Fetch.ai price prediction: Can it automate success?

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The AI-focused blockchain wants to decentralise businesses and improve their efficiency

The Fetch.ai website on a computer screen                                 
The Fetch.ai blockchain is being used by DeFi services, energy grids and even transportation companies – Photo: Alamy
                                

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FET wants to improve businesses across different industries by introducing elements of decentralisation and machine learning to their processes. Fetch.ai is hoping to build a future where access to AI technology is much more equal.

Its blockchain allows anyone to use datasets to automate tasks. The FET token is the key to this. But is its utility enough to attract investors, and what is the latest Fetch.ai price prediction?

What is Fetch.ai (FET)?

Efficiency and automation are aspects of business that companies constantly seek to improve. Fetch.ai has taken note of this and is bringing a decentralised and scalable solution to market.

There is a strong team behind Fetch.ai. Humayun Sheikh, the chief executive, has experience of founding technology and crypto businesses such as the Mettalex exchange, while founder and advisory board member Toby Simpson has software experience with Koemi, where chief science officer Thomas Hain also worked.

They are achieving their automation goal by using artificial intelligence to connect devices so that businesses no longer need to rely on third-party providers. While some blockchains struggle with scalability, Fetch.ai was built with scalability in mind, bringing forth a solution for those looking to scale rapidly.

This platform has countless applications. It is currently being used to improve transportation networks, energy grids and decentralised finance (DeFi) services. The stream of additions to Fetch.ai’s portfolio has led many to be confident in its utility token FET.

This token is primarily used to keep track of ‘digital twins’ on the network: these are representations of physical items such as cars.

From the Fetch.ai white paper

The white paper states: “Fetch is a decentralised digital representation of the world in which autonomous software agents perform useful economic work. This means that they can perform tasks, such as delivering data or providing services, and are rewarded with a digital currency for their efforts – the Fetch Token.”

The document goes on to say: “Tokens can also serve as a refundable deposit for both nodes and agents wishing to perform certain operations (as a security mechanism that discourages bad behaviour). As Fetch secures its foothold in the data, transport, services and IoT industries its token grows in demand, as each sector makes a larger and larger contribution to the Fetch network’s economic throughput.”

Fetch.ai price history

Fetch.ai was founded in 2017 and launched its token in 2019 via an initial exchange offering on Binance. FET opened at $0.40 on 2 March 2019, but it got off to a bumpy start. It had fallen to the $0.20 mark by the end of the month, losing half of its value.

It saw a small surge in late April as the token was listed on Korbit, the South Korean exchange. After hitting a peak of $0.24 on 21 April 2019, it started dropping again, this time stooping below $0.15.

FET temporarily recovered in May and early June 2019, but it was not enough to keep the token from plummeting even further. In July it fell below the $0.10 level, where it stayed for the next 13 months.

In August 2020, Fetch.ai partnered up with Bitfinex to host competitions for the FET token. A deposit reward competition ran until 17 August, where users would gain up to an extra 10% of tokens for depositing FET. On the final day of the competition, FET’s price hit $0.15.

A new chapter for FET

FET saw an even bigger price surge four months later. At the end of January 2021, it was gearing up for its mainnet to go live and launched a programme entitled Beacon World Evolved (BWE). The purpose of BWE was to encourage more people to use its software by rewarding them with the FET token.

It saw a first peak on 18 February 2021 at $0.30, but then surged even higher in the next month. The Fetch.ai mainnet went live at the end of March and FET broke its price record, hitting $0.82.

The price settled over the following weeks but surged again to $0.67 on 1 May 2021, after Fetch.ai announced the migration of its Ethereum tokens to its mainnet.

FET came crashing back down afterwards, however. By June it had slipped below the $0.20 level. This bearish trend proved to be only temporary as it started rallying towards the end of July 2021, following its Coinbase listing.

The utility token kept climbing over the following weeks, until it hit its all-time high of $1.19 on 8 September 2021. This came as Binance started allowing staking of the FET token.

Although correcting slightly, FET stayed close to this level for the rest of September and October 2021. At the end of October, Gate.io integrated the mainnet into its exchange, allowing users to deposit or withdraw using both Fetch.ai’s blockchain and Ethereum.

The token peaked at $0.92 on 9 November 2021, but the price began slowly falling. It dropped below $0.50 in December and sank to $0.30 on 2 February 2022.

It saw a slight resurgence later that month as the community voted on an upgrade to the Fetch.ai blockchain, mainly to improve its cross-chain compatibility. FET reached $0.41 on 9 February 2022, the day after the upgrade passed.

Towards the end of March, London-based West Ham United FC announced an artificial intelligence partnership with Fetch.ai, and by 6 April 2022, the coin was trading at highs of $0.51. By 9 May 2022, the token was available on Kraken but this had little effect in the long-running bear market.

The Cambridge-based artificial intelligence lab released DabbaFlow towards the end of June. The end-to-end encrypted data-sharing platform is accessible to businesses and individuals. As the protocol aims to combine technologies such as blockchain, machine learning and artificial intelligence, many strategists and commentators have high hopes for the future of the ecosystem. 

Michaël van de Poppe commented on Twitter:

As of 2 August 2022, the token is hovering around the $0.09 mark. Will investors become more confident regarding FET’s ability to transform businesses?

FET price prediction

While FET may currently be in a bearish rut, there are some hopeful forecasts for its future, with most expecting it to reach a new all-time high.

WalletInvestor says FET is a “bad” long-term investment. It estimates the utility token to be worth $0.03 in a year’s time and not make any meaningful recovery from that point.

Gov Capital is much more bullish about the AI token’s price potential. Its Fetch.ai price prediction for 2022 is for the token to surpass the $0.40 mark in November. It expects FET to race to $1 in August 2023, and $2 in August 2024. The site’s Fetch.ai price prediction for 2025 passes the $3 mark in August. The site’s maximum FET crypto price prediction is that in five years, the coin will reach $6.47.

Meanwhile, PricePrediction.net foresees a more gradual rise. It thinks FET will climb from an average value of $0.18 in 2022 to $0.60 in 2025. Its Fetch.ai price prediction for 2030 expects it to reach $3.64, and $5.49 by the following year.

The forecast from DigitalCoinPrice is slower. Its FET coin price prediction says it will only climb to $0.19 in 2025. DigitalCoinPrice does not expect FET to surpass $1 mark in the next 10 years, although it does give a price prediction for 2031 of $0.51.

The FET token revolves around utility: organisations can utilise it to automate their business, whether that is transport or DeFi. The future of FET will depend on how many businesses Fetch.ai can onboard to its platform.

FAQs

There are 746.1 million FET in circulation, out of a total supply of 1.15 billion FET (65%). 

It could be. Fetch.ai wants to be an integral part of the future for businesses by introducing elements of decentralisation and machine learning. However, it is struggling to win over investors. Remember, you should always do your own research before investing.

It might. Most FET price predictions do expect the AI token to rally over the coming years: some expect it to pass $1 again and Gov Capital is bold enough to predict a $6.47 price point in 2027. 

However, cryptocurrencies are highly volatile, so you should never invest more than you can afford to lose.

It depends. Fetch.ai has the ambitious goal of introducing machine learning to new markets. Most price predictions think it will be successful in its mission, but FET still has a long way to go.

Remember, you should always do your own research before investing.

Further reading

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