Both assets rely heavily on a grand technological narrative. ICP: “The decentralized internet replacing AWS and cloud computing.” TAO: “Decentralized AI marketplace where models compete and get rewarded.”
Both projects have architectures that most investors cannot evaluate due to cognitive/time constraints. So they rely on social proof and dominance narratives/hype. And each project attached itself to the biggest narrative of its time. ICP: Web3 infrastructure TAO: Artificial Intelligence
AI currently has even stronger hype dynamics than Web3 did in 2021.
Personally I view bittensor as a very shady snake in the grass
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