For crypto investors, Nvidia (NASDAQ: NVDA) has become the one stock to watch for clues about the future direction of artificial intelligence (AI) crypto tokens. As Nvidia’s stock goes, so goes the market for AI crypto tokens.
So with Nvidia shares surging after a monster earnings report in February, AI crypto tokens are also surging. Some are up 300% during the past month, and it all stems from a renewed sense of excitement around the AI market. But are any of these AI crypto tokens actually worth buying?
What is Fetch.ai?
Recognizing that it’s still the very early innings for artificial intelligence, the one AI crypto token that has my attention right now is Fetch.ai (CRYPTO: FET), which is up almost 400% in the past 30 days and nearly 300% for the year. As of March 7, Fetch.ai had a market cap of $2.2 billion and ranked 51st among all cryptos in terms of overall market cap.
The goal of the token is to build, deploy, and monetize AI by creating an open network for AI agents. That’s a mouthful, but all it really means is that Fetch.ai wants to offer a marketplace for paid AI services.
Anytime you need a task fulfilled by an AI bot, you would theoretically go to the Fetch.ai marketplace and hire the right one to do the job for you. You would then use the Fetch crypto token to pay for the service.
Fetch.ai vs. ChatGPT
What makes Fetch.ai so interesting is that it sounds very similar to the concept for the new ChatGPT Store, which now enables you to hire customized AI bots to do certain tasks for you. Given that a lot more people know about ChatGPT than Fetch.ai, I’m not entirely convinced that the crypto should be worth $2.2 billion, but you can start to see why some investors are getting excited about its long-term prospects.
Image source: Getty Images.
Where things get interesting is if Fetch.ai can sell enterprises (i.e., huge corporations) on the concept of these AI bots. One new partner is Deutsche Telekom, which is looking at potential uses for AI bots.
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This could become a great example of AI bots providing utility on a vast scale, and it ties back to the whole idea of investing in Nvidia in the…
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