The crypto company, operating since 2019, is building a decentralized machine learning network that is expected to disrupt the way the crypto world approaches AI systems, promising unprecedented benefits and convenience.
Fetch.ai is also introducing a crypto token, FET, which has been making waves lately due to its performance track record in crypto financial markets.
In November, FET rose more than 50%, with prices approaching the annual high set in the $0.60 area.
Will crypto explode during the next bull market? Let’s see all the details below.
Summary
What is Fetch.ai: the top-of-the-line crypto in the artificial intelligence sector
Starting from a fundamental analysis, we can introduce the Fetch.ai project as an artificial intelligence lab that aims to build a decentralized permissionless machine learning network that can publicly unlock the power of AI within the crypto world.
The first developments of Fetch.ai started in 2019, when the infrastructure and its native FET token were launched via Binance‘s Launchpad, however, garnering a limited following due to the unfavorable conditions in the crypto markets at the time-.
During the past 4 years, the project has continued to experiment and design new solutions in the field of artificial intelligence, becoming an undisputed leader within the cryptocurrency niche.
Based in Cambridge in the United Kingdom, and with the Foundation’s base of operations in Schipol in the Netherlands, Fetch.ai is building a decentralized platform that combines AI, blockchain, and machine learning.
The ultimate goal is to create an ecosystem that can connect via autonomous intelligent agents (AIAs) to different datasets and cryptographic resources found in different distributed networks.
In this way, integration between the various information present in the web3 and machine learning systems can really make a difference by optimizing a whole range of processes inherent to the trading field, the DeFi market, and the decentralized flow of data.
Generalizing, Fetch.ai’s artificial intelligence fits into any digital context where there is a large-scale dataset in a manner conceptually similar to how it does on “The Graph” project.
Indeed, according to the philosophy of the cryptographic foundation, AIA agents can represent anything and can interact with the external environment through the so-called “Open Economic Framework” (OEF), which represents a search layer above which AI agents find the data they need.
Within this ecosystem there is also a consensus substrate called the Collective Learning Framework (CLF) that allows the various network organs to move intelligently and learn from the external environment
It is on this front that the FET utility token, which is used as an incentive currency for the contribution made by agents in the ‘collective learning’ domain, fits in perfectly.
At the moment, given the still long road the project has to travel, we can only imagine the benefits this type of network will bring to the crypto world in the coming years, with rapid and effective automations and integrations potentially feasible in any branch of the industry.
Fetch.ai remains a strong bet for the future, considering that artificial intelligence technologies are evolving very fast and new successful projects could emerge in the years to come. In any case, to date we can only recognize the unconstrained dominance of this ecosystem, which represents the top of the line in the AI context, more structured than any other competitor.
Latest news and price analysis of crypto FET
Among the latest news presented by the crypto Fetch.ai project is the introduction of the v0.14 version of the AgentVerse system, which provides unprecedented connectivity with AI agents.
Specifically now developers will have simplified access to the AI cloud of services supported by autonomous intelligent agents through the creation of an intuitive and easy-to-use API key pages.
Now through a simple click it will be possible to seamlessly integrate external applications with agent-based functionality, unlocking the potential of artificial intelligence in the crypto field.
The update in-house at Fetch.ai also enables users of the open DeltaV platform, developed by the company itself in October this year, to leverage 3 new use cases, opening the door to innovative applications and efficient workflows
Among other noteworthy achievements reported at Fetch.ai, we must acknowledge the strength of the project’s ever-growing community.
The X account “CryptoDep” has positioned the Fetch.ai ecosystem as the top ranked in the crypto landscape for social activity, having the community in question generated more posts and interactions than all other artificial intelligence-themed projects.
Growth in communication and branding is an important milestone for the Foundation, which needs to focus strongly in this direction (beyond mere technological development) in order for its autonomous agents and their adoption to become mainstream.
On the speculative front, we should definitely point out the strongly bullish price action of the FET token, which appears to be poised to make a new annual high soon.
Fetch.ai’s crypto opened 2023 at $0.09, rising strongly in the first weeks of the year on the back of the strong artificial intelligence narrative that has become famous thanks to the spread of ChatGPT, reaching as high as $0.60 in mid-February.
However, the price rises were interrupted shortly thereafter, bringing FET back to hover in the $0.20 area for about four consecutive months before going through the last bullish phase that started in October.
Now the bullish momentum seems to be really sustained and could continue at this pace until the end of the year.
In the past 24 hours, FET has marked an increase in its value of about 17%, reaching above $0.57 per single token.
Should the crypto break $0.60, it could register a further acceleration of the bullish trend by going on to attack the $0.80 threshold.
However, watch out for the short term because the FET RSI is in the unbought zone and could give room for a price correction, which is necessary for the establishment of a healthy positive trend in the long term.
In this regard, eyes are on the $0.50 level, which in addition to being a particularly important price on a psychological level, represents an important support on which several buy orders converge.
