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Wednesday, May 29, 2024

How the crypto market played on the hype around ChatGPT ?

The popularity of the OpenAI chatbot provoked a stir among traders and led to the emergence of a trend in crypto assets trading

Microsoft is ready to invest up to $10 billion in chatbot developer ChatGPT, the American artificial intelligence laboratory OpenAI, and has been negotiating the terms of the deal for several months, Bloomberg and Semafor recently reported , citing their own sources. Elon Musk is one of the founders of OpenAI.

Microsoft has already invested $1 billion in OpenAI, and in the future it intends to get 49% of the company to integrate its technologies into its own Bing search engine, Office suite and Azure cloud infrastructure.

ChatGPT is a chatbot trained on a huge amount of data that can generate text from almost any field or program code in different languages. Unlike a number of analogues, it takes into account the context of the conversation, which allows it to conduct a dialogue, creating a convincing impression of a conscious interlocutor. Since its launch on November 30 last year, ChatGPT has grown in popularity. Due to viral growth in social networks, the project gained its first million users in just a week.

Projects in the field of artificial intelligence account for up to 10% of all venture investments. According to Crunchbase , about $70 billion was invested in the industry in 2022. 

One of the industries with the most actively supported startup sectors is artificial intelligence overall. According to Crunchbase data, funding for AI firms has recently made up as much as 10% of all venture capital dollars invested globally. Around the world, firms using AI received close to $70 billion in venture financing last year.

Code outsourcing

ChatGPT can create program code on demand, including in the Solidity language, which is used in applications and smart contracts of the Ethereum ecosystem. Developers are already using the capabilities of the bot to find errors in the code and to test it. ChatGPT can bring the code of a group of developers to a single standard, which is especially true for blockchain projects, some of which involve dozens of participants.

There are examples of full-fledged applications created in ChatGPT using plain text queries by those who have never encountered programming in principle. Speaking to Fortune journalists, Canadian developer Tomiva Odemidan said that he received a code for a full-fledged working cryptocurrency wallet from a chat bot , as well as its presentation and instructions for users. When finding errors in the code, the bot “politely apologized” and corrected them.

The crypto community finds different ways to entrust the work to a chatbot. By combining the code generated by ChatGPT with images generated by other neural networks, the output is full-fledged NFT collections, and bot tips on how best to promote them on social networks help create a buzz around them.

Resourceful users of ChatGPT use it to find bugs and vulnerabilities in the code of blockchain projects with a bug bounty program. The Immunefi platform has already rejected at least 15 attempts to receive a reward by those who passed off the work of the bot as their own. The project manages a $135 million fund to pay white hat hackers who find vulnerabilities in decentralized financial platforms (DeFi). According to its representatives, despite the first impression, many of the reports created using ChatGPT were “beautifully written nonsense.”

Growth of tokens

There are other scenarios for the use of ChatGPT in the cryptosphere, but it is interesting that the news background and popularity of the project manifested itself noticeably where it is not directly involved in any way. Tokens of blockchain projects, one way or another related to developments in the field of artificial intelligence, have been growing in price since the beginning of January and often react with sharp price jumps when news about OpenAI appears in the media.

At least nine coins, united by a common “narrative” around AI, showed growth of more than 50% in a week. The SingularityNET project token (AGIX) rose by 18% when the news about Microsoft’s plans to invest in OpenAI was released. A week later, the price of the token doubled, at the time of publication of the article, AGIX is worth about 20 cents, according to CoinMarketCap . During the New Year holidays, the rate of the coin did not exceed 5 cents.

The Fetch.ai (FET) platform token has risen in price by 80% over the week, the coins of The Graph (GRT), Ocean Protocol (OCEAN), Cortex (CTXC) projects and other assets from the AI ​​& Big Data category also showed a noticeable increase by tens of percent. » . Amid a significant increase in their trading volumes, the largest crypto exchange Binance announced the launch of perpetual futures on AGIX and FET with leverage up to 15x.

Developing the idea of ​​a “narrative” of the crypto market around artificial intelligence, community members are looking for new informational triggers that, in their opinion, can affect the price of assets. Some low-liquid tokens in the same category skyrocket in price due to the growing number of requests for purchase during the period of hype for traders who want to earn money. The price of the Image Generation AI (IMGNAI) project token, which allows using AI to create anime-style images, has grown almost 7 times in a week.

The developments in this area with a focus on the crypto market have yet to prove viability and show a product that meets the promises of the developers. During a period of strong market hype, it may be enough for coins that fall into the “narrative” just to mention the relevant technologies in roadmaps and promotional materials. The algorithms of projects whose assets have grown in price can indeed use artificial intelligence, but their economic model should also continue to justify the demand for tokens.

“Deceptive Impression”

When asked how blockchain technology can be applied to AI, ChatGPT replies that it can be used to create “decentralized platforms for learning similar language models or for language translation systems.” According to the information given by the chatbot, such platforms can offer users increased security and transparency, as well as facilitate the exchange of resources between organizations and developers.

In addition, blockchain technology can be used to create decentralized networks for storing and processing data, which can be used to train and improve AI models. Something similar is offered by the Ocean Protocol mentioned above, whose developers claim to create a “new data economy”.

When asked by the chatbot what decentralization means in the context of its work, ChatGPT gives the answer that its platform is built on the basis of “a decentralized network such as blockchain”. This implies that its resources are “not controlled by a single entity or organization”.

OpenAI founder Sam Altman says that ChatGPT technology can create a “deceptive impression of greatness,” adding that it’s just a “preliminary glimpse of progress.” According to him, “for the time being, it would be a mistake to rely on her for anything important.”

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