I agree with many of the top-level comments about the relative utility of AI applications and blockchain applications as they exist today. But I'll add another point that no one else seems to have made yet.
The reason for the widespread grift in the crypto space is not just that blockchain applications are a relatively new and overhyped technology. Another huge factor is that many blockchain applications, by their very nature, are designed to circumvent securities regulation in order to raise money from unsophisticated retail speculators.
I'm sure some shitty AI startups will raise capital from retail speculators on crowdfunding platforms and the like. But I expect it to be a lot less widespread compared to the crypto space, and it will happen within the confines of (mostly) US securities regulation, which will mean much better disclosure and much less outright fraud and misappropriation. The main "victims" this time around will be, like, the LPs of second-rate VC funds, and in many cases those fund managers are well aware of all of this but are incentivized to follow the trend anyway.
The reason for the widespread grift in the crypto space is not just that blockchain applications are a relatively new and overhyped technology. Another huge factor is that many blockchain applications, by their very nature, are designed to circumvent securities regulation in order to raise money from unsophisticated retail speculators.
I'm sure some shitty AI startups will raise capital from retail speculators on crowdfunding platforms and the like. But I expect it to be a lot less widespread compared to the crypto space, and it will happen within the confines of (mostly) US securities regulation, which will mean much better disclosure and much less outright fraud and misappropriation. The main "victims" this time around will be, like, the LPs of second-rate VC funds, and in many cases those fund managers are well aware of all of this but are incentivized to follow the trend anyway.