The rise of ChatGPT and Google Bard has fueled an explosion of interest in artificial intelligence (AI) technology this year, and crypto markets have not been left out.
February’s ‘artificial intelligence story’ saw the value of blockchain-based AI projects skyrocket. As the preeminent AI ecosystem in the space, Fetch.ai experienced a staggering 550% growth as the promise of a decentralized P2P AI framework gained traction.
This has never been more important, with AI technology becoming increasingly centralized in the hands of the ‘big five’.
In an exclusive conversation with Cryptonews, the CEO of Fetch.ai Sheikh Humayun sat down to discuss micro agents, the Fetch.ai 2023 plan and $FET’s explosive price action.
Despite the difficult crypto winter for the entire industry, the dizzying return of $FET was a big vote of confidence in the multi-year building of the Fetch.ai ecosystem.
FET’s 550% surge is ‘timely,’ says Fetch.ai CEO
Humayun explained how market cycles affect the project.
“Fetch.ai has been around for over four years, and in that time we’ve gone through several cycles of hype and a lot of noise [and] bear markets,” he said Sheikh.
“AI has been at the heart of that mission since our inception, so we’re pleased that it’s now gaining public attention.
“From our perspective, ChatGPT and generative AI provided an ‘Aha’ moment for many people who can now imagine how this could affect their work and lives and how business models could be disrupted.
“And these technologies are the tip of the iceberg. At Fetch.ai, our agent technology can learn, intuit, and act autonomously on behalf of users and other agents.”
“So, for us, break out [AI] the story is timely and we hope to continue to expand the story.”
Indeed, $FET’s timely 550% spike came just weeks before the launch of the Fetch.ai 2023 Roadmap.
“Microagents are the drivers of the new economy”
The long-awaited plan revealed that Fetch.ai will deploy an innovative new microagent deployment protocol this year. Humayun clarified how this would build on a P2P network of autonomous economic agents (which are basically P2P AI robots that are trained to automate specific commercial and industrial functions).
“The Autonomous Economic Entity (AEA) framework … gave a first glimpse of what you can do [AI] technical agent But we realized we had to overcome AEA’s steep learning curve and help make the transition from Web2’s microservices architecture easy – microagents were born to meet this challenge,” explained the CEO.
“Like microservices, microagents are domain-specific business logic that can be combined with other microagents to achieve higher-level business logic. And unlike microservices, microagents are naturally cross-organizational and can leverage the open Fetch network to search and discover each other.
“Microagents are also similar to AEAs, where agents have unique identities and autonomously act on behalf of their human, organization or machine actors to perform tasks encoded in their business logic”.
At its core, microagents will enable new developers to rapidly scale projects horizontally. Early-stage construction will be as simple as putting together modular P2P AI microservices instead of having to develop more complex AEAs from scratch.
Indeed, Fetch.ai believes that microagents will unlock massive ecosystem growth, the CEO explained.
“We see micro-agents becoming the drivers of a new economy…closer 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 network of smart autonomous services powered by Fetch.ai micro-agents
“This open platform of smart autonomous services will launch a new peer-to-peer disintermediate economy in mobility, home services, finance and many other verticals.”
Seemingly foreshadowing a recent partnership with industrial appliance giant Bosch, which will see the launch of the Fetch.ai Foundation to drive the adoption of an industrial AI solution.
“We are working on apps in some verticals that will be released in the coming months,” Sheikh added.
“Binance Bicasso Confirms NFTs as Financial Assets”
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 Fetch.ai’s early AI experimentation where the ecosystem participated in impressive AEA showcases such as CoLearn Paint.
Speaking about the NFT compatibility delivered for Fetch.ai wallets, Humayun highlighted the importance of NFTs for Web3 and the growing appeal around AI art.
“Binance Bicasso confirms the importance of NFTs as a financial asset in Web3,” said Sheikh.
“We have long viewed the Fetch.ai wallet as a gateway to the Web3 experience and, true to its name, acting as a financial center for housing various assets. With this in mind, NFTs are a must-have asset.”
FET price prediction
With such positive news surrounding the project and excellent insight from industry leaders, 2023 will be a fantastic year for Fetch.ai. Read how Cryptonews.com breaks down FET price action for March.
Fetch.ai native token $FET is currently trading at $0.429 (24h change of +1.80%).
FET undertakes a major recovery from support at the lower trendline after the end of the AI narrative hype left FET in a challenging retracement pattern.
The massive +22% rally since Monday saw the FET break above the 20-day MA, which is now forming a solid base.
Marking the end of retracement weeks, the alternative season bounce could lead to a February AI rally if bulls manage to break the current resistance at $0.50.
The RSI quickly cooled from the leg up, currently standing at 54.36 in a significant move out of ‘oversold’ territory. This leaves FET poised for further growth.
The MACD is on edge, with a minor bullish divergence at 0.0026, reflecting slow progress as FET bulls continue to struggle with the $0.50 resistance level.
FET in the accumulation period?
Looking at the chain, $FET has been in a serious accumulation period for over a month.
A change in net position on the stock exchange reveals that Fetch.ai is now in its 34th day of accumulation of outflows – a clear signal that supply is shrinking and investors are piling up.
With data in the chain signaling no imminent sell-off, it seems likely that the FET will continue to push higher until a realistic break above the current resistance level.
This paints a positive picture of the distribution of FET supply, with the percentage balance of FETs on exchanges falling to less than a third of supply over the past few months.
Overall, FET’s upside target, if $0.50 moves to support, would be $0.75 (+75.1% move).
As for downside risk? A bounce here would like to see a drop to the nearest lower support level at $0.30 (-29.9%).
This gives FET a risk-to-reward ratio of 2.51 – a very attractive entry for one of the most cutting-edge projects in the space.
Buy FET now
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