Artificial Intelligence (AI) is taking crypto by the storm. Dozens of projects that haven’t seen the light of day are now resurging and taking the spotlight. Some developers go as far as to rebrand their cryptocurrency in an attempt to catch the market’s attention. But is the AI hype real, and if so, what are the top 10 crypto AI tokens in 2023?
Everyone has heard about ChatGPT by now. The revolutionary AI chatbot changes the way we think about the future. New frontiers are open, some of which include futures in which neural networks write, draw, code, and create everything that we do – but more efficiently.
Investors are fascinated by the possibility of combining two equally revolutionary technologies: AI and blockchain. Today’s article explores the use cases AI can target in the blockchain industry, as well as the top 10 crypto tokens implementing AI.
What Are Crypto AI Tokens?
Crypto AI tokens are digital assets that utilize AI technology for the purpose of improving scalability, user experience, and security. You can think of AI as another step of automating an already automated and autonomous sector such as decentralized finance (DeFi).
The prospect of blockchain technology utilizing AI is here for years. But things only became serious after the explosion of ChatGPT – an AI chatbot released in 2020. OpenAi, the company behind ChatGPT, created a bot that outputs human-like responses, processes various information, and produces all kinds of content.
ChatGPT prompted the question of what AI could do for humanity if it became even more advanced. Naturally, crypto enthusiasts latched onto this idea and wondered what AI could also do for blockchain.
The end-result was a massive increase in interest among crypto investors for AI-related crypto tokens. According to CryptoSlate, AI Cryptos have a total market capitalization of $4.33 billion. The sector’s market cap had increased by 61% over the past seven days.
Some crypto AI tokens have seen massive profits since the year’s start. For example, SingularityNET (AGIX) has jumped over 1,188% in value since its January lows. The AI token from having a non-existent daily trading volume of $900k to over $300 million. Moreover, AGIX attracted such attention that even Elon Musk made a tweet about it.
The main concern surrounding crypto AI tokens is that they’re mostly driven by hype. Many invest into the AI industry due to speculative reasons. There are not that many examples that show how blockchain developers actually implement AI into their projects. Some expect that the AI trend might only be a bubble.
Top 10 Crypto AI Tokens in 2023
The following section explores the top 10 best crypto AI tokens in 2023. Keep in mind that I haven't ordered the projects in any particular order. I recommend to Do Your Own Research (DYOR) and investigate each project individually before making a financial decision.
1. The Graph (GRT)
The Graph (GRT) is certainly the most popular crypto AI token as of right now. The Graph is an indexing protocol for querying networks that makes data accessible by fuelling it through decentralized API networks. The project allows anyone to create and publish APIs – referred to as subgraphs – that make data available for the masses via blockchain technology.
The project’s goal is to create a brand new future for Web3 in which developers can create powerful dApps on a shared and neutral foundation. Graph’s APIs create a sense of agency, reliability, interoperability, and security.
The Graph only supports the Ethereum blockchain as of 2023. However, the team has plans to add other EVM-compatible chains in the future. Currently hosted services on The Graph include Gnosis, NEAR, Polygon, BNB, and others.
The Graph utilizes AI technology to do for the blockchain industry what Google did for the internet. It grants users and developers the ability to collect and store data that can be searched by others.
The main utility behind the GRT crypto ai token is to pay for the data you query on blockchains. You can also stake GRT for the opportunity of becoming a curator, indexer or delegator – groups of users who earn fees from the network.
According to data from CoinGecko, GRT has increased 150% in value over the last 30 days. The project has a market cap of $1.5 billion and a daily trading volume of $588 million.
2. SingularityNET (AGIX)
The developers behind SingularityNET (AGIX) work towards building a decentralized, accessible, and secure AI network. Such a network will provide a landscape for distributing AI services via a public marketplace.
The protocol enables developers to publish and monetise their AI algorithms. In this regard, you can see SingularityNet as a decentralized marketplace for AI developers looking to sell their work.
SingularityNet allows anyone to participate in the project’s network as an AI agent. This group of people run, execute, and manage smart contracts that interact with external systems via API.
The beginnings of this project go as far back as 2017. Investors can access the services provided by this project by using its native crypto AI token AGIX. You can use AGIX to pay for AI algorithms, datasets, data models, and more.
Taking a look at the project’s AGIX chart, you might think that SingularityNet has been dead for the past few years. After all, significant trading volume returned only after the recent AI mania began. It’s for the market to determine whether the project’s developers are capable of snowballing the hype and attracting attention for the long-term.
3. Fetch (FET)
Fetch, also known as FetchAI, is a cryptocurrency project that powers peer-to-peer applications with automatic and AI features. Fetch powers both applications with and without direct access to a blockchain network.
Fetch is an interchain protocol based on the Cosmos SDK that utilizes high-performance WASM smart contract language called CosmWasm. The technology allows Fetch to act as a layer-1 network for Ethereum and as a cross-bridge for other blockchain networks.
You can view Fetch as an AI infrastructure for building, deploying, and managing AI systems that can run on blockchains. Fetch claims to have the ability to build an AI-based digital economy that can process, host, and compute resources in the most efficient manner possible.
Users can use Fetch to deploy autonomous software agents that curate and provide digital services to various entities. Fetch claims that their agents can provide data analysis, decision-making and other kinds of services for blockchain-based and real-world users.
Ocean Protocol offers next-generation tools for unlocking data at a large scale with the help of blockchain technology and AI. The project focuses on sharing monetizable data while simultaneously ensuring privacy.
Ocean Protocol connects data consumers with data providers via a decentralized blockchain-based marketplace. Ocean successfully tokenises datasets and data services so that data providers can monetise their data. It also grants consumers access to a user-friendly ecosystem containing valuable data.
The OCEAN token allows investors to pay and sell data on the protocol’s marketplace. The token acts as a payments token, but it also grants holders with governance rights.
Ocean Protocol’s latest feature, Compute-to-Data, enables a type of data sharing that preserves user privacy. The feature allows consumers to run certain algorithms for computing tasks. The feature leverages AI technology to make data computing completely anonymous with no privacy cost.
iEXEC RLC is a Web3 marketplace designed for building dApps, trading computing assets, and preserving ownership and privacy. The protocol offers Web3 infrastructure that facilitate the creation of decentralized marketplaces, oracles, and AI computing.
iEXEC mainly targets businesses that rely on cloud computing services. The project provides a functional and decentralized alternative to popular Web2 services such as Amazon Web Services and Microsoft Azure. It also creates on-demand access to various datasets while incentivising users with tokenized rewards.
iEXEC created the very first marketplace for decentralized cloud computing resources. The project supports processing high-intensive applications in sectors such as Fintech, healthcare, big data, and AI.
iEXEC offers a blockchain-based AI marketplace that allows you to securely rent out AI models. It grants users the ability to authorize a 3rd-party entity to analyze datasets through an application while preserving the data’s privacy.
At the time of writing, iEXEC RLC is a crypto AI token with a market cap of $156 million. Data from CoinGecko shows that RLC has increased 57% in value over the past 30 days. RLC is a medium of exchange token that allows you to pay for services provided on the protocol’s decentralized Web3 marketplace.
6. Alethea AI (ALI)
Alethea AI is a cryptocurrency project launched in 2021 that facilitates AI-powered image generation. The protocol enables text-to-character generation, much like other large language models such as DALL-E, ChatGpt, and others produce art, text, and other types of content.
The protocol’s AI character generation allows for the creation of interactive characters with distinct personalities, appearances, voices, and intelligence. All it takes to create a character is a descriptive textual input.
You can tokenize any character you create and edit their personality, train their intelligence, or create new outputs. You can use newly-generated characters across numerous dApps.
Characters produced on Alethea AI can be used to create in-game assets, digital art, marketing projects, and more. Each character is stored on the blockchain as an NFT.
You can use ALI (Artificial Liquid Intelligence) – the project’s native utility token – to generate and upgrade character NFTs. ALI holders can also participate in governance and issue governance proposals.
Numeraire is a blockchain protocol based on Ethereum that allows data scientists and developers to create machine learning models for financial markets. The project has facilitated decentralization for the data science sector since 2015, enabling investors to create accurate and effective ML prediction models for the stock market.
The developers behind Numerai claim to be the first hedge fund to launch a cryptocurrency. The protocol relies on data and predictions made by tournament participants to create their strategy for investing in the stock market.
Numerai uses their native NMR token to reward data scientists and ML developers whenever they produce accurate predictions. In return, the project utilizes these predictions to fuel their stock market strategy.
At the time of writing, NMR has a market cap of $128 million. The project has a daily trading volume of $22 million. ACcording to data from CoinGecko, this crypto AI token has increased 47% in value over the past 30 days.
8. dKargo (DKA)
dKargo (DKA) is a blockchain project targeting the logistics industry that utilizes decentralized technologies to build efficient logistics networks. Their goal is to solve trust issues between logistics participants by verifying data stored on blockchain networks.
The protocol allows its participants to track and manage product distribution info from the first-mile to the last-mile. dKargo facilitates trustless product logistics by utilizing blockchain technology.
Enterprise e-commerce companies can use dKargo’s services immediately after joining the protocol. The project provides a simplified one-pass service application and contract process for interested parties.
dKargo also offers dKlip, a digital wallet for easy and convenient virtual asset management. You can use dKlip for payments, storing cryptocurrencies, and managing assets scattered on multiple wallets.
The protocol utilizes AI technology for Web3 logistics matching. It leverages AI and blockchain technologies to connect shippers and customers via M.O.D (Matching On dKargo).
Phala Network (PHA) is a decentralized cloud service provider that offers secure and scalable computing. The protocol facilitates tamper-proof and trestles execution that protects user privacy for data providers.
On Phala, sensitive data is processed on hardware secure enclaves isolated from other systems. The integrity of code and data is always guaranteed, allowing only authorized actions. Phala is also compatible with numerous industry standards in the data industry such as Intel SGX, AMD SEV, and others.
Moreover, Phala network offers secure and reliable data storage, including data processing, on decentralized ledgers. Phala processes data off-chain via the phat Contract – ensuring low-latency and maximum efficiency.
Covalent (CQT) offers a unified API that brings visibility to billions of data points on Web3. The team behind Covalent envisions a protocol that empowers Web3 pioneers by delivering a robust blockchain data API and infrastructure for the entire industry.
Covalent aggregates data from numerous sources, including blockchains, data feeds, and nodes. Covalent’s APIs provide such data to customers in a trestles manner. All data transmission is processed through a unified API interface that has the ability to return data rapidly and constantly .
CQT is the project's native token and it has three purposes. The primary purpose behind CQT is to enable governance and let holders vote on various proposals that change the protocol’s system parameters. The second purpose is staking, allowing validators to earn fees for answering queries. Last but not least, CQT is a network access token that fulfills data queries for users.
At the time of writing, Covalent has a market cap of $79 million. The project’s crypto AI token CQT has a daily trading volume of $1.5 million. According to data from CoinGecko, CQT has increased 44% in value over the last 30 days.
What Is the Potential for AI in Crypto and DeFi?
The prospects of AI technology for crypto and DeFI are quite difficult to grasp. There is much uncertainty as to how crypto AI tokens actually utilize artificial intelligence in their processes. Moreover, we don’t know whether such projects face any regulatory uncertainty due to relying on AI for processing private user data.
What’s certain is that AI can leverage the power of blockchain technology. Blockchains introduce high degrees of decentralization and security. Both features can be great for data-processing, especially concerning virtual marketplaces that target trading and processing data in an anonymous manner.
If AI can truly synergize with blockchains, then it will have a major use case in all smart contract-powered processes. The speed, consistency, and reliability of AI technology can massively increase the scalability of smart contracts – further increasing their level of automation.
We can expect the use of AI technology to grow rapidly in the coming years as more crypto and non-crypto companies explore artificial intelligence. But the future of fully-implemented AI in crypto is still far away. For now, crypto AI tokens possibly remain an echo bubble fueled by speculation that’s about to pop any moment now.
Rallies fueled by dog coins are no more. Crypto now embraces the prospects of AI technology after months of discussions surrounding ChatGPT and similar apps. Speculation has led investors to fuel a miniature bull run for crypto AI tokens such as The Graph, SingularityNET, Fetch, Ocean Protocol, and many others.
AI tokens have vastly outperformed Bitcoin and altcoins. We now have to see whether their bull run is sustainable enough to continue – or at least for AI tokens to hold onto their newly found price levels. Whatever the case is, it’s more than certain that the AI trend is here to stay thanks to legacy companies also embracing AI.
There’s a lot of uncertainty as to how blockchain developers plan to incorporate artificial intelligence into cryptocurrencies. Is AI simply a buzzword or can it actually improve blockchain technology? Hopefully, the latter is true.
Want to learn more about cryptocurrencies? I recommend reading the following articles:
Marko is a crypto enthusiast who has been involved in the blockchain industry since 2018. When not charting, tweeting on CT, or researching Solana NFTs, he likes to read about psychology, InfoSec, and geopolitics.
Binance Smart Chain’s elusive PancakeSwap became quite popular among DeFi investors, reaching a level where it competes against traditional DEX options like Uniswap and SushiSwap. Did PancakeSwap rightfully earn its fame and if so, how?
What is Yearn Finance and what makes it the best yield farming protocol in town? Andre Cronje’s creation has progressed far in the world of decentralized finance and many believe that his ecosystem will flip most of DeFi.