While artificial intelligence agents are exploding across the Web3 ecosystem, AI tokens tell a different story.
According to a June 26 report by Dappradar, on-chain activity related to AI agents has increased by 86% since January, reaching 4.5 million unique active wallets daily in June. This will provide a 19% share of total Web3 activities, from just 9% to the start of the year to just 9%, to a 20% advantage in the game.
“AI agents are clearly emerging as a new interface layer for Web3,” the report noted, pointing to changes in user behavior. From decentralized financial transactions personnel to gaming peers and social media agents, users are increasingly relying on AI to automate conversations in the chain.
Despite this rapid adoption, market sentiment around AI tokens has been significantly cooled. The total market capitalization of AI tokens fell 64% from its peak in early June, down from $16.6 billion to $5.9 billion.
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Despite the decline in market capitalization, there is a substantial amount of capital to support this trend. With $139 billion raised so far this year, the AI agent project has already surpassed 9.4% in 2024. Platforms such as Virtuals Protocol (Virtual) are leading the charges, with over 17,000 agents being launched since November 2024, with an average of 85 per day.
On the infrastructure side, Matchain controls all networks, with around 1.9 million users per day, followed by Opbnb and the Nebula. The top three regions using AI Dapps are Europe, Asia and North America, suggesting a wide range of global demand.
But not everything that shines is gold. AI tokens claim utilities such as user activity automation and powering staking mechanics, but some are memo coins that are just hyped up the story. Dappradar has issued a warning about a lower “signal-to-noise” ratio in the industry, where speculative tokens often outweigh actual technological advances.
The Web3 AI industry is at a turning point as token prices drop as usage increases. AI agents can become a standout user layer for the next stage of cryptocurrency, once real utilities catch up with the hype. Otherwise, hype may outweigh sustainability, at least for the time being.
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