What is Fetch.ai crypto and what happened to it?

Fetch.ai crypto is FET, the token of Fetch.ai, a project that builds tools for AI agents and runs a blockchain for them. In 2024 FET became the common token of the Artificial Superintelligence Alliance, or ASI Alliance, which is why many people now see it labeled ASI. The company was founded in 2017, and Humayun Sheikh is its founder and CEO.

What is Fetch.ai used for?

Fetch.ai describes itself as an ecosystem for building, connecting and trading between AI agents. An agent in this sense is a program that acts for someone, for example by finding a service, booking it or sharing data. Its main tools, per its developer docs, are:

• uAgents, a lightweight framework for building agents that connect to other agents
• Agentverse, a hub where agents are registered, deployed and discovered
• ASI:One, a large language model designed to work with agents and query those listed on Agentverse

The FET token pays network fees, pays for services and can be staked to help secure the Fetch.ai chain, according to Gemini's Cryptopedia. That chain is built on the Cosmos SDK, and FET also exists as tokens on Ethereum and BNB Chain. Fetch.ai is a different kind of AI project from Bittensor, which pays miners to produce AI output in subnets.

What is the Artificial Superintelligence Alliance (ASI)?

In March 2024, Fetch.ai, SingularityNET and Ocean Protocol announced they would combine their tokens. After community votes, holders could convert at fixed rates:

• 1 FET = 1 ASI
• 1 AGIX = 0.433350 ASI
• 1 OCEAN = 0.433226 ASI

Fetch.ai said the combined supply would be about 2.63 billion tokens. In practice no new contract was created. The merged token stayed FET and was rebranded ASI, so the token is still widely referred to as FET in news coverage and on platforms. If you hold an older token and are unsure how to convert, what is a token migration covers how these swaps generally work and the scams that copy them.

What happened to Fetch.ai crypto?

Two things changed the picture after the merger. First, Cointelegraph reported in October 2025 that FET had fallen more than 90 percent from its 2024 peak, a drop Ocean's founder blamed on broader market conditions. Second, on October 9, 2025, the Ocean Protocol Foundation resigned from the ASI Alliance, citing reasons such as independent funding and its own tokenomics.

Cointelegraph reported that blockchain data from Bubblemaps showed an Ocean-linked wallet converting about 661 million OCEAN into about 286 million FET, much of it then sent to Binance and a market maker. Fetch.ai accused Ocean of misusing the tokens, and Ocean denied wrongdoing. Sheikh later offered to drop legal claims if the FET were returned. The sources reviewed for this guide do not confirm a final outcome.

The ASI Alliance said Ocean's exit would not affect its core technology. Fetch.ai and SingularityNET remain members, and the bridge for converting leftover OCEAN to FET stayed open. Before relying on any project's partner claims, see how to research a crypto project.