Which Artificial Intelligence Coins to Buy? Guess from the Finance Company!

ChatGPT has caused a tremendous amount of hype and speculation about AI coins, making it difficult to separate the winners from the losers. According to crypto expert Dominik Basulto, any token that tries to rebrand itself from a ‘metaverse’ or ‘Web3’ crypto requires further scrutiny. Starting from this, the expert explains 3 types of artificial intelligence coins that he is currently avoiding.

Not all AI coins can deliver on their promises

Given the phenomenal popularity of ChatGPT, it’s perhaps not surprising that AI cryptocurrencies have increased in price this year. Everyone wants a piece of this hot new niche. The most popular crypto AI token, SingularityNET (AGIX), is up a mind-blowing 815.27% this year. Fetch.ai (FET), another popular artificial intelligence cryptocurrency, is up 295% this year. Meanwhile, Fetch.ai has completed $40 million in financing. Fetch.ai, a Web3 protocol focused on artificial intelligence, has received a $40 million investment from DWF Labs. This funding round will be used to deploy decentralized machine learning, autonomous agents and network infrastructure.

But be careful what you buy. Some claiming to be AI tokens are actually legacy coins that have been rebranded to capitalize on the trendy word. Some of the tokens with ‘GPT’ or ‘AI’ in their names or symbols may be exaggerating more than they can deliver. With that in mind, let’s take a closer look at the three types of AI crypto tokens I’m currently avoiding.

1. Cryptos based directly on the success of ChatGPT

A number of media articles and press releases have been published recently regarding crypto tokens and ChatGPT. For example, on March 15, just a day after OpenAI announced the launch of the new ChatGPT-4, The Graph (GRT) announced that it would integrate ChatGPT into the way it analyzes data on the web.

I’m always skeptical of such announcements, especially when social media influencers start using them to exaggerate an online token. Even The Graph acknowledged in its ChatGPT announcement (‘Using Artificial Intelligence to Enhance the Graph Network’) that using a broad-language model like ChatGPT (analyzing text) is not a direct match to what The Graph is trying to do with Blockchain data and may be more difficult than some think.

2. Cryptos trying to rebrand for AI

While pivots and reboots are great, I’m a little cynical about what some tokens are doing these days to position themselves as AI coins. Some of these tokens date back to 2017 or 2018 and are they now suddenly ‘AI crypto coin’? I’m particularly having trouble with cryptos with ‘Web3’ or ‘metaverse’ tokens that adopted the ‘AI’ branding 24 months ago. Whenever I hear about a hot new AI crypto token, I always do my due diligence.

artificial intelligence coins

3. Cryptos you can’t reveal in 2 minutes or less

Finally, avoid any crypto you can’t explain for your grandma to understand. If the elevator pitch for a crypto contains too much jargon like ‘data tokenization’, you may want to reconsider buying it. There’s a lot you can learn about this from billionaire investor Warren Buffett, who advises you to invest in what you know.

So which AI coin is worth buying?

Using these three simple rules, it is possible to drastically reduce the list of AI crypto tokens you could potentially want to invest in. I’m particularly optimistic about SingularityNET (AGIX) right now. Because SingularityNET (the company) has a history of finding world-class AI enhancements. If you’re familiar with Robot Sophia, you’re familiar with SingularityNET. Also, SingularityNET has a quick and easy way to describe itself that makes intuitive sense: ‘Fiverr for Artificial Intelligence’.

artificial intelligence coins

That said, I can understand why some people might be skeptical about SingularityNET. First, its name is a clear reference to one of the most overrated and anticipated potential events in AI: the Technological Singularity. And the token’s name is a clear reference to its goal of supporting the development of an ‘artificial general intelligence’ (AGI). So, this token might seem like it’s working hard to be relevant for AI investors. Also, if you browse CoinMarketCap, you will see that the AGIX token has been on the market since 2017, another potential red flag. Why did it take until 2023 for this token to become parabolic? Finally, the fact that AGIX has increased by a dizzying 800% in just three months could be a warning sign that it’s skyrocketing.

But guess what? The size of the AI ​​market is so staggering that I think SingularityNET is just starting to scratch the surface of what is possible. Even with a $500 million market cap, if the AI ​​achieves what many think it will achieve, its value could be several times lower. All in all, I’m a long-term optimist at SingularityNET.

The opinions and recommendations in the article belong to the experts and are definitely not investment advice.

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