Top 3 AI Tokens To Watch In 2023
Artificial intelligence (AI) and blockchain technology have emerged as two of the most revolutionary technologies since the previous decade. The combination of the two undeniably is mind-blowing to many crypto enthusiasts. In this article, Tokenize Xchange will discuss how AI tokens have become the new hype and the top 3 AI tokens in 2023 to watch according to their market cap.
What are AI tokens?
Artificial intelligence (AI) refers to the imitation of human intelligence mechanisms by technology, particularly computer systems. Some applications of AI include expert systems, processing of natural language, voice recognition, and machine vision.
As a whole, AI systems run by consuming massive amounts of labeled training data, studying it for correlations and patterns, and then using these patterns to predict future states.
For example, a chatbot, by analyzing millions of examples of text chats, can learn to make lifelike dialogues with people, or an image recognition program that can acquire the ability to identify and describe items in photographs.
So, what are AI tokens?
In general, AI tokens are cryptocurrencies that apply AI technology in some capacity to prevent attacks, improve security, user experience, scalability, etc. AI might be designed to increase automation, promote efficiency, and improve a variety of cryptographic systems.
AI and Crypto: The new hype of blockchain technology
Artificial Intelligence (AI) has been applied to assist humans in making decisions, while blockchain technology is built to enable safe, transparent, and tamper-proof applications. The combination of AI with blockchain is expected to alter a wide range of businesses by improving their confidentiality, transparency, and overall efficiency.
You may be aware of some of the strong players in this sector, such as OpenAI’s ChatGPT, which can create texts that are nearly indistinguishable from human-generated content. However, this technology is being used for more than simply entertainment and art; it is also being used to create synthetic data that corporations may use for a variety of purposes.
ChatGPT by OpenAI is an example of how AI is progressing to create machine learning systems that can work in the same way that humans do. ChatGPT is a big language model that can respond to text-based enquiries in a human-like way. It is a breakthrough in natural language processing and has potential implications for businesses looking to automate operations and enhance the customer experience. When combined with Blockchain, this creates a potent combo. So how do these two technologies interact with one another?
AI and blockchain technology creates more secure, transparent and efficient systems. As AI algorithms automate processes and analyze large amounts of data, blockchain technology provides a secure and transparent way to manage such data and processes. With AI and blockchain technology combined, new use cases such as intelligent supply chain management and decentralized autonomous organizations can be enabled. This leads to increased security, transparency and efficiency in systems.
According to thebussinessresearchcompany.com, The global blockchain AI market grew at a compound annual growth rate (CAGR) of 25.1% from $0.39 billion in 2022 to $0.48 billion in 2023. Moreover, The market is estimated to reach $1.18 billion by 2027.
Top 3 AI tokens to watch for 2023
Let’s take a look at the top 3 AI tokens 2023 based on market capitalization and understand how AI is being used in the sector.
1. The Graph (GRT)
Market cap: $1.25 billion (at the time of writing)
The Graph is a decentralized protocol for indexing and querying data from blockchains in the same way Google indexing websites. Indexing blockchain data can be difficult, but The Graph wants to change that by organizing data into smaller ‘subgraphs’.
The Graph’s native token – GRT was valued $0.14 at the time of writing,
Market cap: $466.29 million
SingularityNet is a blockchain-powered AI marketplace that launched on Ethereum. SingularityNet’s public API and decentralized marketplace make it simple for developers to publish and sell their AI algorithms.
Users can start a SingularityNet node, also known as an AI agent in the network. AI agents execute smart contracts and can communicate with other agents independently to exchange data and provide outcomes.
AGIX – the native token of the SingularityNet network is at $0.39 at the time of writing.
Market cap: $317.95 million
Fetch.ai is an open-access decentralized machine learning blockchain-based network designed to facilitate the establishment and evolution of the digital economy without the intervention of humans. The network not only connects devices and services, but it also allows other agents, such as people, to participate.
Fetch.ai develops tools and infrastructure to support the development of a decentralized digital economy based on artificial intelligence. The network connects people, devices, and services, allowing for data sharing and collaboration. The Fetch.ai economy is made up of suppliers and consumers, and it revolves around diverse agents and ecosystems with various intents and use cases.
FET – the native token of Fetch.ai Blockchain AI network cost $0.39 at the time of writing.
AI blockchain is still at the beginning of its development with applications in cybersecurity, supply chain management, financial services, and decentralized markets. As these technologies advance, we should expect to see more new applications that will fundamentally alter how we live and work.
Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.