The AI sector witnessed increased interest from investors over the past month. CoinMarketCap data showed a 17.39% increase in AI tokens’ market cap overall in 30 days.
The AI market cap was at $20.68 billion at the time of writing. It was still a long way down from the $69.92 billion peak it made in June.
After six months of correction from their respective all-time highs, Artificial Superintelligence Alliance [FET] and Render [RENDER] might have managed to halt their downtrends and defend local support zones.
In the FET vs. RENDER debate, which AI sector crypto token is winning? AMBCrypto took a look at on-chain metrics to find out.
FET vs. RENDER – What do they do?
The Artificial Superintelligence Alliance is an AI consortium, initially founded by Fetch.ai and SingularityNET, and later CUDOS joined as a network member. The open-source, decentralized entity is focused on Artificial General Intelligence (AGI) research and infrastructure.
In contrast, Render is a decentralized network that connects users needing raw computing power with users who have idle graphics processing power. It is a marketplace for rendering services that uses the RENDER token for payments and rewards.
One helps fuel AI with compute power; the other puts this power to use, creating AI agents, among other things.
On-chain metrics show one side has a clear advantage
Source: Santiment
The FET vs. RENDER debate for investors showed a clear advantage to FET. It led in terms of daily active addresses consistently lately. The development activity was below average for both, but here too, FET was the leader.
Source: Santiment
The transaction volume for FET was orders of magnitude higher for FET than it was for RENDER. This suggested the former likely saw more usage as a utility token, but this could also be attributed to the differences in how they are used.
The extraordinarily high NVT ratio of both protocols showed that, compared to the value moved through the network, the tokens were massively overpriced. Here, too, the RENDER NVT ratio was nearly 19x higher than that of FET, at 23.7k compared to 1,283.
For comparison, Bitcoin’s [BTC] NVT was at 588.
Overall, the FET vs. RENDER showdown using on-chain metrics favored the Artificial Superintelligence Alliance token. FET is winning on the utility and adoption fronts, and could have further room for growth based on the transaction volumes and NVT ratios.
Final Thoughts
- Both RENDER and FET have made strong gains since the start of the month, but were still within a longer-term downtrend.
- Compared across various metrics, FET consistently had the upper hand.