The cryptocurrency world appears to have emerged from its slumber. Despite all of the geopolitical concerns, crypto assets have made a significant comeback. Bitcoin has risen above US$44,000 after falling below US$40,000.
This draws attention to these assets’ ability to quickly recover. Because the crypto industry is made up of a wide range of assets, from blockchain networks to gaming tokens, let’s take a look at one project that claims to integrate artificial intelligence and the decentralized nature of blockchain.
The name alludes to the project’s artificial intelligence connection. According to the Fetch network, it assists users in deploying digital twins on the blockchain.
The term “digital twin” refers to a digital representation of a physical object. The concept aids in the creation of simulations and the gathering of information about an object’s performance in the actual world.
Fetch.ai promises to be the first company to bring the notion of digital twins to the blockchain, making the AI industry decentralized. In addition to asserting its application in metaverses, the platform boasts easy scalability. Metaverse is one of the hottest crypto concepts right now, especially after Mark Zuckerberg’s foray into the sector last year.
The Fetch.ai network’s internal token is called FET. Developers can use the token to publish their digital twins on the network. The FET token can also be staked because it is used in the Fetch network’s validation procedure.
FET: Current Price Movement
As of this writing, the FET cryptocurrency was following the same bullish trajectory as the rest of the crypto market. The price of the token had increased by about 35%, and the trading volume had increased by approximately 900%.
The FET cryptocurrency has a market capitalization of almost US$290 million. Though it is not now among the top 100 cryptos, it has recently acquired popularity.
FET is currently selling at about US$0.37, and it has lost value year to date (YTD). However, the price had fallen below US$0.25 a few days ago and has since recovered.
The all-time high price of FET crypto is US$0.95, which it reached in September of last year. If Fetch.ai proves its worth in the artificial intelligence area and in creating digital twins on the blockchain, the native FET token may gain in popularity, causing the price to rise to $1 by the end of 2022. By 2025, a sustained rise combined with developer adoption of Fetch.ai could push the price into the double digits.
