雅虎香港財經 3 Cryptos Relying on the AI Boom to Save Them
The market is facing a downturn due to a range of factors. And while many crypto enthusiasts may mix link this selloff to fear, uncertainty and doubt (FUD), there’s also the reality that the Securities & Exchange Commission is on crypto’s tail. Two lawsuits, filed against major crypto exchanges this month, have investors on the run.
Both exchanges are accused of selling unregistered securities, leading to questions of what exactly a security is, and what crypto investors can do to save their portfolios.
Among the key positive drivers that have limited some of the downside pressure from these regulatory headwinds has been the explosion of interest around artificial intelligence, and how this technology may disrupt future industries. Given how disruptive blockchain technology is, there are some obvious parallels that make sense to explore in this space.
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Let’s dive into three cryptos that appear to be relying on the AI boom to save them right now.
Fantom (FTM-USD)
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Fantom (FTM-USD) is a blockchain protocol designed to solve the issues of scalability, decentralization, and interoperability faced by the current blockchain networks. Proof-of-stake Layer 1 blockchain like Fantom offers significant long-term potential due to its speed, affordability, and thriving ecosystems. With growing development and high total value locked (TVL), Fantom demonstrates strong user dedication and a healthy ecosystem.
Despite initial hype and high expectations, Fantom did not deliver the anticipated gains in the first half of 2022. Regardless of its fast blockchain, low fees, and potential in decentralized finance (DeFi), the platform fell short of becoming the next big revolution, as predicted by some.
In the face of Fantom’s poor performance in the crypto market this year, the company has assured investors of its strong financial position. Fantom has clarified that it has no exposure to failed crypto exchange FTX and has significant financial resources to withstand the crypto winter. In its financial records, Fantom revealed holdings of $340 million in digital assets, including stablecoins, crypto assets, non-crypto assets, and Fantom tokens, showcasing its substantial war chest.
The Graph (GRT-USD)
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The Graph (GRT-USD) offers developers decentralized access to blockchain data and utilizes AI for efficient querying and indexing. This combination presents significant growth opportunities, especially in building DApps for various sectors. While the potential is promising, the practical realization is yet to be determined.
The Graph merges AI and decentralized blockchain access, generating interest in its growth potential. Its APIs enable DApp development across various sectors, though the actual outcome is uncertain. With a low trading price, investing in The Graph offers a chance to hold a significant number of tokens with a small investment, akin to early-stage speculative cryptocurrencies.
The duration of the rally for projects like The Graph remains uncertain, as investors may eventually take profits. However, the consistent and impressive performance throughout the year indicates sustained momentum, suggesting it may take a while for exhaustion to occur.
Fetch.ai (FET-USD)
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Fetch.ai (FET-USD) is an AI-powered decentralized network that facilitates interactions and transactions between autonomous economic agents. Its applications range from smart cities to supply chain management and decentralized finance. As investor interest in AI-driven technologies grows, the potential of AI-focused tokens like Fetch.ai becomes increasingly compelling.
The FET token, part of the Fetch.ai ecosystem, has seen remarkable growth, surging 90% in the past month. With a current trading price of 43 cents and a market capitalization of $356 million, FET demonstrates its increasing value and ranks as the 113th most valuable cryptocurrency.
In the latest development from Fetch.ai, peaq, the latest collaboration from Fetch.ai, will introduce multi-chain Machine identities. These identities will leverage Fetch’s AI agents to facilitate data transfers between the Polkadot and Cosmos ecosystems. This integration enables the seamless connection of robots and vehicles on peaq’s decentralized physical infrastructure networks (DePINs) with machines across the Polkadot and Cosmos ecosystems.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
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