$4.2B FDV, 69 Users and $420 in Revenue

Some AI valuations are getting difficult to explain with fundamentals.
The numbers:
Revenue: $420
Active users: 69
Utility: AI
FDV: $4.2 billion
That means the project is carrying a multi-billion-dollar fully diluted valuation while generating only hundreds of dollars in revenue and serving fewer than 100 active users.
Of course, early-stage crypto assets are often priced on future expectations rather than current cash flow.
But the gap between adoption and valuation here is enormous.
Calling something “AI” can attract attention and capital, but eventually users, revenue and real utility still have to catch up with the price.
Until then, the valuation is primarily a bet on what the project might become rather than what it is today.