AI-Centered CryptoGPT Secures $10M FundingApril 12, 2023
Zero-knowledge (ZK) layer 2 blockchain CryptoGPT has secured $10 million in funding via a Collection A spherical, led by market maker DWF Labs. The funding has enabled CryptoGPT to have a $250 million valuation, as per a press release launched.
CryptoGPT Secures $10 Million in Funding and Plans to Increase
Dejan Erja, co-founder and CTO of CryptoGPT has said that the funding might be used to broaden the developer group globally and enhance the corporate’s regional presence in Asian markets. CryptoGPT goals to monetize consumer information throughout numerous sectors, equivalent to health, courting, gaming, and schooling. Moreover, the corporate intends to roll out non-fungible tokens (NFTs) that retailer the proprietor’s exercise information.
The success of chatbot ChatGPT has positively impacted the AI-focused cryptocurrency market. Consequently, such cryptocurrencies have seen important success for the reason that begin of the yr. Nevertheless, some analysts stay skeptical concerning the long-term sustainability of such tokens. They imagine that the short-term worth pumps are the results of opportunistic merchants capitalizing on the hype.
$GPT Token and Its Place within the AI-focused Cryptocurrency Market
The group launched the CryptoGPT’s native token, $GPT, in March of this yr. It at present boasts a market capitalization of simply over $12 million. In line with CoinGecko information, Fetch.ai’s FET and SingularityNET’s AGIX are among the many different AI-focused cryptocurrencies with larger market capitalizations. One other AI-based mission, ChainGPT ($CGPT), additionally performed a really profitable token sale by capitalizing on the AI development.
CryptoGPT claims that its ZK rollup layer 2 blockchain is extra scalable than Ethereum’s mainnet, with higher-speed transaction throughput, decrease fuel charges, and sensible contract assist. Moreover, the corporate’s data-to-AI engine encrypts information on the level of origin, which CryptoGPT believes improves information safety throughout the switch course of.
CryptoGPT’s Plans for NFTs
CryptoGPT integrates ZK know-how for personal information transfers as an alternative of funds, as said within the announcement. The blockchain firm believes that its broad goal is to permit customers to earn cash by monetizing their information throughout a number of sectors. The NFTs will retailer the proprietor’s exercise information.
The corporate additionally plans to roll out NFTs that retailer an proprietor’s exercise information. The success of AI-focused cryptocurrencies for the reason that begin of the yr is simple. Nevertheless, some analysts stay skeptical concerning the long-term sustainability of such tokens, as they view the current worth pumps as short-term.
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