The intersection of artificial intelligence (AI) and blockchain continues to gain momentum, with predictions that AI-generated metaverse projects and Web3 gaming content will see significant growth by 2024. Brian Rose, CEO of London Real Ventures, anticipates that AI will play a pivotal role in shaping this digital frontier, with AI being the producer behind these innovative ventures.
Rose revealed that London Real Ventures has invested in over 20 metaverse-based initiatives, with a majority incorporating strong AI components. He believes that Web3 games will bring the next billion users to blockchain, and AI will be responsible for constructing 99% of these metaverse projects. This synergy is expected to not only usher in a bull market in 2024 but also alter the rules of the game by merging AI with the Web3 domain.
The rise of AI in the crypto sector has been influenced by various factors, including the growing interest in AI among users, technological advancements, and the ongoing development of AI-focused blockchain projects. These developments have led to triple-digit gains for certain crypto assets as they enter the new year.
Fetch.ai’s native cryptocurrency, FET, saw an increase of over 590% in the past year. The platform focuses on automating tasks, particularly in data processing and trading, using AI and machine learning. Another high-performing AI-related crypto asset is Render, which aids artists in creating generative AI art by providing access to computational power. Render’s native cryptocurrency, RNDR, gained over 870% last year.
While many analysts believe that the collaboration between AI and Web3 is heralding a new era of digital innovation, the market capitalization of tokens related to this sub-sector remains small compared to major crypto assets. However, the promising performance of AI-related tokens in recent times indicates investors’ belief in the transformative potential of the convergence of AI and blockchain technologies for the entire sector.