ICOs earned a pretty bad reputation during 2017, and this – combined with the crashing crypto markets – has caused the ICO scene to virtually shut down. However, a few plucky projects are starting to dip their toes back into the ICO waters, all in hopes of securing funding to get their projects off the ground. Fetch.AI has completely bucked the trend and has gone from infamy to superstardom, as its ICO on the Binance Launchpad raised $6 million in just 10 seconds.
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
— CZ Binance (@cz_binance) 25 February 2019
Using AI to Cut Losses
Fetch.AI is developing a blockchain based AI platform that can be utilized by virtually every industry to help cut costs due to inefficiencies. Its super-intelligent AI systems will monitor operational data to streamline and cut down wasted resources, thereby saving companies millions of dollars annually. One great example of this is the shipping industry. Hundreds of thousands of containers currently at sea are half empty, meaning there are more containers being used than is necessary. Fetch.AI’s systems will identify the best way to load containers to cut down on half empty ones, leaving ships to load lighter and faster – resulting in huge savings. This is just one prime example of how Fetch.AI can bring huge changes to the world.
A Lot of Cash for an Underutilized Token
In the project’s whitepaper, how tokens will be used to interact with the network is not entirely clear. In fact, from an investors point of view, the utility of the token is far from convincing and the reasons specified in the white paper doesn’t give the token any real potential for growth – other than herd investor mentality. Nonetheless, the ICO raised a whopping 69,204,152 FET from 2,758 investors, putting the average contribution at $2,175. For a token that has no real growth potential, that’s a fairly sizeable gamble in a bear market – especially when you take its total market cap into consideration.
Binance Launchpad Creating Another Big Winner
At the end of January, BitTorrent launched its own token on the Binance Launchpad. The BTT token sold out amidst astronomical demand, breaking all sorts of records in the process. The Binance Launchpad appears to be more than a simple token launchpad, but also a launchpad that catapults projects into the stratosphere. Launchpad gives all Binance traders quick and easy access to ICOs, meaning it’s easier for these projects to pull in a wide range of interest.
While the Wall Street Journal highlighted 513 ICOs as scams, the Fetch.AI came back as all clear – great news for the 2,758 investors. After selling out in just 10 seconds, Fetch.AI has a very bright future ahead of it and should be able to secure more funding for future projects with no problems at all.