Fetch.ai is a distributed network of self-operating AI agents called 'Autonomous Economic Agents' (AEAs), aimed at automating tasks such as travel booking, asset trading, and optimizing smart networks for energy and transportation. The project was founded in 2017, and the FET token was launched via an initial coin offering on Binance in March 2019, subsequently moving to Mainnet built on Cosmos SDK.
The FET token is used to pay fees, deploy agents, governance, and participate in decentralized staking. The circulating supply is about 2.6 billion tokens, with a total cap ranging from 2.7–1.15 billion according to sources.
In March 2024, Fetch.ai announced a $100 million investment in its 'Fetch Compute' infrastructure, with new support for prestigious graphics processing units from Nvidia. It also entered strategic partnerships with Bosch and Deutsche Telekom to enhance the capabilities of its decentralized AI applications ecosystem.
The currency has seen significant growth, rising relatively in early 2024, with over 1000% since late 2023, reaching all-time highs of around $3.4 in March 2024.
Fetch.ai announced in June 2024 a strategic merger within the 'Artificial Superintelligence Alliance' with SingularityNET and Ocean Protocol, resulting in the creation of a new token named ASI. FET holders will have the right to convert the token at a ratio of 1:1 to ASI, with a total estimated value of 6–7.5 billion dollars.
