The biggest crypto exchange in the US is giving a warning in regards to the artificial intelligence (AI) narrative within the digital asset space.
In a new report titled “Crypto’s AI Mirage,” Coinbase analyst David Han says that many AI-focused altcoins are likely in an unsustainable hype cycle due to the excitement surrounding AI industries.
“Our contrarian view is that the value potential for many AI tokens may be overstated as a result of broad attention on the AI industry, and that many AI tokens may lack sustainable demand side drivers in the short to medium term.”
While AI-focused altcoins may be “decentralized” on a blockchain, Han argues that decentralization in and of itself isn’t enough to out-compete already-existing AI solutions in traditional, centralized industries, both from a business and a regulatory standpoint.
Han notes that centralized projects also have the advantage of typically having a faster and more concise development process.
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