Artificial Intelligence (AI) is revolutionizing numerous industries, and the world of cryptocurrencies is no exception. As we progress into 2024, some AI-driven crypto assets are gaining tremendous momentum alongside Bitcoin, attracting the attention of major institutions globally.
In this article, we’ll analyze three cutting-edge cryptocurrencies in the field of AI worth gazing at for 2024: Render (RNDR), Fetch.ai (FET), and Bittensor (TAO).
Render (RNDR)
The first one is RNDR, the native token of Render Network. This platform is revolutionizing how 3D multimedia content is created, focusing on processing and rendering high-definition 3D visual effects for all types of users built on the Ethereum blockchain.
Render Network uses a peer-to-peer network to allow anyone with unused GPU capacity to rent it out to creators needing processing power to render complex graphics, animations, and 3D environments.
What sets Render apart from other solutions is its decentralized blockchain-based approach. This ensures fair, reliable fees and a truly open market for rendering power. Thus, creators no longer rely on expensive centralized rendering farms for their projects.
The RNDR token is used to compensate GPU power providers and as a form of payment for creators accessing those resources. Regarding its price projection, RNDR has shown impressive growth, reaching its all-time high of $13.53 on March 17th.
Although the token currently trades at $9.36, 30.9% below its ATH, according to CoinGecko, many analysts see significant upside potential as demand for 3D content increases exponentially with the rise of virtual worlds, augmented reality, and gaming.
Fetch.ai (FET)
Fetch.ai’s platform leads the way in combining artificial intelligence with blockchain technology. Its goal is to create a decentralized global infrastructure for machines to learn, communicate, and negotiate with each other reliably and transparently.
Fetch enables decentralized execution of various types of AI, such as machine learning, reinforcement learning, robotics, and the Internet of Things. It facilitates secure AI data exchange through automated smart contracts and autonomous learning algorithms.
The native FET token powers the entire platform’s economy, enabling access to and exchange of AI services within its decentralized network. Thus, FET token holders have a voice and vote in the platform’s governance.
After recently announcing its high-profile merger with SingularityNET (SNET) and Ocean Protocol to create the world’s largest decentralized AI ecosystem, FET’s price reached an all-time high of $3.48 less than a week ago. If the merger is approved, Fetch.AI would only undergo a rebranding while maintaining the same token supply.
Many experts predict that this is just the beginning, as Fetch.ai positions itself as a key platform for the next wave of decentralized AI-based applications and services, thus expecting FET’s demand and price to increase as real-world use cases adoption grows.
At the time of writing, FET is trading at $2.86 after a 2.86% upsurge in the last 24 hours, according to CoinMarketCap.
Bittensor (TAO)
Last but not least, in our top 3, we have TAO, the native coin of Bittensor. This innovative decentralized cryptocurrency marketplace lets users exchange machine learning algorithms and AI datasets privately and securely.
It’s essentially an “App Store” for artificial intelligence, where developers can publish and exchange their machine learning models.
With a current market capitalization of over $3.9 billion, TAO is one of the largest tokens in the AI cryptocurrency space. Its growth has been largely driven by its reward distribution framework, which grants proportional stakes in the network to users who contribute the most value.
At the time of writing, TAO is trading at $609 after a 4.3% increase in the last few hours, according to CoinGecko.
As AI and virtual reality become more ubiquitous and significant in everyday life, projects like Bittensor, FET, and Render will be pivotal, so keeping a close watch on them wouldn’t hurt.
As always, do your research before delving into any project or cryptocurrency of your interest.
