Artificial intelligence (AI) has become quite a popular topic in 2023.
So popular in fact, that companies and tools like Midjourney and Chatgpt have witnessed a massive increase in the number of users, adoption, fans and demand, making them (and AI) a very "hot" niche indeed.
While AI has been applied to several areas like search engines, operating systems and artistry, there are several applications involving crypto and blockchain technology.
In recent news, a Layer Two (L2) project called Cryptogpt has revealed that its team has raised $10 million in investment from a Series A fundraising round. This is a big win for the crypto community.
What wonders can AI bring into the crypto and blockchain space?
When leveraging the power of AI, how many more uses for blockchain technology can come to light?
Let's jump in.
CryptoGPT uses ZK-rollup technology and an artificially intelligent assistant called "Alex" to collect, encrypt and transfer data for commercial applications.
In a statement on Monday, CryptoGPT said that it combines ZK technology for private data transfers rather than using it for payments.
According to Dejan Erja, co-founder and chief technology officer of the company, the funds from the new capital will be used to expand the company's developer staff internationally and strengthen its regional footprint in the Asian markets.
The main goal of CryptoGPT is to provide consumers with the ability to make money by monetizing their data in the fitness, dating, gaming, and educational sectors. Moreover, it intends to release non-fungible tokens (NFT) that hold information about an owner's behaviour.
CryptoGPT has managed to secure $10 million in investment, according to an announcement tweet from its official Twitter handle.
According to CryptoGPT, DWF Labs, a well-known market creator of digital assets and multi-stage Web3 investment business headed the Series A funding round.
With a current valuation of about $250 million, CryptoGPT is now positioned both financially and strategically alongside the most established layer-2 advancements in Web3."
According to data from CoinMarketCap, the market cap of CryptoGPT's native token GPT, which was launched in early March of this year, is currently slightly over $12 million.
On Monday, the announcement caused GPT, the native token of CryptoGPT, to increase by more than 10% before correcting itself.
The price of the token is now about $0.07312 according to CoinMarketCap and has risen by 4.2% over the last day.
At the time of writing, $GPT has a market cap of about $13 million and a 24-hour trading volume of around $9 million.
With funding from DWF Laboratories, the largest market maker in Asia, the firm will "push deeper into Asia at the most strategic time," CryptoGPT said in its announcement tweet.
The initiative made note of the fact that its expansion into Asia coincides with Hong Kong's decision to take a more pro-crypto posture in an effort to recover its status as a major global centre for the industry.
Hong Kong's finance minister recently said that despite recent market volatility, this is the "perfect time" for the city to promote Web3. He asserted that the crypto enterprise was going through a similar phase to the early 2000s Internet.
He also pointed out that market participants that survived the 2022 crypto crash concentrated on technology innovation, applications, and wealth generation.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.