According to TechFlow, on August 15, Cointelegraph reported that Mirza Uddin, head of business development at DeFi platform Injective, pointed out that most crypto AI projects lack a solid foundation and are "largely a fashion related to the performance of major stocks, such as Nvidia." He believes that there is almost no actual artificial intelligence production in the crypto field, and many so-called "AI applications" are just basic ChatGPT wrappers or high-sounding white papers. Basel Ismail, CEO of Blockcircle analysis company, also said that most crypto AI projects abuse terminology for economic gain, renaming fields such as machine learning and data science as "AI."
However, Uddin believes that amid this fashion, there are still some startups building innovative use cases that could become industry giants in the future. Uddin refers to the experience of the Internet bubble and foresees that AI in the crypto space will go through a similar process, with real applications surviving and prospering in the long run.
Tegan Kline, CEO of Edge and Node, stressed that projects with solid infrastructure and a firm vision will see long-term benefits outside of the AI bubble. She noted that there will be a divide between projects that superficially use AI terms but fail to successfully integrate and those committed to continued innovation, and those that simply "AI-wash" to cater to the bubble hype will be the first to be eliminated.
