AI cryptocurrencies are the tokens that power AI blockchain platforms such as The Graph and SingularityNET. Users spend the tokens to access the benefits of the artificial intelligence integrated with the platform.
We looked at the top 10 AI crypto projects based on market cap to explore how AI is implemented and what unique value it brings to each platform.
1. Fetch.AI (FET)
Market Cap: $4.4 billion
Fetch.ai is a blockchain-based AI and machine learning platform. Fetch.ai focuses on automating business tasks such as data processing and trading. Its native cryptocurrency, FET, is used to pay for transactions on the network. Fetch.ai recently proposed to merge with SingularityNET and Ocean Protocol, which is currently undergoing the approval process. The three-way merger is called the “Artificial Superintelligence Alliance,” and if it goes ahead, all three projects' tokens will be unified under a single token, “ASI.”
As of June 8, 2024, FET is valued at $1.77, down from a high of $3.47 in March.
2. Rendering (RNDR)
Market Cap: $3.5 billion
Render Network is a decentralized platform that connects artists and creators with powerful computing resources to help them create high-quality 3D graphics and animations. The platform pools unused computing power and allows creators to use it for a fee. The platform uses its own cryptocurrency, RNDR, to reward users for donating computing power and facilitate transactions within the network. With applications in areas such as gaming, virtual reality, and the metaverse, Render Network makes it easy for artists to create visual content without the need for expensive hardware.
RNDR is trading at $9.25 as of June 8, 2024, down from a recent high of $13.60 in March.
3. Bittensor (TAO)
Market Cap: $2.55 billion
Bittensor aims to revolutionize the development of machine learning platforms to build a neural internet. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can federate their intelligence, essentially building a “digital hive mind.” This innovative, decentralized method is designed to enable the rapid scaling and sharing of knowledge between AI systems.
As of June 8, 2024, TAO is trading at $371, down from a recent high of $676 in early April.
4. Graff (GRT)
Market Cap: $2.5 billion
Bittensor aims to revolutionize the development of machine learning platforms to build a neural internet. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can combine their knowledge.
The Graph is a protocol for indexing and querying blockchain data in a similar way that Google indexes and queries website data. Indexing blockchain data can be difficult, but The Graph aims to change this by organizing the data into smaller “subgraphs”.
GRT, a native Ethereum-based cryptocurrency, has fallen from a high of $2.34 in February 2021 and is trading at $0.26 as of June 8, 2024.
5. Theta Network (Theta)
Market Cap: $1.9 billion
Theta Network is a decentralized blockchain platform that combines the Theta Blockchain and Theta Edge Network to provide infrastructure for AI, media, and entertainment applications. Theta Blockchain supports smart contracts and is compatible with the Ethereum Virtual Machine (EVM), while the Theta Edge Network provides decentralized GPU computing power for a variety of tasks. Theta employs a dual-token system with THETA as the governance token and TFUEL as the operational token. The platform is supported by a network of enterprise validators and partners from the technology and entertainment industries.
As of June 8, 2024, one THETA token is trading at $1.94 USD, and the project's operating token, TFUEL, is trading at $0.089 USD.
6. Akash Network (AKT)
Market Cap: $970 million
Akash Network is a decentralized cloud computing platform that utilizes blockchain technology to create a marketplace to buy and sell unused computing resources. The platform aims to provide a more cost-effective and flexible alternative to traditional centralized cloud service providers. Users can deploy and manage applications on a decentralized network, with transactions facilitated by the native token AKT. The token also serves to reward network participants and govern the platform.
AKT is valued at $4.06 as of June 8, 2024, down from a 2021 high of $8.08.
7. SingularityNet (AGIX)
Market Cap: $960 million
SingularityNET Blockchain It is a platform where anyone can build, share, and monetize AI services. It has an internal marketplace where users can browse and pay for AI services with AGIX, the platform's native cryptocurrency.
Developers can earn revenue from their AI solutions and models without having to fully build and develop an app for end users. Similarly, developers can also purchase AI solutions and models for use in their applications.
SingularityNET is part of a proposed three-way “artificial superintelligence merger” with Fetch.ai and Ocean Protocol.
AGIX was worth $0.75 as of June 8, 2024. In January 2018, AGIX peaked at $1.85.
8. AIOZ Network (AIOZ)
Market Cap: $746 million
AIOZ Network is a blockchain built as a comprehensive infrastructure solution for Web3 storage, decentralized AI, and content delivery. The blockchain is interoperable with both Ethereum and Cosmos based blockchains. The goal of this project is to create a content delivery network, which is a geographically distributed set of servers working together to provide internet users with a seamless experience when accessing digital content.
AIOZ's stock price was trading at $0.67 as of June 8, 2024, down from an all-time high of $2.17 in April 2021.
9. Echelon Prime (PRIME)
Market Cap: $534 million
Echelon Prime is a gaming ecosystem integrating blockchain technology and AI to enhance gaming experiences. The platform supports game development studios and projects, providing the tools and infrastructure required to incorporate AI-powered features and blockchain-based token incentives into their games. One of the featured games within the Echelon Prime ecosystem is “Colony,” which makes extensive use of AI agents in various aspects of gameplay, creating a unique and dynamic gaming environment.
Echelon Prime's native token, PRIME, is used for token incentives and governance voting within the ecosystem, giving players a say in the development and direction of AI-powered games like Colony. PRIME is worth $14.66 as of June 8, 2024, down from a high of $28.08 in March.
10. Ocean Protocol (Ocean)
Market Cap: $432 million
Ocean Protocol is an Ethereum-based platform that allows companies and individuals to exchange and monetize data and database services, allowing data holders to open up their data to researchers and startups without having to give it up.
Ocean is trading at $0.75 as of June 8, 2024, down from a high of $1.94 in April 2021.
