FET is the token of the Artificial Superintelligence Alliance (ASI) — a 2024 merger of several AI-crypto projects (led by Fetch.ai, alongside SingularityNET and others) that combined into one token and roadmap to compete with big centralized AI labs. The core idea is 'decentralized AI': building AI agents (autonomous software that can act, negotiate and transact on your behalf) and open AI infrastructure owned by a community rather than a single corporation. Fetch.ai's agent framework is the most mature piece — software that lets AI agents find each other and carry out tasks and payments on-chain. FET is used to power that agent economy, for fees, staking and governance. Its bet is that AI and crypto converge, and open, decentralized AI captures real demand.
Where it stands today: the alliance is still consolidating — the planned full rebrand from FET to a new 'ASI' ticker hasn't completed, and one original member (Ocean Protocol) withdrew to keep control of its own tokenomics, leaving Fetch.ai, SingularityNET and others under the FET banner. Its agent framework is the closest thing to a real product with paying enterprise users, and new tools for launching autonomous on-chain AI agents shipped in 2026. FET rides the powerful 'AI' narrative, so it tends to surge whenever money rotates into AI tokens. But it's a mid-cap trading well below past highs, and 'decentralized AI' is a crowded, hype-heavy field where real, durable usage is still being proven. So today it's a leading decentralized-AI name with a genuine product in the agent space, tightly bound to a narrative that swings hard.