With Nvidia Up 80% This Year, Are There Any AI Crypto Tokens You Should Be Buying Now?

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For crypto investors, Nvidia (NASDAQ: NVDA ) Artificial intelligence (AI) has become a stock to watch for clues about the future direction of crypto tokens. As Nvidia’s stock goes, so goes the market for AI crypto tokens.

So with Nvidia shares surging after a monster earnings report in February, so are AI crypto tokens. Some have risen 300% over the past month, and it’s all fueled by a renewed sense of excitement around the AI ​​market. But are any of these AI crypto tokens actually worth buying?

What is Fetch.ai?

Admitting that it’s still very early innings for artificial intelligence, an AI crypto-token is my focus right now. Fetch.ai (CRYPTO: FET)That’s up nearly 400% over the past 30 days and up nearly 300% for the year. As of March 7, Fetch.ai had a market cap of $2.2 billion and was ranked 51st among all cryptocurrencies by overall market cap.

The purpose of the token is to create, deploy and monetize AI by creating an open network for AI agents. It’s lip service, but what it really means is that Fetch.ai wants to offer a marketplace for paid AI services.

Whenever you need a task fulfilled by an AI bot, you would theoretically go to the Fetch.ai marketplace and hire the right one to do the job for you. You will then use the Fetch crypto token to pay for the service.

Fetch.ai vs ChatGPT

What makes Fetch.ai so interesting is that it is very similar in concept to the new ChatGPT store, which now enables you to hire custom AI bots to do specific tasks for you. . Given that more people know about ChatGPT than Fetch.ai, I’m not entirely convinced that the crypto should be worth $2.2 billion, but you can start to see some investors take it. Why get excited about long-term prospects?

Image source: Getty Images.

Where things get interesting is if Fetch.ai can sell enterprises (i.e. large corporations) on the concept of these AI bots. A new partner is Deutsche Telekom, which is looking at the potential use of AI bots.

This could be a great example of AI bots providing widespread utility, and ties into the whole idea of ​​investing in Nvidia. After all, big blue chips like Deutsche Telekom are the ones buying Nvidia’s semiconductors and using its data centers.

Warnings to Investors

If you want to benefit from the long-term convergence of AI and crypto, you definitely need to do your due diligence in this area. Otherwise, you may end up in the same situation as we saw in 2021-22 with the Metaverse crypto token.

Investors sensed a huge market opportunity around Metaverse, and some of the largest Metaverse crypto tokens eventually achieved billion-dollar market caps. But nobody is buying Metaverse crypto tokens these days.

And that’s because Metaverse crypto tokens have never figured out how to appeal more to young gamers and early tech adopters. Big brands set up shop in the Metaverse in hopes of finding new customers and new sources of revenue, but things didn’t really go as planned.

And that’s one concern I have about Fetch.ai. Sure, the idea of ​​using paid AI bots sounds great, but will it ever appeal to a mainstream audience? It would be great to see more examples of people using Fetch.ai bots in their everyday lives.

Should you just buy Nvidia instead?

If forced to pick just one AI crypto token right now, it would be Fetch.ai. For a little more than $2 per token, you could theoretically have access to almost unlimited upside if the use case for autonomous AI agents in the enterprise market plays out as expected.

That said, risk-averse investors may be better off focusing on blue-chip names in the AI ​​market such as Nvidia rather than trying to speculate on the AI ​​crypto tokens they’ve seen. never heard It’s always hard to pick winners in the emerging tech market, and so for now, I’m sticking with Nvidia, up 80% for the year, as the best way to play the future in AI.

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Dominic Basolto has no position in any stocks. The Motley Fool has positions and recommends Fetch and Nvidia. The Motley Fool has a Disclosure Policy.

With Nvidia Up 80% This Year, Are There Any AI Crypto Tokens You Should Be Buying Now? Originally published by The Motley Fool.

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