Bankless: What recent key events could serve as price catalysts for top AI tokens?
This article explores the future development of top AI and cryptocurrency projects and their potential catalysts for reigniting the market.Original Title: “Top Catalysts for the Top AI Tokens”
Author: Arjun Chand, Bankless
Compiled by: Deep Tide TechFlow
Over the past year, AI tokens have dominated the market, with many believing this is the AI and cryptocurrency convergence cycle. However, in recent months, AI tokens have shown a downward trend, with many tokens dropping 25%-50% from local highs.
Despite this, it is not necessarily a cause for concern. Pullbacks are normal in a crypto bull market and can aid long-term performance. This article explores the future development of top AI and crypto projects and the catalysts that may reignite the market.
Render x Apple
At this year's WWDC, Apple announced Apple Intelligence, its newly launched AI feature suite for all devices. It is no surprise that every major tech company is joining the AI bandwagon. What is truly remarkable is OctaneX, a 3D design software showcased on the latest iPad Pro, supported by Render Network.
OctaneX can utilize Render Network's decentralized GPUs. Millions of Apple users now have access to unprecedented rendering capabilities. Imagine creating Hollywood-level CGI on an iPad—this is the goal that Render and Apple are achieving.
The integration with Apple is a significant victory for Render. This is a validation of Render's technology and vision. Apple is essentially saying, "Hey, this Render Network thing is legit!" This could attract a large number of developers and creators to the platform, further driving the network's growth.
With the new Apple software launching later this year, this could become an important catalyst for Render, as it will unlock a massive new user base for the network. More importantly, more users using OctaneX means increased demand for Render services, thereby enhancing the value of the RNDR token. We have already seen a price increase following the announcement, which may signal future trends, so keep a close eye on Render.
Subnet Tokens on Bittensor
One of the main criticisms of Bittensor is that currently, only a small number of validators decide how to allocate TAO rewards among subnets. The BIT1 proposal, also known as Dynamic TAO, addresses this issue.
Dynamic TAO is one of the most anticipated proposals in Bittensor's history, second only to last year's launch of subnets. It brings fundamental changes to the network:
Empowering TAO Holders: Currently, only a few validators decide how to distribute TAO rewards to subnets. This is neither fair nor efficient, as it may be influenced by the biases of a few entities. Dynamic TAO changes this by allowing all TAO holders to participate in reward distribution. Imagine a network where everyone can influence the allocation of AI resources—this is the future Bittensor is committed to building.
Dynamic Market for Subnets: With Dynamic TAO, each subnet will have its own token, the value of which will be determined in an open market. This incentivizes subnets to perform well and provide valuable AI services. No more useless subnets—only the most effective subnets can thrive. 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 currently in testing and is expected to launch fully soon. Introducing crypto incentives at the subnet level could become an important catalyst for Bittensor. This is a significant step forward for Bittensor, giving token holders and subnets a real voice in shaping the future of decentralized AI.
User-Owned AI on NEAR
Forget the meme of the NVIDIA founder touching the NEAR founder's arm; NEAR recently announced the next phase of its roadmap: making NEAR the home of user-owned AI.
This is not just hype. The NEAR Foundation is taking real action. They are establishing a dedicated research lab (NEAR.AI) and attracting top AI talent to develop AI and crypto applications, as well as setting up an incubator and investment division focused on AI projects.
They are also building infrastructure for developers to create user-driven AI applications, such as data collection tools, rewards for creators, and monetization tools, while bringing crypto values into AI.
NEAR's focus on "user-owned AI" could become an important catalyst for the project's future development. The team believes that their existing user base, developer ecosystem, and funding can position them as leaders in user-owned AI.
Conclusion
While the recent market adjustments may be frustrating for some, the AI and crypto space remains vibrant. Look at these three projects: Render, Bittensor, and NEAR. Each project is addressing its unique challenges, and as they gradually implement their roadmaps, the future looks even more promising.
And these are just a few examples. An interesting ecosystem of projects is emerging at this intersection, all developing valuable products.
Additionally, there are external factors to consider: OpenAI could have breakthroughs at any moment; Nvidia's revenues are soaring. Whenever a major player takes action in the AI space, it triggers a ripple effect throughout the entire sector.
The question is not whether AI and crypto will become important, but how significant they will be. While no one can predict the future with certainty, one thing is for sure: it will be very interesting.
