On-chain analyst ZachXBT has warned about the rise of AI Tokens, calling many of them 'scams.'
AI agents remain a central topic, a popular narrative in the cryptocurrency industry that emerged since late 2024 and continues to play a significant role in this field.
ZachXBT Criticizes AI Tokens
In a recent post on X (formerly Twitter), ZachXBT criticized AI agents, claiming that most of these projects are scams.
“99% of them [AI tokens] are scams, and AI packages are worse than previous trends, to be honest. At least meme Coins promise nothing, while AI Tokens try to fake it to make unsuspecting buyers believe they are legitimate,” he said.
This criticism was made in response to a question from Justin Taylor, another commentator in the cryptocurrency space, who questioned the necessity of Tokens for AI agents. Taylor's post highlighted the similarity between the current hype about AI agents and previous trends like Web3 gaming with too many Tokens. Taylor also noted that past projects often used Tokens as marketing tools, harming investors.
ZachXBT's viewpoint aligns with results from a recent survey of Solana ecosystem founders, indicating widespread skepticism regarding the usefulness of AI agents. According to a report from TinTucBitcoin, most Solana developers believe AI agents are overly hyped.
“Focus on AI agents distracts from the core innovation of blockchain. They are more of a gimmick than a necessary demand in this space,” a survey participant commented.
This perspective aligns with ZachXBT's concerns about the inflated promises of AI Tokens. However, not everyone in the cryptocurrency field shares this negative mindset. Haseeb Qureshi, founder of Dragonfly Capital, has predicted that by 2025, the adoption of AI agents will surge. He believes these agents will optimize tasks such as trading, data aggregation, and governance voting, making them indispensable in decentralized ecosystems.
Furthermore, a recent analysis from TinTucBitcoin on the top cryptocurrency trends for 2024 highlighted AI agents as a key driver of innovation. Experts predict that by next year, AI agents could handle over 80% of blockchain transactions, transforming industries such as DeFi, NFT, and supply chain management. These optimistic predictions suggest that despite scams, the underlying technology has transformative potential.
Meanwhile, the hype around AI agents has had significant impacts on the market. Tokens like VIRTUAL have surged, driven by their association with AI agent projects.
According to TinTucBitcoin, the price of VIRTUAL has increased by over 30% in the past few weeks, despite a lack of clarity regarding the usefulness of this Token beyond speculative interest. This reflects previous speculative bubbles, where market hype overshadowed actual use cases.
