- In 2023, AI tokens have been enjoying remarkable success driven by their unprecedented potential to revolutionise diverse industries.
- With their capacity to integrate artificial intelligence and machine learning into blockchain networks and decentralised applications, AI tokens have garnered substantial attention and investment.
- Their stellar performance is a testament to the growing recognition of AI’s transformative capabilities and its increasing relevance in addressing real-world challenges.
Tokens like Render, Ocean Protocol, Fetch.AI, SingularityNET and Akash Network have become the leading cryptos that have taken forward the AI surge.
Table of Contents
Artificial Intelligence (AI), which entails the simulation of human intelligence processes by machines, has quickly become popular around the world with its adoption surging significantly. This is so because its potential to positively transform industries and society at large cannot be denied.
This awareness has driven the likes of Elon Musk, the owner of Twitter, Tesla and SpaceX, to roll out an AI-based company named xAI. But before the formation of xAI in July 2023, many other AI-based projects such as Bard AI and ChatGPT already went live courtesy of Google and OpenAI, respectively.
Among the many sectors invaded by AI technology are the cryptocurrency and blockchain industries. This is evidenced in the plethora of AI crypto coins flooding the digital assets market day-to-day.
Understanding AI Crypto Tokens
AI crypto tokens refer to digital tokens that power AI blockchain platforms or projects. In other words, there are crypto tokens designed to leverage AI and machine learning technologies to improve various aspects of blockchain networks and decentralised applications (Dapps).
Following the rising number of assets in this category, choosing the best AI tokens to invest in could become a daunting task for some market participants. Hence the need to outline the top AI crypto tokens by market capitalisation.
Top AI Crypto Tokens by Market Capitalisation
1. Render (RNDR)
Built on the Ethereum blockchain, Render is a decentralised AI-based platform that allows for unlimited distributed GPU rendering on the blockchain.
Founded by Jules Urbach, the Render Network touts itself as the first network to transform the power of GPU computing into a decentralised economy of connected 3D assets.
The Render Network is, therefore, an essential platform for three-dimensional content creators as the project provides near-unlimited decentralised GPU computing power. Notably, the layer-2 network has a native currency represented by the ticker RNDR.
According to Coingecko, RNDR has a maximum supply of 531,024,271 tokens with a market capitalisation of over $690 million at the time of writing.
2. SingularityNET (AGIX)
Founded by Dr Ben Goertzel, SingularityNET is a decentralised AI marketplace developed using blockchain technology. The project aims to develop a type of AI dubbed Artificial General Intelligence (AGI) for a beneficial technological singularity.
It also pushes to create a foundation for the emergence of decentralised human-level intelligence by open-sourcing the creation of AGI.
Simply put, the platform is a decentralised network of open AI services that can be accessed via the blockchain by anyone. On the SingularityNET network, developers can publish their services so anyone with an internet connection can use them.
Using the network’s native token, AGIX, developers can charge customers for using their services. These services include network analysis, time series, bio-AI, image, video, audio, and text.
Simple algorithms, comprehensive solutions for business issues, and stand-alone AI apps are all included. Deploying autonomous AI agents that communicate with other network services is even possible for developers on the SingularityNET platform.
Notably, AGIX is the native and utility token of SingularityNET, primarily used to manage transactions and ensure decentralised governance in the ecosystem.
It is a multi-chain token as it works on multiple blockchains including Cardano and Ethereum. AGIX has a maximum supply of 2 billion with a market capitalisation of over $290 million at press time.
3. Fetch.ai (FET)
A strong foundation for the digital economy is the goal of the open-source, decentralised platform Fetch.ai. The platform, which is AI-powered, provides an infrastructure that allows users to design autonomous smart agents that can perform several services, including data analysis.
Leveraging the Fetch.ai platform to automate services, individuals can reinvent business models. Notably, FET is the native token of the Fetch.ai platform and the primary medium of exchange on the blockchain network.
According to Coingecko data, the maximum supply of the top AI crypto token is 1,152,997,575 coins at the time of writing. In terms of market capitalisation, FET is valued at over $234 million at the time of writing.
4. Ocean Protocol (OCEAN)
The Ocean Protocol is a decentralised, blockchain-based platform existing to support secure and open data transfer for AI and machine learning applications. It enables the exchange and monetisation of data and data-based services between companies and individuals.
The Ocean protocol, developed on the Ethereum blockchain, uses ‘data tokens’ to regulate access to data sets. Customers can exchange these tokens for access to the data. Without taking away ownership from the original data owners, Ocean intends to make data sets accessible to researchers and companies.
OCEAN, the protocol’s native currency, is among the best AI crypto coins available for various uses. The top AI crypto token is primarily used to buy and sell data with the Ocean protocol ecosystem. This means that for data transactions on the Ocean Market, the default trade unit is the OCEAN token.
Governing and staking are other uses for it. It has a maximum supply of 1,410,000,000 tokens and its market capitalisation is over $170 as of July 18 2023.
5. Akash Network (AKT)
According to Akash Network, it is the first decentralised and open-source cloud in the world. In other words, Akash Network is a decentralised on-chain marketplace for renting computer power.
Introduced in 2020, the developing project offers a cloud service marketplace that outperforms centralised alternatives in terms of scalability, transparency, security, flexibility, efficiency and cost.
The utility token that drives the Akash Network is called the Akash Token (AKT). It serves as the main settlement means for purchasing and selling computing resources. The need for AKT rises in unison with increasing network utilisation.
The top AI crypto coin has a market cap of over $118 million at the time of writing, with a maximum supply of 388,539,008 tokens.
As AI technology continues to advance and mature, it is expected that AI crypto tokens will become more prevalent and widely adopted in the blockchain and cryptocurrency ecosystem. More so, if AI proves to be valuable in solving real-world problems, it could further drive interest and investment in AI crypto coins.
Overall, the future and adoption of AI crypto tokens would largely depend on several factors including advancement in AI technology, adoption of AI in various mainstream industries and clear regulations.