. Fetch.ai can be thought of as a digital currency for the emerging AI economy. Therefore, the higher the demand for all things AI, the higher the demand for Fetch.ai tokens.
While it's clear that there is some demand for AI at the consumer level (who hasn't tried an AI chatbot?), the real demand will come from businesses considering AI transformation. . This is where Nvidia comes into play. Because these companies often use his Nvidia products for new AI-related projects.
According to Fetch.ai, the highest growth opportunities are in sectors such as logistics, transportation, and smart energy grids.As evidence of increased attention to the industry, Fetch.ai recently partnered with a German company bosch and deutsche telekom on the AI platform.
Bosch has been partnering with Nvidia on AI-powered self-driving cars since 2017, so this could be just one example of an area where Fetch.ai could get a big boost. In the past, Deutsche Telekom has partnered with Nvidia on the “smart city” concept, so it could be a different field.
Singularity NET
lastly, Singularity NET (cipher: AGIX), an impressive 193% increase over the year. It currently ranks as one of the top 75 cryptocurrencies with a market capitalization of $1.2 billion. However, it cannot be traded on popular cryptocurrency exchanges such as: coinbase global (NASDAQ:Coin)may not be suitable for all cryptocurrency investors.
From an overall AI strategy perspective, SingularityNET is delivering unexpected results. The company is promoting the idea of artificial general intelligence (AGI). This is much further than the current version of AI known as generative AI (the kind best known as including ChatGPT).
In fact, according to futurists like Ray Kurzweil (now at Google), AGI hints at a future where one computer is smarter than all humans combined. We will have access to all the knowledge ever created by humanity, and as a result we will be able to create truly innovative solutions. Powering his AI to that level will likely require a lot of his Nvidia GPUs.
What’s next for AI crypto tokens?
As long as Nvidia's stock performance continues to impress, it's safe to say that investors are keeping an eye on the crypto tokens that are most likely to benefit from the excitement surrounding AI. For investors who think Nvidia is one of the must-own AI stocks, it also makes sense to focus on AI crypto tokens that have indirect or direct ties to Nvidia.
However, keep in mind that AI is still a relatively new industry and trends can come and go. The thesis for AI investing is likely to change and evolve over time, as many companies claim to be the “next Nvidia.” But for now, his three crypto tokens highlighted above appear to have benefited the most from the renewed enthusiasm surrounding AI.
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Dominic Basulto has positions in Bitcoin and Fetch. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Fetch, Nvidia, and Render Token. The Motley Fool has a disclosure policy.
Thanks, Nvidia: These 3 AI Crypto Tokens Are Up Over 132% This Year Originally published by The Motley Fool
