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The rise of NVIDIA and the subsequent surge in AI coins like FET and RNDR highlight the growing importance of blockchain-based AI projects.
Author: Chirag Sharma
In a remarkable turn of events, NVIDIA’s market capitalization has soared past tech giants Microsoft and Apple, reaching an impressive $3.33 trillion. This surge is largely attributed to the burgeoning demand for artificial intelligence (AI) products, which have become a cornerstone in various industries since 2023. The success of NVIDIA’s data center category, witnessing a staggering 427% increase in revenue to $22.56 billion, underscores the pivotal role of AI chips and components for AI servers. This new wave has really helped some top blockchain based AI projects
Amidst this AI boom, blockchain-based projects are emerging as key players, leveraging the power of decentralized networks to enhance AI capabilities. These projects, such as Fetch.AI (FET) and Render (RNDR), have seen significant price increases in the last 24 hours, with FET rising by 16.3% to $1.33 and RNDR experiencing a 10.3% surge to $7.75. This growth is not just limited to these tokens; other blockchain-based AI projects like PAAL, TAO, LNQ, and GPT have also seen notable increases, ranging from 9% to 26%.
NVIDIA’s dominance in the AI chip market is expected to have a profound impact on both the AI and crypto sectors. The company’s GPUs, essential for crypto mining, are now being utilized by AI companies for their data centers. This is a significant development, as the demand for AI chips and the necessary infrastructure is on the rise. According to a report by asset manager Bitwise, the AI boom has led to a shortage of AI chips and access to electricity, highlighting the potential of blockchain-based AI projects to fill this gap.
The expansion of AI data centers has led to a significant increase in power demand. Research analysts are sounding the alarm about this rising power demand, with a Goldman Sachs report predicting a 160% increase in data center power demand by 2030 compared to 2023. However, the infrastructure to support this demand is currently insufficient, with the US electric industry not having developed new baseload power infrastructure in almost twenty years.
Amidst this power challenge, blockchain-based AI projects could offer a sustainable solution. These projects, by leveraging decentralized networks, can potentially reduce the power consumption associated with traditional data centers. The integration of blockchain technology with AI could lead to more efficient and sustainable AI applications, addressing the power demand issue while promoting innovation in the AI sector. Forbes have already listed their top AI projects which you can checkout in this update
The rise of NVIDIA and the subsequent surge in AI coins like FET and RNDR highlight the growing importance of blockchain-based AI projects. These projects not only offer a solution to the power demand issue but also promote innovation in the AI sector. As the AI boom continues, it is crucial for companies and investors to keep an eye on these blockchain-based AI projects, which could play a significant role in shaping the future of AI and crypto.
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