Cryptos linked to artificial intelligence (AI) significantly outperformed the crypto market in September. According to Grayscale, this sector grew 54% over the month, compared to 24% for the overall market. Despite its still modest size, with a capitalization of around $15 billion, the segment could produce several “big winners” over the next five years.
In brief
- Grayscale’s AI segment gained 54% in September, more than double the overall crypto market’s 24%.
- NEAR (+183%), Venice (+70%), World (+47%) and Bittensor (+37%) led the movement.
- At around $15 billion, the sector remains the smallest of the six tracked by Grayscale.
AI is attracting more and more attention in the crypto market
The convergence between artificial intelligence and blockchain is taking on a new dimension. In a note published on October 2Zach Pandl, head of research at Grayscale, highlights the potential of AI agents, software capable of performing tasks and carrying out transactions autonomously.
According to him, public blockchains could play an important role in the development of this economy. In particular, they offer open infrastructures for automated payments, identity management, private computing and data verification.
Grayscale therefore estimates that the sector could emerge one or more big winners within five years.
“ We believe the AI sector could produce one or more big winners over the next five years », writes Pandl.
This prospect is attracting the attention of investors, especially since AI still represents only a small part of the crypto market. With approximately $15 billion in capitalization, it remains the smallest of six categories defined by the asset manager.
NEAR and Bittensor among projects to watch
Several cryptocurrencies particularly benefited from the September craze. NEAR comes out on top with an increase of 183%. The project is notably developing an infrastructure intended for AI agents, with a platform allowing software to offer and pay for tasks in NEAR.
For its part, Venice grew by 70%. This project relies on a chatbot that does not store the requests or responses of its users. World, up 47%, focuses on human identity verification, while Bittensor (+37%) seeks to connect different networks specializing in artificial intelligence.
Grayscale also supports this sector through its Decentralized AI Fund. Rebalanced in August, this fund notably holds NEAR, Bittensor, Render and Filecoin. Furthermore, institutional interest is growing with the launch of a NEAR spot ETF in the United States and the steps taken to create ETFs linked to Worldcoin.
Promising prospects, but very real risks
Despite this enthusiasm, the sector still needs to prove itself. The hack of NEAR Intents, which resulted in a loss of $3.8 million two days before the publication of Grayscale’s note, is a particular reminder of the risks to which these infrastructures remain exposed.
Additionally, course progression does not guarantee widespread adoption. Projects must demonstrate their ability to generate revenue, secure their networks and meet concrete needs.
The potential of crypto linked to AI therefore exceeds the performance recorded in September. However, its success will depend above all on its ability to transform the enthusiasm of investors into sustainable uses. For Grayscale, the next few years could thus separate promising projects from those that will really succeed.
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