In its latest report, Grayscale Research Examiner: Crypto Sectors in Q3 2024, asset management giant Grayscale highlights the growing influence of AI technologies within the cryptocurrency market.

During the first half of 2024, AI has emerged as a hot topic, especially in the smart contract platforms, services, and utilities sectors of cryptocurrencies. These sectors have shown remarkable resilience and growth by addressing AI-related challenges and providing essential resources for AI development.

Integration of AI and Blockchain Stimulates Innovation in the Market

According to Grayscale, artificial intelligence has been a dominant topic over the past few months. It was closely followed by exchange-traded funds (ETFs), meme coins, and blockchain-based games. These topics reflect the interests of the community and point to potential market movements in the near future.

Grayscale expects the intersection of AI and blockchain to remain pivotal as the market evolves. The synergy between AI and crypto has fueled innovation and dramatically improved market performance for AI-related tokens. These tokens are up 80% year-to-date, in stark contrast to the modest decline in the broader crypto market.

Looking ahead, Grayscale has included AI-focused projects in its list of high-potential tokens across various crypto sectors for Q3 2024. The company highlights the potential of assets like Near, Render, and Akash to capitalize on the growing AI trend.

Near’s focus on non-financial use cases and their real-world adoption, coupled with its expertise in AI, positions it as a leader in the smart contract platform space. At the same time, both Render and Akash are set to benefit from the growing preference for decentralized GPU markets, which is essential for AI development.

Dominic Williams, Founder and Principal Scientist at Definity, believes that AI is a transformative technology with unpredictable but endless applications for AI running as on-chain smart contracts.

He pointed out that AI smart contracts work within decentralized finance and Web3 social media as examples.

Williams also suggests that Web3 social media could rely on AI for intelligent content recommendations in order to achieve rapid growth.