Crypto's Top AI Tokens Are Down Hard, But Will There Be a Rebound Ahead?
AI tokens have dominated the market and market share over the past year, leading many to believe that this is the AI x crypto cycle. However, AI tokens have been on a downtrend in recent months, with many down 25-50% from their highs.
This isn’t necessarily a cause for major concern, though. Corrections are a given during crypto bull runs. A pullback after a big rally is actually beneficial for long-term performance because it can shake off weakness and set the stage for the next phase of the cycle.
The real question is: what happens next? What upcoming developments from the top AI x crypto projects might reignite this fire? Let’s find out!
Render x Apple
At this year’s WWDC, Apple unveiled Apple AI, their new suite of AI capabilities for all of their devices. This isn’t surprising; every major tech giant is jumping on the AI bandwagon. What really stood out was OctaneX on the latest iPad Pro, a 3D design software powered by Render Network.
https://x.com/rendernetwork/status/1800295646844363227
OctaneX on iPad can use decentralized GPUs from the Render Network. Millions of Apple users will now have unprecedented access to the power of Render. Imagine creating Hollywood-grade CGI on your iPad - that's the kind of access Render and Apple are making possible.
https://x.com/rendernetwork/status/1787892593067454826
Apple's integration is a big win for Render. It's validation of Render's technology and vision. Apple is basically saying, "Hey, this Render Network stuff is legit!" This could attract a whole new wave of developers and creators to the platform, further boosting the network's growth.
As Apple's new software becomes available later this year, it could be a big catalyst for Render, as it will unlock a massive new user base for the network. The bottom line is: more users using OctaneX means more demand for Render's services and more value for the RNDR token. We've seen price increases on the news; this could be a hint of things to come, so keep an eye on Render.
Subnet Tokens on Bittensor
One of the main criticisms of Bittensor is that currently a small group of validators decide how TAO rewards are distributed among subnets. The BIT1 proposal, also known as dynamic TAO, addresses this issue.
https://x.com/opentensor/status/1741171462679994491
Dynamic TAO is one of the most anticipated proposals in Bittensor’s history, second only to the launch of subnets last year. It brings fundamental changes to the network:
•Power of TAO Holders - Right now, a few validators decide how TAO rewards are allocated to subnets. This is not entirely fair or efficient because it can be influenced by the bias of a few entities. Dynamic TAO changes this by giving all TAO holders a say in how subnet rewards are allocated. Imagine a network where everyone can influence how AI resources are allocated - this is what Bittensor is aiming for in the future.
• Dynamic Market for Subnets - With a dynamic TAO, each subnet will have its own token, the value of which will be determined in the open market. This incentivizes subnets to perform well and provide valuable AI services. No more red tape - only the most efficient subnets will grow. This also adds a speculative element to the Bittensor ecosystem, gamifying network participation for TAO holders and injecting market forces into the growth of each subnet.
Dynamic TAO is now in testing and is expected to be fully released soon. The introduction of crypto incentives at the subnet level could be a big catalyst for Bittensor. This is a major step forward for Bittensor, giving both token holders and subnets a real say in shaping the future of decentralized AI.
Users on NEAR own the AI
Forget the emoji of NVIDIA’s founder touching the arm of NEAR’s founder, NEAR recently announced the next phase of their roadmap: making NEAR the home of user-owned AI.
https://x.com/NEARProtocol/status/1793267144249037266
This is not just hype. The NEAR Foundation is walking the talk. They are building a dedicated research lab (NEAR.AI) and attracting top AI talent to develop AI x crypto applications, in addition to an incubator and investment arm focused on AI projects.
They also build infrastructure for developers to build user-driven AI applications, such as tools for data collection, rewarding creators, and monetization, while bringing the value of cryptocurrency to AI.
https://x.com/NEARProtocol/status/1793267146035708209
NEAR’s focus on “user-owned AI” could be a big catalyst for the project moving forward. The team believes that their existing user base, developer ecosystem, and funding can position them to become a leader in the user-owned AI space.
Conclusion
While the recent market correction may have dampened some sentiment, there is still life in the cryptocurrency space. Take a look at these three projects: Render, Bittensor, and NEAR. Each is solving a specific problem, and as they execute on their roadmaps, things will get exciting again.
These are just a few examples. There is a whole ecosystem of interesting projects emerging at this intersection, all building useful products.
Plus, there are external factors to consider. OpenAI could make a breakthrough at any moment. Nvidia’s revenue is soaring. Whenever a major player makes a move in AI, it ripples through the entire space.
The question isn’t whether AI and crypto will be big. It’s how big it will be. No one knows the exact answer, but one thing is for sure: it’s going to be fun.
