Since the introduction of LLMs last year, many crypto projects have integrated AI into their everyday routine. On May 13, blockchain AI platform ChainGPT will hold its launchpad project’s initial dex offering (IDO), Wisdomise AI, in conjunction with KuCoin and Gate.io. Wisedomise is an AI-powered crypto adviser and investment assistant that helps users learn, predict, and execute digital asset trades. Ilan Rakhmanov, CEO and Founder of ChainGPT said the tool allows users to use “advanced AI algorithms” to engage in digital asset marketplaces.
Web3 and AI Integration
According to Cointelegraph, Wisedomise is currently targeting an IDO with a fully diluted valuation of $20 million. Meanwhile, ChainGPT uses language learning models (LLM) to build AI-powered chatbots and news aggregators, currently valued at $236 million, based on their native token.
Similarly, on May 3, web3 base layer KIP Protocol said it would partner with GPU cloud infrastructure provider Aethir to accelerate AI development on both networks. Through collaboration, KIP would deploy its KnowledgeFi monetization system and decentralized retrieval augmented generation (dRAG) framework, which AI models use to dynamically gather information after user prompts, to Aethir.
Likewise, Aethir will allow KIP Protocol to access its fleet of 40,000 GPUs and 3,000 NVIDIA H100s to generate AI prompts. Julian Peh, co-founder and CEO of KIP Protocol, stated that the two protocols align over the firm’s use of Aethir’s computing resources for powering its AI asset deployment and monetization tools.
Crypto AI Giants Merge
Last month, the three most prominent players in the crypto AI industry, SingularityNet, Fetch.ai, and Ocean Protocol, approved a $7.5 billion token merger, creating the Artificial Superintelligence Alliance (ASI) project. The ASI examines three distinct product pipelines: deployment of AI agents in commercial settings, neural symbolic language learning models (LLMs), and AI data sharing and utilization. Despite the hype, scammers have also taken advantage of unsuspecting users drawn by the crypto AI frenzy.
On May 5, blockchain security firm CertiK reported that the Genius Crypto Token GNUS.ai was exploited for $1.27 million. After exploiting the developers’ private wallet on Discord, an attacker allegedly created a fake GNU token on the Fantom blockchain and copied the code from GNUS.ai’s Ethereum Chain, thereby converting the fake GNU tokens to genuine GNUS.ai tokens on Fantom. Afterward, the attacker bridged 500,000 worth of illicitly minted GNUS.ai tokens from Fantom to Ethereum and sold them for $1.27 million.
Impact on Market and Asset Prices
Market Implications
Integrating AI into numerous crypto projects signals a deeper fusion of technology within the blockchain ecosystem. Initiatives like Wisdomise AI and partnerships such as KIP Protocol’s collaboration with Aethir reflect a growing trend toward leveraging AI to enhance various aspects of cryptocurrency trading and development. This trend could attract more attention from investors and developers alike, potentially leading to increased funding and activity within the crypto market.
Asset Price Implications
The emergence of AI-powered projects like Wisdomise AI and the strategic collaborations between platforms such as KIP Protocol and Aethir could contribute to appreciating their respective native tokens. Investors may view these initiatives as innovative solutions with potential for widespread adoption, driving up demand for associated tokens. However, instances of exploitation, as seen with GNUS.ai, underscore the importance of robust security measures within the crypto space. Such events may temporarily affect market sentiment and lead to fluctuations in asset prices, highlighting the need for vigilance and security-conscious investment practices.
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