AI products are most easily led astray by the claim that “computing power demand is huge.” But the real questions are: Who is paying, and are they buying usable resources or results delivered on time? The former shows that someone needs computing power; the latter comes closer to demonstrating product demand. In either case, we still need to know whether delivery is reliable and whether customers will buy again. Without evidence of paying customers and repeat purchases, demand cannot be proven by industry hype alone.
Over the rolling 24-hour period, $TAO +1.98%; over the rolling 24-hour period, $RENDER +1.75%; over the rolling 24-hour period, $FET -3.02%. These are spot price movements for three different tokens, not orders, revenue, or computing power utilization. Their different price movements do not show which network has more customers, much less justify counting growth in a company's AI business directly as demand for these tokens.
Product demand and the supply and demand for computing power are two separate sets of accounts. To assess demand, look at who pays, what they buy, and whether delivery meets requirements. To assess supply, look at whether resources can be matched to tasks and provided continuously at an acceptable cost. More resources do not mean more buyers, and successfully running a task once only proves that delivery was feasible that time. There is no verifiable information at hand on customers, revenue, utilization, or formal product progress, so it is not yet possible to conclude which demand has been validated.
Network incentives may attract suppliers, but we still need to ask who funds the rewards, what delivery they correspond to, and whether resources remain after the rewards are reduced. The presence of computing power suppliers does not mean there are people buying it continuously; an active network does not mean customers are making repeat purchases. Subsidies can help get supply off the ground, but they cannot pay customers' bills.
Token value also needs to be assessed separately: Is the token required to use the service? Where do the fees go? What practical function does the token serve? Even if people use the product, value does not automatically accrue to the token. I'm interested in AI, but more than whatever labels a project uses, I want to see verifiable accounts: Who paid, what did they get, and will they buy again?
Over the rolling 24-hour period, $TAO +1.98%; over the rolling 24-hour period, $RENDER +1.75%; over the rolling 24-hour period, $FET -3.02%. These are spot price movements for three different tokens, not orders, revenue, or computing power utilization. Their different price movements do not show which network has more customers, much less justify counting growth in a company's AI business directly as demand for these tokens.
Product demand and the supply and demand for computing power are two separate sets of accounts. To assess demand, look at who pays, what they buy, and whether delivery meets requirements. To assess supply, look at whether resources can be matched to tasks and provided continuously at an acceptable cost. More resources do not mean more buyers, and successfully running a task once only proves that delivery was feasible that time. There is no verifiable information at hand on customers, revenue, utilization, or formal product progress, so it is not yet possible to conclude which demand has been validated.
Network incentives may attract suppliers, but we still need to ask who funds the rewards, what delivery they correspond to, and whether resources remain after the rewards are reduced. The presence of computing power suppliers does not mean there are people buying it continuously; an active network does not mean customers are making repeat purchases. Subsidies can help get supply off the ground, but they cannot pay customers' bills.
Token value also needs to be assessed separately: Is the token required to use the service? Where do the fees go? What practical function does the token serve? Even if people use the product, value does not automatically accrue to the token. I'm interested in AI, but more than whatever labels a project uses, I want to see verifiable accounts: Who paid, what did they get, and will they buy again?
