Fetch.ai’s $100M Investment Sets Stage for GPU Rewards Program for Tokenholders
On-chain AI project Fetch.ai has announced the launch of Fetch Compute following a $100 million investment in the project’s infrastructure.
Fetch Compute is a suite of tools and training capabilities for developers and users working with AI. It bills itself as a project “designed to supercharge participant’s ability to create advanced applications to deepen the foundations of the AI economy.”
The platform deploys Nvidia H200, H100 and A100 GPUs for its generating power, providing the means for developers to build more complex models within the Fetch.ai ecosystem.
Financing for the project came from the Fetch Ecosystem Fund.
Additionally, the company is launching a rewards program with the project. From 7 March 2024, users can stake Fetch.ai’s native coin $FET coin to earn Fetch Compute Credits, which they can use to pay for GPU on the Fetch Compute network.
From 7 March 2024, users staking the native coin $FET will earn Fetch Compute Credits which they can then use to pay for GPU utilization, allowing them to access these scarce resources on the decentralized Fetch compute network 🔥$FET can also be used to pay for compute usage.
— Fetch.ai (@Fetch_ai) March 5, 2024
Fetch currently comprises the search-based AI DeltaV platform, which uses Language Models (LLMs) and AI Agents to to connect users with the computing services they need.
In the accompanying press release, Fetch.ai CEO Humayun Sheikh said: “By marrying substantial compute resources with our unique compute credit system, we’re ensuring that our community has the support and tools necessary to bring their visionary AI projects to life.”
Beyond Fetch Compute: Crypto And AI
According to data by CoinGecko, $FET is the third largest AI token with a market capitalization of $2.3 billion. It also rallied harder than most top AI coins this last seven days: $FET grew 75% to trade at $2.22, making its seven-day gains on par with top meme tokens.
AI tokens like $FET will no doubt play a bigger role in Web3, a proposed next paradigm of the internet where blockchain technology, virtual reality, cloud computing and AI will all be an integral part of a person’s interaction with the internet.
Blockchains rose to prominence largely because they offer decentralization. Decentralization allows more democratized control over protocols and their assets. In the coming years, AI tokens will put vast amounts of computing and intelligence resources in the hands of developers who may otherwise be limited by their hardware or funding capabilities.
At the end of last month, popular crypto platform Bitget announced that AI tokens were driving double-digit percentage gains. The market capitalization of AI coins expanded from $7 billion to $17 billion from the beginning of the month to February 21, according to Bitget’s blog post.
