HomeCryptoWhat is it and how does crypto Fetch AI work?

What is it and how does crypto Fetch AI work?

Fetch AI (or Fetch.ai) is a crypto that has been around for almost four years. 

It was born in 2019, which was during the crypto winter of the previous cycle, with the goal of creating a decentralized infrastructure for implementing digital “autonomous economic agents.”

The launch of its FET token took place on Binance’s Launchpad, but it was by no means a great success. 

In fact, in March 2019 the crypto markets were just emerging from the previous year’s very heavy bear market, so that was hardly a time for great optimism. 

Fetch AI’s crypto project

Fetch.ai had set out to create machines, data, services and infrastructure with digital representatives called Autonomous Economic Agents. 

In fact, “AI” stands for Artificial Intelligence, and the idea was precisely to bring artificial intelligence into the crypto sector by creating autonomous software that could trade in total autonomy and without human supervision.

The development of the project is not yet finished, partly because the bulk of the work was not kicked off until after the 2019 ICO. 

In fact, the 2022 roadmap has been full of activity, while the 2023 roadmap has yet to be published.

Regardless, the main goal remains to develop an infrastructure that allows users to create their own applications and platforms. 

Fetch.ai’s Autonomous Economic Agents may be used within these applications and platforms, and are capable of performing operations on their own that are recorded on blockchain.

At this time, Fetch.ai’s protocol is still in the process of being implemented in the world of DeFi, and in the mobility, supply chain, and transportation sectors. 

It is worth noting, though, that the last official release was in March 2021, or almost two years ago, so it is plausible to imagine that the development of this ecosystem has slowed down. 

The FET token of the Fetch AI crypto project

On the other hand, the price of their FET token after its launch in March 2019 entered a period of distress that lasted until the beginning of the last big bull run in January 2021. 

In these close to two years it fell from its initial price of about $0.40 to $0.01 in March 2020, during the collapse of financial markets due to the onset of the pandemic. 

A -97% during its first year of existence in the crypto markets had cast a deep shadow over the project. 

But as early as July of that year, it seemed to have the potential to rise again, although this potential in September appeared to dissolve again. 

The turning point came in January 2021, which is when the last bull run of altcoins began, followed by that of Bitcoin which began in December 2020. 

Not only by March 2021 had the price of FET returned to its starting levels of $0.40, but by September it came close to $1.20, which was three times as high as it started. 

Indeed, between the low in March 2020 and the high in September 2021, the growth was nearly 12,000%. 

Therefore, the initial selling price turned out to be exaggerated, so much so that over the next twelve months it plummeted very low. 

But at that point, once all the excess euphoria had been exhausted, the price was finally able to begin to rise, with a truly astounding parabola over the next twelve months. 

However, during the bear market of 2022, the price again plunged below $0.10, with a low below $0.6 in November. 

In other words, from $0.01 in March 2020 a huge speculative bubble inflated and burst in late 2021, but following the bursting of the bubble, the FET price has still never returned to $0.01, remaining at least six times above that threshold. 

The current price of about $0.20 is more than three times the 2022 low. 

It is therefore a token with a very volatile price, easily subject to speculative bubbles. 

Artificial intelligence

Artificial intelligence is back in the news in early 2023, especially thanks to ChatGPT

The problem is precisely with generating huge excesses of enthusiasm, due to big innovations that strike such a chord in the collective imagination that they come to generate real mass illusions. 

Artificial intelligence will certainly revolutionize the world, but it is possible that it will do so in a different way than is expected. 

Because of this, excess enthusiasm is generated, which ends up spilling over into the markets, for example, into projects like Fetch.ai that may perhaps revolutionize something, but may also fail to do so. 

And thus, the excess of enthusiasm is almost always followed by an excess of fear, causing high volatility on those assets that promise to be revolutionary thanks to artificial intelligence. 

It would not be strange at all if in the end, the artificial intelligence revolution would instead be made by projects that today do not even exist yet, or are still unknown. 

It is impossible to know the future. Thus, as a matter of fact the one on the FET token is a bet: it may turn out to be a winner, but it may also turn out to be a loser. And in such cases, the chances of the second scenario occurring are often greater. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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