Fetch.ai Adds 40k Users from GMS With Further Plans of Launching a Utility Token

Fetch.ai, a blockchain platform powered by machine learning and artificial intelligence, has onboarded over 40k new users from Get My Slice (GMS). GMS is a consumer-powered data marketplace that protects and allows users to monetize data generated from their social media activities. 

Overall, Fetch.ai’s overarching objective is to onboard millions of users from web3 and web2 firms moving forward. Following this collaboration, Fetch.ai has indicated that it will provide technical assistance for GMS as it transit from web2 and deploy on a web3 framework abandoning the fiat incentivization system to a free market economy. 

Fetch.ai also divulged that they plan to mint a GMS utility token adhering to the blockchain’s token standards. The token will be underpinned by $FET, the native currency of Fetch.ai. $FET will be used for financing user transactions and settling on-chain fees. 

The partnership with GMS points to Fetch.ai’s desire to expand and carve out valuable market share. In the recent past, they have joined forces with established web2 firms such as Festo and Bosch, allowing industries to explore the expanding Fetch.ai ecosystem and experience the power of distribution and interconnection enabled by a series of dApps deployed on the scalable blockchain. 

With GMS on board, Kamal Ved, the Chief Product Officer of Fetch.ai Network, said the data sharing platform would benefit from the blockchain’s tech stack leading to better automation and, thus, better democratization.

“We are constantly looking for use cases that leverage the core tenets of Web 3.0 and give all the participants’ equitable control with fine-grained incentivization avenues. Use cases around data sharing based rewards such as the Get My Slice product offering can benefit using the Fetch.ai Network’s Web 3.0 tech stack of blockchain, agent-based automation, and AI to democratize data sharing.”

In the past few months, Fetch.ai has aggressively developed its protocol, striking valuable partnerships and, most importantly, marketing its core features. Its scalability and interoperability are among the distinctive features separating the network from others.

Fetch.ai can serve as a layer-1 blockchain, allowing projects like Bosch, Festo, and GMS, to leverage its low fees and high scalability. At the same time, the blockchain can serve as a layer-2 blockchain, scaling the connecting platform. This is possible because Fetch.ai fabric is based on Cosmos. The platform’s capabilities were further enhanced following the Fetch.ai v2 launch in Q1 2022, allowing partners to deploy interoperable and AI-guided Autonomous Economic Agents (AEA).

Mark Peterson

Mark Peterson has been following the crypto market for the past seven years. As a crypto news journalist, he has recently joined our team. He regularly delivers the most recent happenings of the crypto space. He enjoys writing poems and exploring various crypto trading platforms in his spare time.

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