The intersection between Web3 innovations and Artificial Intelligence (AI) is gradually taking shape; according to crypto metrics site Coingecko, the market cap of AI-related coins stands at $19 billion as of writing. 

Of course, this figure is nowhere near prominent crypto niches such as DeFi and the NFT space, which are at $82 billion and $68 billion respectively. However, what’s worth noting is the immense potential AI holds in enhancing the value of Web3 projects. 

And for the speculators, what better than a new trend with actual fundamental value? In this article, we will explore the top 5 Web3 AI-powered projects and how they are using the novel technology to improve the crypto market infrastructure and overall user experience.

1. The Graph 

Dubbed the ‘Google for blockchain data’, The Graph is an indexing and querying protocol designed to streamline data accessibility for smart contract developers. At the core, DApp platforms such as Compound, Uniswap, and Bored Ape Yacht Club (BAYC) ecosystem store data on the Ethereum blockchain, making it difficult for developers to interpret anything apart from basic entries such as the address which owns a particular BAYC NFT. 

What if one wanted to get a summary of all the BAYC NFT collectibles owned by a specific address, alongside their unique characteristics? This information cannot simply be obtained by interacting with the smart contract at surface level. This is where The Graph comes in. The protocol leverages indexed subgraphs to enable ‘data-specific’ API querying, which is further optimized by AI technology for better processing and organization. 

Simply put, The Graph protocol provides a more straightforward approach for smart contract developers to retrieve data from the Ethereum blockchain and other distributed networks such as the IPFS.

2. AdEx

AdEx is a decentralized programmatic ad platform that seeks to bridge the gap between Web3 advertisers and the potential market beyond the crypto space. With the platform set to launch soon, AdEx recently announced that AI will be a key pillar of its Web3 advertising ecosystem. Some of the enhanced AI functionalities that Web3 advertisers will be able to leverage include precise audience targeting, budget optimization, ad-fraud prevention, and AI-powered campaign creatives.

What stands out about AdEx is the project’s approach to connect with several traditional supply-side publishers that will be crucial in scaling up the outreach for Web3 advertisers. In turn, this decentralized Web3 advertising platform will introduce a demand-side focused ad platform where Web3 advertisers can launch more scalable campaigns for as low as 7% or 4% if they use AdEx’s native token, ADX. 

3. Render 

For a long time, 3D artists have had to compete for the limited GPU computing power offered within the centralized GPU cloud market. The Render network is specifically built to solve this shortcoming; simply put, Render is a decentralized GPU rendering platform where users can leverage a peer-to-peer blockchain marketplace to rent out their idle computing power.

In return, they can earn ecosystem rewards in the form of the RNDR native token while those in need of extra computing power can use the idle GPU resources for basic tasks such as geometric processing, lighting, to more sophisticated work, including gaming, animation, and AI computing.

Notably, this decentralized rendering network has been around since 2017 and is currently among the leading AI crypto projects, with a market cap of $2 billion, while its native token RNDR is up 190% over the past year.

4 SingularityNET

This open and decentralized network is designed to operate as an AI marketplace where developers can publish their services. In return, those seeking to use the AI tools and libraries pay a fee through SingularityNET’s native token, AGIX. Some of the AI services that developers can offer include model training through network analysis, bio-AI, time-series, speech, video, and image texts.

SingularityNET’s goal is to decentralize the development and research of AI innovations. Instead of being limited to centralized data depositories, this decentralized platform has pioneered a novel way for developers to monetize their services while at the same time making it seamless for other innovators in the space to tap into the already available knowledge to advance their projects.

As of writing, the AGIX native token has a market cap of slightly above $1 billion, according to Coingecko.

5.Fetch.ai

Fetch.ai is an open-source blockchain network whose core contribution is to automate everyday microtasks. The platform allows users to leverage automated AI microagents that can be programmed to perform logical tasks such as travel booking, predictive maintenance, conduct transactions on one’s behalf, provide inferences from more comprehensive datasets, as well as explore new potential business frontiers.

Some of the AI-powered crypto projects that Fetch.ai has partnered with include Ocean Protocol and SingularityNET. Also, more recently, BitGet pledged $10 million towards fostering the Fetch.ai ecosystem.

Conclusion

AI and Web3 are both part of the Fourth Industrial Revolution (4IR), and it should not come as a surprise that the two technologies have the potential to complement each other. The next era of Web3 innovations will likely be powered by AI and vice versa. However, while it is evident that significant progress is being made, there are still several issues that need to be ironed out, mostly around regulation and ethics. That said, the future of technology innovation just got more interesting; it will be exciting to see how the synergy between Web3 and AI unfolds!