Forbes came out with a list of most promising AI projects a fortnight ago and today we’ll be going through that list, evaluating projects based on their teams, products , tokenomics and much more.
You can check the complete list and the original post by Forbes here.
Please note that all opinions are personal and not financial advice. Please do your own research. So now, lets start with the AI narrative first and then the list!
What is the AI narrative?
The AI narrative in web3 has been all the hype in 2023 and 2024. This was always going to happen after the release of ChatGPT and money has been pouring into the web3 AI space without second thoughts since then.
In our discussion with Peter Peng, Founder of GPT Protocol (check video here) – we discussed the importance of decentralization in the AI space and with data and privacy being such big concerns to people, AI does seem an unlikely but good fit for blockchain technology.
As seen by the graphic above (src: next move strategy), the market size for AI technology is immense and is expected to grow by nearly 8x to what it is right now.
No doubt then that Forbes has been keeping an eye on AI projects, and also the web3 AI space as well. Let’s check out their list now.
$RNDR
The first project from the list is Render. We at Our Crypto Talk have been big supporters of the project for long and we know the progress and potential the project carries with itself.
This pick by Forbes was not much of a surprise as Render is one of the leading projects in not such AI but the DePin space as well, focusing mostly on GPU power and shared rendering capabilities.
The team is super strong and the founder has ties to Nvidia as well, arguable the number one name in rendering and GPU tech.
• Render Network introduces a decentralized computing solution for high-end GPU-based rendering, leveraging a peer-to-peer network to boost efficiency and rendering speed.
• Users are required to pay for rendered work using $RNDR tokens, with Render Network retaining a minimal portion of these payouts to support the continuous development and maintenance of the technology.
• Render Network’s impact transcends traditional domains, simplifying rendering and streaming processes across various sectors, such as media, mixed reality, gaming, medical, virtual reality, industrial, and augmented reality.
• Furthermore, its decentralized nature enhances scalability, lowers costs, accelerates rendering speed, bolsters security, maximizes GPU efficiency, and offers a rewarding experience for GPU owners.
MC: $3.8B
Price: $9.8
ATH: $13.60
Bittensor
Probably the success story of 2023-2024 Web3 AI space – $TAO has seen a 1000%+ growth in the past one year and there is no surprise in it.
Now, let’s shine a light on Bittensor and its cryptocurrency counterpart, $TAO:
• Addressing a Current Issue: The aggregation of extensive user data by OpenAI.
• Bittensor stands as an open-source protocol fueling a decentralized, blockchain-driven machine learning network.
• It proudly holds the distinction of being the world’s largest decentralized neural network.
• Bittensor’s mission is to create a network where knowledge accumulates, allowing new models to build upon the foundations laid by their predecessors.
• Co-founder Jacob Steeves aptly characterizes it as a continuous machine learning library.
MC: $3B
Price: $458
ATH: $767
The Graph
The Graph is a protocol for indexing and querying data from blockchains in a similar way that Google indexes and queries data from websites. Indexing blockchain data can be challenging, but The Graph aims to change that by organising data into smaller ‘subgraphs.
- Major networks like avalance, solana, eth all supported.
- Build apps without a need for your own data server.
MC: $2.7B
Price: $0.29
ATH: $2.88
Theta
Led by the amazing Mitch Liu, Theta network is a project which prides itself rendering and GPU technology. Theta has been one of the most promoters of the notion of “GPU power as a currency” in the space.
- Drop in CDN costs by nearly 50-70%.
- An ERC-20 like TNT-20 equivalent for token generation and working on the Theta network.
- Theta wallet and a complete ecosystem of infra and dev tools.
A big player in the GPU space with visionary leadership, Theta will definitely be one of the top names when GPU sharing tech becomes the top dog in the web3 space.
MC: $2.22B
Price: $2.22
ATH: $15.90
Fetch AI
Fetch.ai is a blockchain-based technology that aims to make it easier for people and businesses to share and access information and services.
The goal of Fetch.ai is to create a decentralised network that can connect different devices, data sources, and applications in a way that is secure and efficient. It aims to create a decentralised network that can be used for a wide range of applications across different industries.
One of the strong suits of $FET right now is its upcoming merger with $AGIX and $OCEAN (both of which also make the list).
We won’t dive deeper into $FET here as we will be covering the merger and the new $ASI token in a separate post.
Singularity
Another member of the $ASI trio, $AGIX has shown the most rapid growth of any of the projects in this list when it comes to price in 2023-2024.
With a MC of over a billion and now working with Fetch and Ocean, the decentralized network which is huge on AGI is obviously bound to grow.
How much would be a change in the price, is yet to be seen though – as a single coin with a larger cap could/could not be an issue for investors.
We won’t dive deeper into $AGIX here as we will be covering the merger and the new $ASI token in a separate post.
Akash Network
Akash network is another project which we’ve always rated very highly and even have a dedicated in-depth project review on our blog which you can check out here.
- Akash network is an L1 network build on the cosmos SDK which uses a PoS mechanism to keep its blockchain validated and in sync.
- Akash is completely open source and governed by the community.
- Limitless Storage: The network provides persistent and limitless storage.
- Censorship resistant network.
MC: $1.2B
Price: $5.15
ATH: $8.08
Echeleon Prime
Echelon Prime is a gaming ecosystem that integrates blockchain technology and AI to enhance the gaming experience. The platform supports game development studios and projects by providing the necessary tools and infrastructure to incorporate AI.
I’m not very sure if this project should qualify as an AI project to be honest but we are just following Forbes’s list so be it.
The project aims to build multiple different games and ecosystems which will use their native token of $PRIME in the future. The project does not have a lot of games as of now that utilize this but the team has to step up in this area if they are to achieve further success.
MC: $673M
Price: $18.84
ATH: $28
AIOZ
Aioz looks to be the complete solution when it comes to any kind of compute sharing. The project has AI, storage, CDN, IPFS and streaming in the forefront of their tech.
Even though the project is mostly DePin and not directly an AI venture, the close relationship with AI and GPU sharing probably bridges the gap here.
The real AI models, training data, customisable models and the core of AI will be released by AIOZ in Q2 of 2024.
In my take, being a jack of all trades can either pay of really well or can make you a master of none. So far AIOZ has had success in their realm but getting into core AI next will be a challenge, especially given how many smaller core AI projects have already started consuming the user space of AI.
MC: $836M
Price: $0.77
ATH: $2.67
Ocean Protocol
The final piece of the trio consituting the $ASI revolution with $FET and $AGIX, $OCEAN in itself is a very promising AI project that has shown admirable growth over the years.
The project is big on BIG DATA and I think the merger with Fetch and Singularity would be amazing for them as all the three projects really compliment each other well.
We won’t dive deeper into $OCEAN here as we will be covering the merger and the new $ASI token in a separate post.
