FET Crypto Token: Everything You Should Know About Fetch.ai

Founded in 2017 and launched via IEO on Binance in March 2019, Fetch.AI brings together the two emergent, futuristic sectors of the tech world – cryptocurrencies and artificial intelligence. Its digital token has observed a notable surge in searches at the beginning of this month. According to CoinMarketCap, Fetch.ai is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy. 

Source: CoinGecko

Crypto Market Today

Cryptocurrencies are finally turning over a new leaf on their so-far bearish market trend of 2022, with even Bitcoin trading at nearly $44k above $40,000, after not reaching the $40k mark for two months straight. This showcases the persistent abilities of a crypto marketplace that always seems to bounce back. The digital currencies that have grown significantly over the past cater towards a variety of different markets, from memes enthusiasts to the safety concerned crypto investors. So it’s no wonder that artificial intelligence research hails its own cryptocurrency as well.

What is Fetch.ai cryptocurrency?

The project’s name itself suggests its linkage with artificial intelligence. The Fetch network, a machine learning-based blockchain platform, claims that it helps users deploy digital twins on the blockchain. In simple terms, digital twins can be understood as a digital representation of some physical object. A digital twin helps create simulations and gather an understanding of the actual object’s performance in the real world.

Fetch.ai’s platform declares itself as a player that makes the AI space decentralized, via its mechanism that brings over the digital twins onto the blockchain. The platform boasts of easy scalability, besides noting its utility in the metaverse. Metaverse is a virtual space that has popped off as a significant market in the past year, especially after Mark Zuckerberg plunged into the space with Meta.

The FET Token

FET is the in-house token of the Fetch.ai network, and it can be used by developers to deploy their digital twins on the network. The FET token can also be staked, since it has use in the validation process of the Fetch network: Kalkine Media remarks.

As of writing, the FET crypto was manifesting the same bullish trend as the wider crypt-verse. The token was up nearly 26.4 percent over the past 24 hours, and its trading volume is reportedly up almost 800 percent. The market cap of FET is nearing $290 million. Though it isn’t among the top 100 cryptos as of now, it has gained a lot of traction lately.

The FET crypto has primary use within the Fetch.ai network, where it can be used for payment by developers as well as for staking and validation processes. This way, FET’s price could be the product of the network’s performance. The token may reach new heights, but for this to happen, the ongoing rally in cryptos must sustain in the medium-to-long term.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

Leave a Reply