AI cryptocurrencies are tokens associated with a blockchain AI project, often being used as means of value transfer between users of the platform or to govern the project’s direction. There are many different niches within blockchain AI, with some projects focusing on creating compute marketplaces to supply AI projects with the power they need to run AI models and others focusing on building decentralised AI models themselves.
We’ve looked at the top 10 AI crypto projects according to their market caps, exploring how AI is implemented and the unique value it brings to each platform.
1. NEAR Protocol (NEAR)
Market cap: $US7 billion
NEAR Protocol is a layer-1 blockchain that has been making significant strides bringing AI to the blockchain. The project claims it is bringing Web3 and AI together to help create a user-owned internet, guaranteeing privacy and ownership of data for individuals, which is becoming an increasing concern in our increasingly digital age. The project is positioning itself as a key player in decentralised AI, potentially enabling more accessible and transparent AI services while leveraging the security, transparency and decentralisation benefits of blockchain technology.
NEAR’s native token, NEAR, is used for transaction fees and governance within the network. As of July 20, 2024, NEAR was valued at $US6.35, down from its peak of $US20.42 from January 2022.
2. Artificial Intelligence Alliance (FET)
Market cap: $US3.7 billion
Artificial Intelligence Alliance is a new project that has resulted from the three-way merger between Fetch.ai, SingularityNET and Ocean Protocol. All tokens merged to the original FET token, which will soon be given the new ticker ASI. The alliance combines Fetch.ai’s autonomous agent technology, Ocean Protocol’s data exchange framework and SingularityNET’s decentralised AI services to create a unified ecosystem for building AI on the blockchain.
As of July 20, 2024, FET was valued at $US1.48, down from its peak of $US3.47 from March.
3. Render (RNDR)
Market cap: $US2.6 billion
Render Network is a decentralised platform that connects artists and creators with powerful computer resources to help them create high-quality 3D graphics and animations. The platform allows people to pool unused computing power, which can then be used by creators for a fee. The platform uses its own cryptocurrency, RNDR, to reward users who contribute their computing power and to facilitate transactions within the network. With applications in fields like gaming, virtual reality, and the metaverse, Render Network is making it easier for artists to create visual content without the need for expensive hardware.
RNDR was trading at $US6.84 as of July 20, 2024, down from its recent peak of $US13.60 in March.
4. Bittensor (TAO)
Market cap: $US2.51 billion
Bittensor aims to create a neural internet by revolutionising the development of machine learning platforms. The project is establishing a peer-to-peer marketplace for machine intelligence where AI models can combine their intelligence, essentially creating a “digital hive mind.” This innovative, decentralised method is designed to enable swift expansion and sharing of knowledge among AI systems.
As of July 20, 2024, TAO was trading at $US353, down from its peak of $US676 at the start of April.
5. The Graph (GRT)
Market cap: $US2.07 billion
The Graph is a protocol for indexing and querying data from blockchains in a similar way that Google indexes and queries data from websites. Indexing blockchain data can be challenging, but The Graph aims to change that by organising data into smaller ‘subgraphs’.
Its native, Ethereum-based cryptocurrency, GRT, was trading at US$0.21 as of July 20, 2024, down from its February 2021 peak of US$2.34.
6. Akash Network (AKT)
Market cap: $US833 million
Akash Network is a decentralised cloud computing platform that utilises blockchain technology to create a marketplace for buying and selling unused computing resources. The platform aims to provide a more cost-effective and flexible alternative to traditional centralised cloud service providers. Users can deploy and manage applications on the decentralised network, with transactions facilitated by the native token, AKT. The token also serves to reward network participants and govern the platform.
AKT was worth $US3.45 as of July 20, 2024, down from its peak of $US8.08 in 2021.
7. AIOZ Network (AIOZ)
Market cap: $US524 million
AIOZ Network is a blockchain that is built to be a comprehensive infrastructure solution for Web3 storage, decentralised AI and content distribution. The blockchain is interoperable with both Ethereum and Cosmos-based blockchains. The goal for the project is to create a content delivery network, which is a set of geographically dispersed servers that work together to provide Internet users a seamless experience when accessing digital content.
AIOZ was priced at $US0.47 as of July, 2024, down from its April 2021 all-time high of $US2.17.
8. Arkham (ARKM)
Market cap: $US397 million
ARKM is the native token of Arkham Intelligence, a blockchain analytics platform launched in 2023. It serves three primary functions: as the currency for the Arkham Intel Exchange, an incentive mechanism for platform adoption and the governance token for the exchange. ARKM powers an intel-to-earn economy where users can buy and sell crypto intelligence, including entity labels, hacker tracking data, and curated data feeds. The token’s economic model is designed to maintain network stability through a balanced cycle of circulation, with ARKM entering the system via intel-to-earn payments and rewards, and exiting through platform purchases and exchange fees.
As of July 20, 2024, one ARKM token was trading at $US1.64, down from its all-time high 0f $US3.98 in March.
9. Golem (GLM)
Market cap: $US351 million
Golem Network is a decentralised computing platform that creates a marketplace for idle computing resources, primarily targeting the AI industry. Users can buy computing power from suppliers using the native GLM token. The platform’s architecture enables complex tasks to be divided and processed in parallel across multiple providers, enhancing efficiency. Golem aims to democratise access to computational resources, making it easier for smaller AI projects to get access to the compute resources they need.
Golem is trading at $US0.35 as of July, 2024, down from its 2018 peak of $US1.32.
10. Echelon Prime (PRIME)
Market cap: $US303 million
Echelon Prime is a gaming ecosystem that integrates blockchain technology and AI to enhance the gaming experience. The platform supports game development studios and projects by providing the necessary tools and infrastructure to incorporate AI-powered features and blockchain-based token incentives into their games. One of the key games within the Echelon Prime ecosystem is “Colony,” which heavily utilises 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, allowing players to have a say in the development and direction of AI-powered games like “Colony.” PRIME was worth $US8.47 as of July 20, 2024, down from its peak of $US28.08 in March.
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