Fetch.ai surges 550% as CEO reveals how its tech will create a new economy

Humayun Sheikh, CEO of top AI-based blockchain project Fetch.ai, spoke exclusively to Cryptonews about how a new AI bot framework – Autonomous Economic Agent (AEA) – will create a new economy.

The interview comes after Fetch.ai saw its token, $FET, surge by 550% in February, coinciding with an increase in interest in AI technology following the rise of ChatGPT and Google Bard.

Sheikh explains why he believes the AEA framework will drive ecosystem growth by enabling the deployment of microagents. Microagents are AI bots trained to automate specific industrial/commercial tasks.

Microagents embody domain-specific business logic and can be coupled with other microagents, allowing for new developers to scale projects quickly by composing modular peer-to-peer AI microservices.

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AI Bots to transform industry and commerce

Sheikh believes microagents will become the enablers of a new economy, with new peer-to-peer business models leveraging a web of smart autonomous services powered by Fetch.ai’s micro-agents, creating shared value amongst participants.

Fetch.ai has also hinted at working on applications in verticals that will be released in the coming months.   

Also, NFT compatibility will be coming to Fetch.ai wallets, as the ecosystem has participated in impressive AEA showcases such as CoLearn Paint.

The Fetch.ai Foundation, in partnership with industrial appliance giant Bosch, will drive industrial AI solution adoption, says Sheikh.

The FET token is currently trading at $0.429, up 1.80% over 24 hours, with the alt season bounce potentially seeing February’s AI rally on a supercharged bounce back – as FET soars 22% this week.