The AI tool ChatGPT hit like a bomb.
Several players in the digital space are fascinated or even intimidated by the possibilities of the new chatbot from OpenAI. What impact does this have on the crypto market? We’ll tell you!
You’ve probably already heard of ChatGPT. The ChatGPT tool based on artificial intelligence (AI or artificial intelligence) went viral in the past week, sending shockwaves through the digital world. Since then, there has been intensive discussion and speculation in several classical media as well as social media about what effects the AI tool will have on the world of work and what jobs are at risk – also regarding blockchain, crypto and NFTs.
AI end of 2022: What can ChatGPT do?
Fact: OpenAI, the company behind ChatGPT, released a so-called chatbot on November 30 that takes human-machine communication to a new level.
You enter your request or task description in a text box and the chatbot ChatGPT gives you an answer or a solution.
For those who want to know more: ChatGPT stands for Generative Pre-Trained Transformer. Here is also a reference to how the AI ”Under the Hood” works.
Conversations with ChatGPT are surprisingly fluid, consistent and informative. In addition, the chatbot, which is currently free and free to use, has a number of other capabilities that go beyond previous chatbots or AI tools. The current usable beta version can summarize texts, write scripts or blogs and poems, tell jokes, explain technical achievements to everyone and even program!
ChatGPT can solve a large number of programming tasks within a very short time – an absolute novelty. These include e.g. B. create programs and websites, translate programming code into different programming languages, write smart contracts or cryptocurrencies – or even make instructions on how to hack them. And we’re just looking at the currently available beta version. Some digital workers do not find it funny at all – because they now fear for their right to exist.
The tool from the Californian company OpenAI, founded in 2015 and co-funded by Elon Musk, is currently so popular that for capacity reasons there have only been delayed responses or it has even stopped for a short time.
Try it yourself here: It’s fun!
The huge hype surrounding the AI tool ChatGPT has also created a clear echo in the crypto market. According to a recent report CoinGecko has had a significant impact on the crypto market despite the ongoing bear market. Tokens associated with AI have increased a whopping 116 percent since the release of ChatGPT (from 11 December at 18:00):
- Numeraire (NMR)#245 on CoinGecko by market cap, up 7 days from 23 percent
- Fetch.ai (FET)#295 on CoinGecko by market cap, up 7 days from 68 percent
- SingularityNET (AGIX)#342 on CoinGecko by market cap, up 7 days from 26 percent
- Oraichain (ORAI)#1034 on CoinGecko by market cap, up 7 days from 89 percent
- Deep Brain Chain (DBC)#1097 on CoinGecko by market cap, up 7 days from 92 percent
- Matrix AI Network (MAN)#1435 on CoinGecko by market cap, up 7 days from 116 percent
A look at the 24-hour price trend shows a less euphoric picture with two exceptions. Only the rates of DBC with 32 percent and MAN with 26 percent continue to show bullish trends. Eight of the 15 crypto projects listed by CoinGecko in the AI category show a negative price trend in the considered 24-hour period.
Crypto and artificial intelligence – the next big thing?
Some market participants even see AI as the “next big thing” after crypto! The total market capitalization of the projects currently listed by CoinGecko under the AI category is as of December 11th around 266 million. Compared to other categories, a relatively manageable volume so far. Nevertheless, since the emergence of ChatGPT, the price gains of a number of crypto projects associated with AI significantly exceed the performance of most other categories of crypto projects.
AI crypto projects: is a bull rally imminent?
The current price performance of crypto tokens listed on CoinGecko under AI shows some impressive price gains. And this even though the projects have probably not shown any significant changes during this period. This shows once again how the investment markets work. Trends and hypes sometimes have a significant impact on current prices, even if sometimes nothing has changed in the projects themselves.
The mere expectation or hope that a new, cutting-edge technology or forward-looking trend may have economic significance increases profit expectations and motivates investors to buy.
Anyway, keeping the AI theme in mind seems smart. It may be a good idea to integrate investments in AI into your own portfolio, of course with an appropriate risk assessment – and not only in connection with AI crypto projects.
Because one thing is certain: due to the rapid advances in AI, this will not be the last time we hear about AI!
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