Is Fetch.ai (FET) a Good Investment

Already decided Fetch.ai (FET) is a good investment? You can get Fetch.ai on Gemini, Binance (or Binance.US for U.S. investors) and Crypto.com today.

If you have checked the news in the past month, you have heard of ChatGPT, an artificial intelligence (AI) software that can answer questions, write code and do pretty much anything else you can think of. The software took off and received a $29 billion valuation. The recent rise of ChatGPT has many wondering what the future of technology looks like and how AI will factor into our daily lives. Fetch.ai is one company hoping to contribute to a future that involves AI and crypto but is FET a good investment right now?

What is Fetch.ai (FET)?

Fetch.ai is a Binance-based project that hopes to combine the speed and low cost of crypto with the need for data. The company uses the blockchain and AI to collect and distribute data.

The project can allow users to have AI act for them. The highly adaptable project is looking to offer services in a variety of sectors, from checking the status of flights to optimizing supply chains. 

The project hopes to collect data using the Internet of things (IoT). Data can often be expensive to obtain, so the project seeks alternative ways to access it. For example, if the program needs to provide data on current weather, it may connect to a user's vehicle and obtain the data for free. This process removes the need for intermediaries. This data can then be sold to others. Because of this, Fetch.ai can provide data at a lower cost. 

Fetch.ai’s native token, FET, is an ERC-20 token based on the Ethereum blockchain. It is a utility token that powers the project. For example, the token can be used to purchase AI agents, or data can be sold for FET tokens. 

Fetch.ai (FET) Price History

FET launched via an initial exchange offering (IEO) in March 2019. The IEO sold out in 10 seconds and gave the project $6 million in funding. In addition to the IEO funding, the project also received funding from several prominent venture capital firms in England. 

The token initially launched for less than $0.01 but hit an all-time high of $1.19 in September 2021, with a market cap of around $700 million. It has since fallen a bit since then and currently sits around $0.25, with a market cap of around $225 million. 

FET Competition

Outside of the crypto space, Fetch.ai competes with some of the largest technology and data-collection firms in the world, such as Google and IBM. However, Fetch.ai is not directly competing with these companies (yet, at least). Within the crypto sphere, Fetch.ai faces competition from other AI and data collection projects such as Ocean Protocol (OCEAN).

Ocean Protocol views data as its own asset class. The project allows users to buy and sell data. It has created a way for data to be distributed and sold by attributing data to unique ERC-20 tokens. By doing this, it hopes to create a new market for data, in which data that is sought after or difficult to find can be bought and sold. This process would also benefit researchers, scientists and data analysts because the data stored on the blockchain could not be changed. This feature would lead to more reliable data for use in research. 

Fetch.ai is a bit different in that it focuses more on the AI portion of data collection. It is focused more on real-world use cases rather than a marketplace for data. 

In terms of price, the OCEAN token is currently trading for around $0.40, with a market cap of around $240 million, making it slightly larger than FET. Its all-time high of $1.94 was on April 10, 2021, with a market cap of $775 million.

How to Buy FET

FET is a fairly popular token and is available on a handful of prominent crypto trading platforms. However, 2 of the best platforms that offer FET are Gemini, Binance (or Binance.US for U.S. investors). These sites are well known for their security, low fees and ease of use. 

To get started on either platform, sign up using an email and password. You will have to verify your account using some basic personal information. Afterward, you can fund your account and begin trading. 

Best Hardware Wallet for Fetch.ai

While Coinbase is the easiest place to purchase FET, some may worry about the safety of the platform. Coinbase stores your funds, so there is a chance of them getting lost. Wallets are a way to hold custody of your digital assets and greatly reduce the risk of losing funds. 

Best Hardware Wallet: Ledger

Ledger is a hardware wallet that supports ERC-20 tokens. Hardware wallets are physical devices that store private keys to crypto wallets. Essentially, funds cannot be accessed without the physical device present. Hardware wallets are arguably the safest way to store crypto.

Ledger currently offers the Nano S Plus and Nano X models, with the Ledger Stax currently available for preorder. The Nano S Plus is a beginner-friendly device with limited storage. It can only run up to three apps. The Nano X is for more advanced users, offering more space and up to 100 apps. 

Bonus section: Keep an eye out for new use cases for the project that could have an impact on the price.

Cryptocurrency Market Outlook

After the fall of FTX in late 2022, many cryptocurrencies depreciated quickly. However, since then many have regained a significant portion of the lost value. 

If you want to see where your favorite tokens are, make sure to check out Benzinga’s constantly updating price table.

Is Fetch.ai (FET) a Good Investment?

As of right now, Fetch.ai has minimal uses and a relatively low market cap. However, it has a strong development team that sees the project being integrated into everyday life. If the project can increase its uses and provide value to the crypto community, there is certainly room for large price increases. If you see a future involving crypto and AI, then FET may be a good investment for you.