One of the biggest IDOs of the season is coming this week. It’s a project we are bullish on for lots of reasons. It might just be the perfect blend of AI and crypto together.
And you can be VERY early. Like I said, IDO type early. Who do I mean? Openfabric. Let’s check them out.
What is OpenFabric?
We’ve reviewed Openfabric already but we know some of you are hearing of them for the first time. We think it has the best of many of our favorite crypto AI projects. Like Fetch.ai, you can build and sell an AI agent. You can build one, plus you have a marketplace of buyers and sellers of AI agents.
In fact, Openfabric’s own goal is to be the Apple app store of crypto AI. Like Singularity, Openfabric is building out an ecosystem too. Some of Openfabric’s projects already available are:
- AI Trading bots
- Development of new drug therapies
- New Human genome therapy research, etc.
We are excited to announce that Openfabric AI is launching on @BNBCHAIN 🥳
ℹ️BNB Chain is a decentralized public blockchain network with one of the largest and most active ecosystem. It also has a layer 2 solution – opBNB with much faster transactions at lower gas fees.
Stay… pic.twitter.com/YwqzixrpG4
— Openfabric AI (@openfabricai) October 18, 2023
And on trading bots for a second, we’ve seen them get so popular because the UI of a bot is much better than most exchanges. The idea of AI helping to make a user experience better is something we are all only starting to discover now.
For research, it’s got huge potential in avoiding errors and pattern recognition. And that’s not all for Openfabric. They do have similarities to these 2 projects we like.
But they are like Akash as well. That’s another AI project we like. Like Akash, Openfabric has infrastructure including GPU storage that it can sell or rent out to projects building out their own AI apps.
More About OpenFabric
So we have 3 great projects already out there. Openfabric takes the best of them all. And they can also build out your AI protocol for you as a custom app if that’s what you need. Then we have the price and value difference.
Of the total 500 million in total supply of the $OFN token, the IDO will issue 20 million tokens at 6c each for a total of $1.2 million. This puts the initial Fully Diluted Market Value at $30 million. Compare that to the market value of the 3 above AI projects:
- Fetch.ai at $225 million and #133 in market cap
- SIngularity at $211 million and #143 in market cap
- Akash at $186 million and #161 in market cap
Like Bitcoin, Openfabric AI has been engaging in extensive research and decentralization since 2019.😱
👇Check out the thread to explore our published papers.
1/7. 🧵🪡#OFN #AI #Openfabricai #research #btc pic.twitter.com/iZTSp7ejJQ
— Openfabric AI (@openfabricai) October 16, 2023
Now we don’t know if Openfabric will be as successful as these projects. But we can also see it takes the best of what these have to offer. Then they offer more. And now they are offering it for a fraction of the price.
1/6th of the price of Akash right now. And Akash is the cheapest of the 3 bigger AI projects right now. $186 million vs $30 million. This brings the risk part of the risk/reward ratio down a lot for us. We see how Openfabric can grow from here. And only 6 cents of downside so far.
By the way, we think you should get Akash too if you have room in your portfolio.
The IDO
As I said, this is a highly anticipated IDO. It’s happening on 4 different platforms. You can access it on:
It’s almost here🥳
Mark your calender for $OFN IDO date📅@chain_GPT: 17th October@enjinstarter: 18th October@SeedifyFund: 19th October@poolz__: 20th October
Follow up for more updates#IDO #OpenfabricAI #Web3 pic.twitter.com/RHPmn7pACj
— Openfabric AI (@openfabricai) October 2, 2023
So you have lots of choices based on the platforms you prefer or where you can more easily whitelist yourself and get your allocation. Again, it’s 6 cents per token for 20 million tokens total.
To us, this feels like getting Polygon at its all-time low of 3/10s of a cent before it went to earn a 16,000% ROI. You know and we know that AI is not going anywhere. It’s only going to grow from here. Risk is lower on this project and the potential is huge.
The Verdict on Openfabric
When it comes down to it, you are likely going to add some crypto AI to your portfolio. We believe you should too. So then why pick between GPU for rendering images like Akash does OR building AI agents like Fetch does?
When you can have both. Why have a big ecosystem of projects like Singularity or AI trading bots like Telegram’s TON? When you can have both. We have nothing against these projects. In fact, we like them all.
🎙️Throughout the ages, humanity has undergone countless transformations in its quest for progress.
📽️Today, we find ourselves at the point of a thrilling technological transformation, and Openfabric AI invites you to join us on this remarkable voyage towards the future.… https://t.co/pmldF3z84j pic.twitter.com/v5CEuhOZN8
— Openfabric AI (@openfabricai) October 9, 2023
But, If the idea of having access to the best of what AI and crypto have to offer together and not just one cool part of the market, then check out Openfabric. Their IDO is this week and you can sign up here.
