The World Artificial Intelligence Cannes Festival, sharing updates on over 50 AI projects, began today. The AI festival likely acted as a catalyst for gains in top AI assets such as Render (RNDR), Akash Network (AKT), Fetch.ai (FET), Original Trail (TRAC), and Ocean Protocol (OCEAN).
AI Coins Witness Surge on Opening Day of AI Festival
The opening of the World Artificial Intelligence Cannes Festival catalyzed gains in the top AI-focused cryptocurrencies on Thursday. RNDR, AKT, FET, TRAC, and OCEAN showed an increase of between 3.1% and 3.9% in the last 24 hours.
The narrative of Artificial Intelligence is attracting increasing interest among market participants. Ethereum co-founder Vitalik Buterin recently commented on the combination of AI with cryptocurrencies and called for developers to exercise caution.
Buterin warns developers about potential pitfalls in the interaction between crypto and AI technology, categorizing potential conflicts. According to Buterin, the most suitable applications are those that will receive human input and use AI perception or explanation capabilities. Artificial intelligence could help DAOs make subjective decisions with AI assistance.
Significant Remarks on AI Coins
Crypto expert and founder of AI-based research studio Ambush, Rodrigo Ferro, recently tweeted that people are not bullish enough on AI-focused cryptocurrencies. The expert believes that Large Language Model (LLM) innovation is one of the most exponential growth curves on its own.
Analysts particularly point out that artificial intelligence will be a trending topic for 2024. The development of the AI field inevitably leads to comments that AI coins will make a significant impact on the industry in 2024 and even 2025. The fact that AI-focused crypto currencies often mentioned in analysts’ recommendations have not yet reached the desired value also presents an investment opportunity.
Speaking of AI coins, we see that many projects that have recently marketed themselves as AI coins in the cryptocurrency field are trying to market themselves. Good research is required for such projects. Otherwise, the revelation that projects are sometimes empty can lead to significant financial losses.