These 3 AI Crypto Tokens Are Up 132% or More This Year

Bitcoin (CRYPTO: BTC) may have stalled in the $60,000 to $65,000 range, but crypto investors can still find opportunities. Some new crypto tokens with artificial intelligence (AI) connections are still alive, with some up more than 132% for the year.

A big reason for this is the huge interest in the AI ​​investment thesis. Just as stock investors embraced Nvidia (NASDAQ: NVDA), crypto investors are now adopting new crypto tokens that they think can benefit the most from AI. With this in mind, let’s take a closer look at the three most popular AI crypto tokens that have seen the biggest increases recently.

Processing

Arguably the most popular AI crypto token is Render (CRYPTO: RNDR) and it is up 132% this year. With a total market cap of $4.5 billion, Render is currently among the top 25 cryptocurrencies. Given its recent rise, some investors are now calling Render the “Nvidia of cryptocurrency.” As you might guess from its name, Render offers GPU-based rendering solutions for studios, artists, and creators.

But that’s not why crypto investors are so excited about Render. The current thinking is that the same decentralized GPU computing power used for processing could be used for AI. For example, if you want to train a large language model (LLM), you will need a lot of “GPU compute”, which is the raw computing power required for modern AI solutions.

So it’s easy to see why Render’s performance is starting to look a lot like Nvidia’s (which has become almost synonymous with AI). Nvidia is the ultimate source of GPU-based computing power, whether used for rendering or AI.

Fetch.ai

Fetch.ai (CRYPTO: FET) is up a staggering 208% for the year and is now among the top 50 cryptos by market cap. Fetch.ai is building what it calls “an open, permissionless, decentralized machine learning network with a crypto economy.” This is a bit ridiculous, but it means Fetch.ai is a new platform for AI products and services. This includes large datasets for training LLMs and complex AI bots known as agents.

Fetch.ai token is how you pay for these AI products and services. You can think of Fetch.ai as a digital currency for the emerging AI economy. Therefore, the greater the demand for all things AI-related, the greater the demand for the Fetch.ai token.

Image source: Getty Images.

While it’s clear that there is some demand for AI at the consumer level (who hasn’t played with AI chatbots?), the real demand will come from companies looking to undergo AI transformations. This is where Nvidia comes in because these companies often use Nvidia’s products for new AI-related projects.

The story continues

According to Fetch.ai, the highest growth opportunities are in sectors such as logistics, transportation and smart energy grids. As a testament to its growing industry focus, Fetch.ai recently partnered with German companies Bosch and Deutsche Telekom on an AI platform.

Bosch has been partnering with Nvidia on AI-powered autonomous vehicles since 2017; This may be just one example of where Fetch.ai is gaining major momentum. In the past, Deutsche Telekom has partnered with Nvidia on “smart city” concepts, so this could be another area.

SingularityNET

Finally, there is SingularityNET (CRYPTO: AGIX), which is up an eye-popping 193% for the year. It is currently among the top 75 cryptocurrencies with a market cap of $1.2 billion. However, it may not be suitable for all crypto investors as it cannot be traded on popular cryptocurrency exchanges such as Coinbase Global (NASDAQ: COIN).

In terms of overall AI strategy, SingularityNET hits it out of the park. Known as generative AI (best known as the type that includes ChatGPT), it pushes forward the idea of ​​artificial general intelligence (AGI), which is far ahead of the current version of AI.

In fact, according to futurists like Ray Kurzweil (now at Google), AGI implies a future in which a single computer will be smarter than all humans combined. It will be able to access all human knowledge ever created and, as a result, create truly innovative solutions. A lot of Nvidia GPUs will likely be needed to power this level of AI.

What’s next for AI crypto tokens?

As long as Nvidia’s stock continues to impress, it’s safe to say that investors will be on the lookout for crypto tokens that are likely to benefit from the excitement around AI. For investors who think Nvidia is the only AI stock they should own, it would also make sense to focus on AI crypto tokens that have indirect or direct ties to Nvidia.

But remember that AI is still a relatively new industry and trends may come and go. Many companies claim to be the “next Nvidia,” so the AI ​​investment thesis is likely to change and evolve over time. But for now, the three crypto tokens highlighted above appear to be doing the best job of capitalizing on the new excitement around artificial intelligence.

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Dominic Basulto has positions in Bitcoin and Fetch. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Fetch, Nvidia, and Render Token. The Motley Fool has a disclosure policy.

Thanks Nvidia: These 3 AI Crypto Tokens Are Up 132% or More This Year Originally published by The Motley Fool