In a letter signed by Elon Musk and more than 1,000 artificial intelligence experts, the whole world was asked to halt artificial intelligence research and development. Bill Gates is among those who oppose it. So, how can AI coins react to the latest developments?
Elon Musk has called for pausing artificial intelligence projects! What does it mean for AI coins?
In recent days, reactions and restrictions against ChatGPT have started to come in Europe. At the end of March, which we quoted as Kriptokoin.com, names such as Elon Musk and Steve Wozniak, Yuval Noah Harari, Gary Marcus called for a six-month break from the development of ChatGPT. This call comes on top of increasingly sinister warnings from tech leaders about the potential dangers of artificial intelligence (AI), as well as new concerns that the Federal Trade Commission (FTC) may try to regulate ChatGPT.
After taking a brief look at the latest developments around AI, let’s take a closer look at how the response to ChatGPT could affect AI coins in the future.
Is the ChatGPT bubble bursting?
Since the beginning of the year, the biggest AI coins were among the crypto trends and rallying. For example, SingularityNET (AGIX) still keeps its earnings around 830% during the year. Fetch.ai gained an astonishing 295%.
With every new iteration of ChatGPT since then (we’re now on version 4), AI projects have rallyed. For example, when ChatGPT-4 was released on March 14, the value of some cryptocurrencies instantly skyrocketed. So the obvious implication of the new ChatGPT response is that investors can no longer rely on similar types of rallies.
Also, the days of cryptocurrencies that proudly herald their relationship with ChatGPT may be coming to an end. When ChatGPT was the hottest topic in tech, cryptocurrencies raced to join the generative AI trend. For example, in mid-March, The Graph highlighted how it will start using ChatGPT to explain data calculations and summarize information for users.
It is important to distinguish the winning AI coins from the losers
Ultimately, the AI coins are expected to split into two. There will be one market for classic AI Coins and another for productive AI coins. Classic AI Coins will focus on secure, agreed-upon approaches to AI. For example, AI is used for facial recognition, and this classic use case for AI dates back to the mid-1960s. No one wants this kind of AI research to be stopped.
Meanwhile, cryptocurrencies that are jumping on the maker AI bandwagon are the ones that may face selling pressure. In the world of AI and machine learning, “generative AI” refers to the ability to create content (like text, audio, photo or video) based on a simple text prompt. For example, DALL-E allows users to create an image based on a text prompt in seconds.
Are any AI Coins safe to buy?
While SingularityNET has clearly benefited from the recent ChatGPT craze, SingularityNET founder Dr. Ben Goertzel has been intensely interested in artificial intelligence since the early 2000s. He has worked on groundbreaking AI projects like the robot Sophia, and in 2017 he pioneered the idea of bringing AI to Blockchain. In January 2018, SingularityNET partnered with Ethereum to launch their new token. So there’s obviously a long track record of performance and a tremendous amount of innovation firepower here.
One of the goals of SingularityNET’s Blockchain-based AI was to avoid the nightmare scenario proposed by Elon Musk: an out-of-control superintelligence that went from responding to simple text prompts to ruling the world. Combining AI with Blockchain ensures that no one can fully control AI because Blockchain is decentralized by definition.
Investment opportunities in the artificial intelligence coins market
The big takeaway here is to add AI projects to the investment list only if you believe in the underlying business model, not because a new token promises some magical integration with ChatGPT. While I trust the ability of technology leaders to find a way to develop ChatGPT ethically and securely, the fact remains that ChatGPT can be a lightning rod for future discussions. This makes ChatGPT-based tokens risky.
As the field of artificial intelligence evolves exponentially, it will likely take a few more years to evolve into the multitrillion-dollar industry predicted by some consulting firms. Therefore, when considering investing in AI projects, it is important to choose those that can afford to wait for any moratorium on ChatGPT development, according to market analysts. The largest AI coins like SingularityNET are already developing real-world use cases and creating long-term value.
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