According to projections, AI will contribute £15.7 trillion to the global economy by 2030. Innovations from global leaders like NVIDIA and Amazon, and the increased adoption of AI tokens is integrating the trust and transparency of blockchain with the advancements in Artificial Intelligence.
Investors notice that by May 2024, the share price of NVIDIA had tripled over the previous year and surged by over 2,000% in the last five years. The company, with its powerful GPUs, is providing essential hardware for AI applications and machine learning algorithms.
Initially designed for PC graphics and gaming, NVIDIA’s GPUs have become essential for AI, machine learning, self-driving cars, robots, augmented reality, virtual reality applications, and even cryptocurrency mining systems.
Amazon, on the other hand, extensively uses AI across its operations, employing it for tasks from making supply chains more efficient to improving how customers are treated. Through its cloud computing division, Amazon Web Services (AWS), the company offers a strong AI system that helps customers analyse data and smoothly add AI into their current systems. Amazon has introduced its Amazon Q AI assistant for broader use in software development and data analysis.
However, another trend, the AI tokens, are bringing the factor of trust and participation in the development of Artificial Intelligence technology.
AI Tokens represent digital assets that serve various purposes within decentralised networks. Unlike traditional currencies, tokens are built on blockchain technology, offering transparency and efficiency in transactions.
Tokens find applications across a spectrum of industries and functionalities. From facilitating transactions on decentralised platforms to enabling voting rights in governance systems, their versatility is broadening the scope of digital economies.
“With continuous advancements and increased adoption of AI, the economic impact is set to grow exponentially. Companies that leverage AI technologies effectively will be better positioned to dominate their respective markets,” said Chelsea Alves, a consultant with UNMiss.
AI Tokens are driving accelerated adoption of AI technologies
According to Coinmarketcap, AI tokens are a $26 billion+ market as of July 2024. The most popular AI crypto projects include Oasis Network, The Graph, Fetch.ai, Injective, SingularityNET, Render, Cortex, Bittensor, and Ocean Protocol.
AI tokens are the digital assets that facilitate the decentralised application of AI technologies. They are designed to facilitate and incentivise the development, deployment, and utilisation of AI-powered solutions.
AI tokens are gaining traction as they enable seamless integration and execution of AI tasks on decentralised platforms, offering transparency and security.
More than just a medium of exchange, like the conventional concept of cryptocurrencies, AI tokens embody a transformative approach to funding AI projects. This means users by investing in AI projects, users can participate in decision-making processes, directing their development and direction.
The rewarding mechanism for contributors within these decentralised ecosystems is what promotes their mass adoption.
Leveraged by the immutable nature of blockchain ledger and digital smart contracts, AI tokens enable verifiable AI model outputs, secure transactions, and transparent governance.
Most importantly, AI tokens bridge the gap between the development of AI technologies and the general public with the power of blockchain. This opens avenues for applications like ensuring security and data privacy in AI training datasets.
Consequently, the markets are also witnessing a rise in marketplaces for AI algorithms. These marketplaces ensure collaborative AI research initiatives globally.
