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Due to an increasing number of real-world use cases and protocol updates, the price of FET increased by 60% in an otherwise bear market.
The adoption of blockchain technology in the real world is a long process. It necessitates the correct use cases as well as a ready public willing to try new things while straying outside of their comfort zone.
Fetch.ai (FET), a protocol focused on developing an open access, token-based decentralised machine learning network to assist the smart infrastructure being developed around the digital economy, appears to be the motivating cause behind recent increases.
Data from TradingView shows that after hitting a low of $0.658 on Sept. 6, the price of FET spiked 70% to $1.12 on Sept. 7 — a new record high. Meanwhile, FET’s 24-hour trading volume surged 538% to $590 million.
The sudden rise in price and trading volume coincides with the project’s testing of a new multi-modal transportation application dubbed “Deep Parking,” which was designed with AI and blockchain technology to assist automotive drivers in locating empty parking spaces.
On Sept. 7, a Fetch.ai agent on-board the protocol successfully connected with Datarella’s self-sovereign identity, allowing the driver to hire a scooter from Tier Mobility.
This, Ladies & Gents, is a global first: a Tesla, after being identified by a gate control using on-board @Fetch_ai agents and @Datarella‘s Self-Sovereign Identity #SSI,enabling its driver to swith over to a scooter ride to the final destination #micromobility pic.twitter.com/hmCp4a0zUP
— MOBIX (@MOBIX_AI) September 7, 2021