In 2025, AI and cryptocurrency, the "new narrative CP," once again became the darlings of global capital. Elon Musk's xAI has just released Grok 4, and the narrative of computing power, algorithms, and data quickly spilled over into the Web3 world, sparking another round of hype around "AI + Crypto." However, behind the noise, the real scenarios and sustained value capture remain the biggest question mark for entrepreneurs and investors.
The combination of AI and blockchain is not a new phenomenon. As early as the last bull market, countless teams attempted to share computing power, label data, or generate models in a decentralized manner. The reason this track has never truly cooled down is that the core elements of AI—data and computing power—are inherently prone to centralized monopolies, while decentralized blockchain technology provides an ideal tool for distributed computing and value distribution.
On the other hand, AI-generated content (AIGC) naturally has coupling points with governance structures like smart contracts and DAOs. A typical scenario is: in the future decentralized social network, the data generated by users on-chain can be directly fed to AI models for training, and the revenue from model services can be distributed to users through smart contracts based on their contributions.
However, despite the great imagination surrounding the combination of AI and blockchain, implementation is not easy. From the infrastructure level, decentralized computing networks have always faced real bottlenecks in efficiency and cost; distributed training is far less efficient than centralized large companies. Even data labeling is difficult to ensure quality solely through token incentives.
On the other hand, AI-generated content can indeed combine with NFTs and on-chain identities to give rise to new content economic models. However, the vast majority of current "AI + Crypto" projects remain in the storytelling phase: white papers depict grand visions of computing power pools, community contribution values, and token distributions, but once launched, they often struggle to generate sustainable income, ultimately devolving into a cycle of "referring others" without substance.
Even so, the narrative of AI still provides a new imaginative space for the cryptocurrency market to some extent. Established public chains are beginning to integrate AI plugins, and some Layer 2 projects even claim to use AI to optimize dynamic adjustments of gas fees; meme coins in the Solana ecosystem are also riding the "AI label" wave, using "AI-generated memes" as a new selling point.
From the perspective of traditional tech giants, companies like xAI and OpenAI, while not directly issuing tokens, are subtly changing their attitudes toward decentralized computing power and data markets. If a shortage of computing power or data closure bottlenecks arise, decentralized networks may indeed have the opportunity to fill the gap from the margins.
For the cryptocurrency industry, AI is not just a track; it is more like a "lifeline." After experiencing the turmoil of FTX's collapse, tightening regulations, and the cyclical switch between bull and bear markets, the entire market urgently needs a new narrative to survive. AI just happens to provide the most imaginative "cross-border bridge" that is easy to explain to traditional capital.
However, beyond the bubble, transforming AI from "concept" to "productivity" requires not only technological breakthroughs but also patient validation of business models. Whether to truly connect with valuable computing power and data using tokens, or to continue hyping "on-chain large models" and "distributed training," will determine whether this "AI crypto wave" can last longer than the previous one.
Looking at a larger timeline, AI and blockchain are likely to continue to intersect and evolve. Decentralized identity (DID), data rights confirmation, model crowdsourcing, on-chain reasoning… these directions all have potential opportunities. But the industry also needs to reflect: can the anxiety over computing power, data monopolies, and bias risks brought by AI really be hedged by "chains"? Or will it merely replace a technical black box with a governance black box?
Perhaps the most reasonable attitude towards this new narrative is still: stay attentive, bet cautiously, see the imagination, and also uphold the bottom line of feasibility.
Related: VanEck: Investors express dissatisfaction with the "excessive" salaries of Bitcoin (BTC) mining executives
Original: “AI Crypto Wave: New Narrative, Real Value or Just Another Speculation?”
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