The rise of ChatGPT and Google Bard has fueled an explosion of interest in artificial intelligence (AI) technology this year, and crypto markets are not slowing down.
The value of blockchain-based AI projects skyrocketed in February’s ‘AI Narrative’. As the foremost AI ecosystem in the space, Fetch.ai saw a whopping 550% jump as the decentralized P2P AI framework promises.
With AI technology increasingly centralized in the hands of the ‘Big Five’ this has never been more important.
In an exclusive conversation with Fetch.ai CEO, Cryptonews Humayun Sheikh sat down to discuss astral agents Fetch.ai 2023 Roadmapand $FET’s explosive price action,
Despite a tough crypto winter for the entire industry, the skyrocketing return of $FET is a great vote of confidence in Fetch.ai’s multi-year ecosystem build.
Fetch.ai CEO Says FET’s 550% Rally Is ‘Timely’
Humayun Explained how market cycles affect the project.
“Fetch.ai has been in existence for over four years, and during this time, we have gone through several hype cycles and several bull markets. [and] bear market,” said Sheikh,
“AI has been at the heart of that mission since our inception, so we are pleased that it is now gaining public attention.
“From our perspective, ChatGPT and generative AI have provided an ‘aha’ moment for many who can now imagine how their work and lives could be affected and business models could be disrupted.
“And these technologies are just the tip of the iceberg. At Fetch.ai, our agent technology can independently learn, understand, and take action on behalf of users and other agents.”
“So for us, break out [AI] The narrative is timely, and we look forward to continuing to expand on the story.
Indeed, the 550% $FET rally just a few weeks ago came just in time. Fetch.ai 2023 Roadmap Launched,
“Micro agents are the enablers of a new economy”
The much-anticipated roadmap revealed that Fetch.ai will be implementing a brand new protocol this year to introduce microagents. Humayun explained how it would be built on a P2P network of autonomous economic agents (which are basically P2P AI bots trained to automate specific commercial and industrial tasks).
“The Autonomous Economic Agent (AEA) framework … provided the first glimpse of what you can [AI] agent technology. But we realized we had to overcome the steep learning curve of AEAs, and help with a smoother transition from Web2’s microservices architecture – micro-agents were born to address this challenge,” explained the CEO. .
“Like microservices, microagents are domain-specific business logic that can be combined with other microagents to achieve higher business logic. And unlike microservices, microagents are inherently inter-organizational and can discover and discover each other.” Can take advantage of the open Fetch network for
“Micro-agents are also similar to AEA, where agents have unique identities and act autonomously on behalf of their human, organization, or machine actors to perform tasks coded in their business logic”.
At its core, microagents will enable new developers to rapidly scale projects horizontally. Instead of developing a more complex AEA initially, building the initial stage will be as simple as building modular p2p AI microservices.
In fact, Fetch.ai believes that microagents are poised to unlock vast ecosystem growth, the CEO explained.
“We see microagents becoming the enabler of a new economy … close in spirit to the original vision of the world wide web where a peer-to-peer economy creates shared value among participants,” Humayun said.
“Under the hood, these new peer-to-peer business models will leverage a web of smart autonomous services powered by Fetch.ai’s micro-agents.
“This open platform of smart autonomous services will power a new peer-to-peer economy without intermediaries in mobility, home services, finance and many other verticals.”
Pointing to a recent partnership with industrial equipment giant Bosch, which will see the launch of a Fetch.ai Foundation with the goal of driving the adoption of industrial AI solutions.
“We are working on applications in a few verticals to be released in the coming months,” Shaikh said.
“Binance Validates Bikaso NFT as a Financial Asset”
Another key component of the 2023 project roadmap that is exciting the Fetch.ai community is the news that NFT compatibility will be coming to the Fetch.ai Wallet.
This follows early Fetch.ai experimentation around AI art, which has seen the ecosystem participate in influential AEA showcases such as CoLearn Paint.
Talking about the NFT compatibility being provided to the Fetch.ai wallet, Humayun highlighted the importance of NFTs for Web3 and the growing allure of AI art.
“Binance Bikaso validates the importance of NFTs as a financial asset in Web3,” said Shaikh.
“We have long viewed the Fetch.ai Wallet as a gateway to experience the Web3 and, true to its name, serves as a finance hub for holding a variety of assets. With this in mind, NFTs are an asset that needs to be accessed.”
FET value prediction
With such bullish news about the project and great insight from a leader in the field, 2023 is shaping up to be a great year for Fetch.ai. Read on as Cryptonews.com understands the FET price action for March.
$FET, the native token of Fetch.ai, is currently trading at $0.429 (+24h change of 1.80%).
AI Narrative Hype Left in a challenging retracement pattern FET is taking a huge jump from lower trendline support after tail-end.
The massive +22% rally since Monday has seen FET break above the 20-day EMA, which is now forming a solid base.
Marking the end of weeks of retracement, if the bulls can break the ongoing resistance at $0.50, the AI rally supercharged in February could see an alt season bounce.
The RSI quickly cooled off from the up leg, currently standing at 54.36, taking a significant step away from ‘oversold’ territory. This prepares the FET to conduct further.
The MACD is sitting on the fence with a minor bullish divergence at $0.0026, indicating a slow grinding progress as FET bulls continue to battle the $0.50 resistance level.
FET in accumulation period?
Looking on-chain, $FET has been in a serious accumulation period for over a month now.
Exchange Net Position Change shows that Fetch.ai is now in its 34th day of accumulation outflows – a clear sign that supply is shrinking and investors are piling up.
With on-chain data indicating that there is no imminent selloff, it looks like FET will continue to push higher for a realistic break above the ongoing resistance level.
This paints a positive picture of FET supply distribution, with the percentage of FET balances on exchanges falling to less than a third of supply in recent months.
Overall, an upside target for FET, if it flips to $0.50 support, would be $0.75 (a +75.1% move).
As in downside risk? A rejection here would want to see a drop to the nearest lower support level of $0.30 (-29.9%).
This gives FET a risk:reward ratio of 2.51 – a very attractive entry for one of the most cutting-edge projects in the space.