Chip giant Nvidia set a new record for its share price, with its market value soaring to nearly US$2 trillion, and the artificial intelligence sector also benefited.
CoinMarketCap data shows that after Nvidia announced its financial report, AI tokens experienced a general rise. SingularityNet (AGIX) rose by more than 20%, FetchAI (FET) rose by more than 10%, and Render (RNDR) rose by 8%. The overall market value of AI tokens has More than $16.5 billion.
There are multiple reasons behind the recent surge in AI-related tokens. Strahinja Savic, head of data and analytics at FRNT Financial, said in an interview: “The launch of OpenAI’s Sora and Nvidia’s impressive sales forecast are fueling broader optimism about artificial intelligence that is spreading to crypto. space. We've seen this in the crypto space in the past, where when Facebook changed its name to Meta, tokens related to the Metaverse rallied."
With investors eager to pursue alternative blockchain and artificial intelligence intersections, this article will compile five AI concept projects worthy of attention based on recent hot topics: Scotty the AI, Render, Fetch AI, iExec RLC, and IQ.
Scotty the AI
Scotty AI is an artificial intelligence project focused on blockchain security and fraud detection. Driven by tweets from OpenAI's Sora and Vitalik Buterin, it has attracted a lot of investor attention.
Pre-sales for Scotty, whose logo was inspired by an adorable Scottish terrier, recently passed the $500,000 milestone.
According to its website description, Scotty will "easily analyze complex algorithms and code, uncovering patterns and anomalies that even the most skilled human programmers would miss."
It also says that Scotty can "sift through vast amounts of data in seconds, looking for clues and connections that others cannot imagine," making Scotty the ultimate on-chain detective, ensuring the health of the blockchain and the safety of user funds.
According to its website, 30% of Scotty tokens have been allocated to the pre-sale, with the remaining 70% used for staking rewards, ecosystem development, exchange liquidity, and marketing.
With the pre-sale underway, investors can purchase SCOTTY at a discount. It currently sells for $0.00555, but the price will increase incrementally throughout the event, with the next price increase taking place in eight days.
Render
Render is a decentralized GPU network that provides computing resources to media, AR developers, game studios, medical services, and more.
The project currently leads the field of crypto-AI and has the highest market capitalization at $2.8 billion. Considering the total market cap of all cryptocurrencies is $1.98 trillion, Render still has huge room for growth.
Its token has been on a strong run lately, rising 19.55% today, 51% this week, and 92% this month.
The project’s use case enables unused computing energy to be used for rendering graphics and training artificial intelligence, creating a blockchain marketplace for buyers and sellers of GPU computing power.
Its GPU power is "a fraction of the cost and orders of magnitude faster than centralized GPU clouds," according to its website.
Render has partnerships with heavyweight brands. For example, Render founder Jules Urbach owns cloud rendering company OTOY. The company has released a rendering software called OctaneX, available on iPhone and iPad, powered by Render's decentralized GPU mesh.
Fetch.ai
Fetch.ai is another leading AI cryptocurrency by market cap. The project enables users to "build, deploy and monetize artificial intelligence agents." Artificial intelligence agents are applications that use AI algorithms to automate tasks.
Fetch.ai is up 10% today, 67% this week, 93% this month, and 175% this year, with a market cap of $995 million and 24-hour trading volume of $420 million.
Like Render, Fetch.ai is rapidly approaching its ATH. Currently, its price is $1.15, up just 2.59% from its September 2021 high of $1.19.
Fetch.ai enables users to transform their legacy systems into AI-powered agents without changing existing APIs, according to its website. This enables a seamless transition between legacy and cutting-edge technologies, helping companies migrate without friction or technical complexity.
The project also enables users to integrate third-party applications such as Skyscanner, Discord, OpenAI, and Slack. Leveraging AI on these platforms can significantly empower developers, allowing them to develop innovative solutions that enhance user experience.
Recently, Fetch.ai announced the public launch of DeltaV, a search-based AI chat interface that automates end-to-end tasks based on text-based prompts.
iExec RLC
iExec is a privacy-focused artificial intelligence project that is progressing rapidly. Its website starts with "The web3 market". Its focus is to empower blockchain builders and trade computational assets while retaining ownership and privacy.
It's valued less than Render or Fetch.ai, with a current market capitalization of $308 million. Meanwhile, its trading volume topped $182 million, showing strong investor interest.
Currently, iExec RLC is up 8.55% today, up 78% this week, 106% this month, and 114% this year. However, it is still 73% below its May 2021 ATH of $16.11, leaving plenty of room for a rebound.
It is noteworthy that it has been listed on leading exchanges such as Coinbase and Binance.
iExec RLC is running a $1 million bounty program for developers building with its suite of privacy-focused tools. One of its tools is a codeless oracle builder that helps developers seamlessly transfer off-chain data to on-chain.
Meanwhile, iExec RLC enables developers to "sidestep scalability" through off-chain computation using its software development kit. Its GPU market is another distinguishing feature. This will connect buyers and sellers of computing power, similar to Render. Combined with its suite of developer tools, it promotes the circular economy and helps usher in widespread adoption and innovation.
IQ
IQ calls itself “the largest blockchain and crypto encyclopedia.” The project is a crypto-educational platform but utilizes cutting-edge artificial intelligence to improve user experience. Users can browse crypto assets and related topics in depth. It also offers a product called IQ GPT, a cryptocurrency-focused chatbot trained on real-time data.
IQ had the best showing today, rising 25%. Meanwhile, it's up 45% this week but only 43% this month and just 3.91% this year. It is also down 89% from its ATH of $0.07 in July 2018.
IQ currently has a market capitalization of $133 million, a 24-hour trading volume of $186 million, and is listed on exchanges such as Binance and OKX.
BrainDAO, IQ’s native DAO and finance arm, also introduced IQ GPT for Telegram and Discord last year, providing chatbots with anytime, anywhere accessibility.
IQ tokens are used for utility, staking and governance. It provides holders with access to new products and enables them to make critical decisions on the future trajectory of the ecosystem.
One of the advantages of IQ GPT is the efficiency with which users can collect data. According to its website, identifying specific information from long articles takes a lot of time, but IQ GPT is able to extract it in seconds.
