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Interest in artificial intelligence (“AI”) has experienced an upswing in the last few months, as evident by Google search trends and soaring AI-related token prices.
Funding for AI-related web3 projects surged in 2023, reaching US$298M. This is more than the collective funding amount raised for AI projects from 2016 to 2022, at US$148.5M.
AI-related tokens have generally experienced positive performance in 2023, with the top five AI coins by market capitalization significantly outperforming BTC and ETH, culminating in gains ranging from 200% to 650% in 2023.
We have observed several trends and tangible use cases that have emerged from the convergence of AI and crypto. From powering the growth of decentralized physical infrastructure networks (“DePIN”), to the creation of more interactive consumer-facing applications, we highlight a few notable developments in this report.
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