ZachXBT Warns of Rampant Scams
Noted on-chain sleuth ZachXBT has sounded the alarm about the proliferation of AI-proxy tokens, saying most of them “Scam“.
Artificial intelligence agents remain a mainstream topic, a popular cryptocurrency industry narrative that took off in late 2024 and continues to dominate the space.
ZachXBT calls AI proxy token
In a recent post on X (formerly Twitter), ZachXBT slammed the AI agent, calling most projects in the narrative scams.
“99% of these (AI agent tokens) are scams, and to be honest, AI agent packaging fraud is probably worse than other trends in the past. Because at least meme coins promise nothing, while AI coins try to make as little money as possible. Unsuspecting buyers appear legitimate,” he explain.
The criticism came in response to an inquiry from another cryptocurrency commentator, Justin Taylor, who questioned the need for AI-proxy tokens. Taylor’s postal Highlights the similarities between the current hype for AI agents and past trends such as over-tokenized Web3 games. Taylor added that previous projects have used tokens as marketing tools, often to the detriment of investors.
ZachXBT’s comments are consistent with the findings of a recent survey Solana Ecosystem Founders, which reveals a wide range of Doubts about the utility of artificial intelligence agents. According to BeInCrypto, most Solana developers believe that AI agents are overhyped.
“The focus on AI agents distracts from core blockchain innovation. They feel more like a gimmick than a necessity in the field,” one respondent noted.
This prospect is consistent with ZachXBT’s concerns about exaggerated promises of artificial intelligence agent tokens. However, despite the criticism, not everyone in the cryptocurrency space is taking a negative stance. Haseeb QureshiThe founder of Dragonfly Capital predicts that adoption of artificial intelligence agents will surge by 2025. He believes these agents will streamline tasks such as transactions, data aggregation and governance votemaking them indispensable in decentralized ecosystems.
Additionally, recent BeInCrypto analysis Key Cryptocurrency Trends in 2024 Emphasis on AI agents as a key driver of innovation. Experts predict that by next year, AI agents can handle more than 80% of blockchain transactionschanging industries, such as Decentralized FinanceNFT and supply chain management. These optimistic predictions suggest that while scams exist, the underlying technology has transformative potential.
Meanwhile, the hype surrounding AI agents is already having a market impact. Tokens like VIRTUAL have surged on the back of their association with AI agent projects.
According to BeInCrypto, virtual price Despite its token lacking clear utility beyond speculative interest, it has gained more than 30% in recent weeks. This reflects previous speculative bubbles where market frenzy obscured actual use cases.
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