Ecosystem development funds have become a popular theme across the cryptocurrency community as projects have found them to be a useful way of attracting new projects and users to their protocols in a field that is becoming increasingly crowded and difficult in which to gain traction.
Development across the cryptocurrency ecosystem continues to move forward despite the day-to-day whipsaw price movements and this progress is furthering the public’s awareness of Web3 and the value of blockchain technology.
One project that has been climbing the charts amid a marketing push to develop better brand recognition is Fetch.ai, a protocol focused on building a token-based decentralized machine learning network capable of supporting the smart infrastructure being built around the digital economy.
Data from CoinMarketCap shows that the price of FET has climbed 43.13% over the past two days, rallying from a low of $0.322 on March 21 to an intraday high at $0.46 on March 23 as its 24-hour trading volume underwent a five-fold increase.
Three reasons for the building interest in Fetch.ai are the launch of a $150 million development fund, plans to further integrate the project into the Cosmos ecosystem and the recent launch of a large-scale marketing campaign.
Fetch.ai launches a $150 million development fund
The biggest news to come out of the Fetch ecosystem was the March 22 launch of a $150 million ecosystem development fund, in conjunction with MEXC Global, Huobi and Bybit, that is aimed at attracting developers and established projects to the Fetch.ai ecosystem.
Deeper integration with Cosmos
A second major development bridging increased attention to Fetch.ai has been its ongoing integration with the Cosmos ecosystem and Inter-blockchain Communication Protocol.
Fetch officially joined the list of projects that were launching within the interoperability-focused Cosmos ecosystem in February and it is currently in the process of upgrading the Fetch.ai chain to allow IBC transfers between supported networks.
Cosmos has been one of the most active and growing ecosystems over the past six months despite the weakness in the wider cryptocurrency market, which has the potential to benefit Fetch by bringing increased token liquidity and access to a greater pool of investors.
A renewed marketing push
The third factor helping to increase the awareness of Fetch has been an increased focus on marketing the project to the wider public, including a partnership with Formula 1 driver Alex Albon.
On top of this Formula 1 sponsorship, marketing for Fetch has also begun to appear in highly visible areas, including digital billboards in Times Square, New York, and subway and bus terminal advertisements.
Fetch.ai has also begun to recruit crypto influencers to help increase awareness and it has benefited from being listed on the Voyager app on March 18.