In this post, we examine the most exciting crypto projects that incorporate artificial intelligence while also delving into the topic of AI. After that, we’ll examine how AI technologies may greatly speed up the study and analysis of cryptocurrency projects.
The top artificial intelligence-focused cryptocurrencies
Given the abundance of sources seeking to offer their interpretation, it is challenging to analyze the top crypto projects that incorporate AI technology.
In any event, the information from CoinMarketCap and Cryptoslate will be used in this article to provide insights into the top AI tokens at the time.
On CoinMarketCap’s research platform, the “AI & Big Data” category compiles and ranks cryptocurrency projects associated with this story according to market capitalization.
The market capitalization of all of these cryptocurrencies combined is $4.35 billion.
The Graph, Render Token, Injective, Oasis Network, SingularityNET, Ocean Protocol, Fetch.ai, and IExec RLC are a few examples of the technologies in the list.
The Graph, which ranks #41 in the whole crypto sector, is the cryptocurrency with the highest market capitalization among those mentioned.
In the AI category of CoinMarketCap, GRT has a 20% market dominance all to itself.
Cryptoslate, an on-chain news and data portal, offers various insights that users can find.
First off the list are Render Token, Injective, and Oasis Network, three crypto assets with $2.34 billion in capitalization and 0.22% industry dominance.
The Graph (GRT) tops the AI-related crypto asset podium.
From the sixth position, non-Coinmarketcap projects such Alethea Liquid Intelligence, Numerarie, dKargo, Covalent, and Phala Network appear.
Drawdowns of 85% or greater for each listed token quickly stand out.
Covalent is down 95% from its all-time high of $2.10 (currently $0.107), so the number is inaccurate.
These numbers show how the FOMO on AI tokens at the start of the year did little to protect them from a perilous situation.
In terms of speculation, the majority of these cryptocurrencies are worthless.
Analyzing cryptocurrency projects with artificial intelligence can be helpful
After realizing that crypto initiatives in the artificial intelligence business are performing poorly, the debate needs to change.
Instead of AI tokens, focus on the technology’s ability to analyze crypto assets.
A “simple” chatbot like ChatGPT can aid with summarizing, basic analysis, and social media participation.
Actually, anyone may ask AI software to characterize a cryptocurrency based on whitepapers, blog pieces, and wiki entries.
The OpenAI chatbot can also evaluate a cryptocurrency project’s most exciting long-term prospects, market fit, and competitive advantages.
ChatGPT’s tokenomics study saves us time.
Tokenomics can reveal the cryptocurrency’s vesting, utility, and distribution.
This feature also gives us insight into the project’s governance structure, which is essential in Web3 communities to achieve decentralized consensus.
Users can also ask AI chatbots about a profile’s engagement and social media coverage.
AI-researching an industry-specific token is usually better than buying a coin that uses AI.
Avoid assumptions like “since AI is the future, I’ll buy The Graph and get rich” or “since technology and speculation are two things that travel on two different planes” to position each in their correct contexts.
Retail investors often choose this unprofitable technique due to market ignorance.
The story of AI in relation to cryptocurrency
Since the beginning of the year, the artificial intelligence myth has disruptively expanded throughout the bitcoin community.
Web3 circles have been buzzing about ChatGPT, a machine-learning chatbot created by OpenAI, especially since it debuted on the market. Interest in ChatGPT is expected to soar in late 2022 and early 2023.
Strong narratives like this run the risk of alienating the audience, elevating the subject matter, and robbing any discourse of concreteness.
Undoubtedly, AI technologies are a revolution and will play a significant role in society in the years to come, but it is incorrect to focus solely on their advantages and ignore their drawbacks.
Furthermore, we cannot anticipate that the bitcoin ecosystem will alter overnight as a result of AI software.
The truth is that they are a very intriguing innovation that, when combined with human inventiveness, can help address some issues and improve the user experience of prospective blockchain initiatives.
On the other hand, if people think that tokens with the terms “artificial intelligence” or “AI” in their business strategies would take off and overtake all others, they are gravely mistaken.
Lot of people fall for it and end up getting buried by cryptocurrency downtrends with pointless use cases and little inherent value.
At the turn of 2021 and 2022, the metaverse storyline, which had received considerable acclaim in its early months before fading into oblivion, underwent the exact same experience.
Keeping with what is happening currently with AI tokens, projects with a metaverse theme have had a glaringly poor year in terms of market performance.
Get your own perspective on a subject before allowing the media to mislead you, and weigh the evidence over the opinions of influencers.
The problem with technology and advances is that there is too much information, which can damage everything.