CryptoGPT, AI-Targeted Mission, Secures $10M Funding

Zero-knowledge (ZK) layer 2 blockchain CryptoGPT has secured $10 million in funding by way of a Collection A spherical, led by market maker DWF Labs. The funding has enabled CryptoGPT to have a $250 million valuation, as per an announcement launched.

CryptoGPT Secures $10 Million in Funding and Plans to Increase

Dejan Erja, co-founder and CTO of CryptoGPT has acknowledged that the funding will likely be used to increase the developer crew globally and enhance the corporate’s regional presence in Asian markets. CryptoGPT goals to monetize consumer knowledge throughout numerous sectors, resembling health, courting, gaming, and training. Moreover, the corporate intends to roll out non-fungible tokens (NFTs) that retailer the proprietor’s exercise knowledge.

The success of chatbot ChatGPT has positively impacted the AI-focused cryptocurrency market. Because of this, such cryptocurrencies have seen important success for the reason that begin of the yr. Nonetheless, some analysts stay skeptical concerning the long-term sustainability of such tokens. They imagine that the short-term value pumps are the results of opportunistic merchants capitalizing on the hype.

$GPT Token and Its Place within the AI-focused Cryptocurrency Market

The crew launched the CryptoGPT’s native token, $GPT, in March of this yr. It at present boasts a market capitalization of simply over $12 million. In accordance with CoinGecko knowledge, Fetch.ai’s FET and SingularityNET’s AGIX are among the many different AI-focused cryptocurrencies with larger market capitalizations. One other AI-based venture, ChainGPT ($CGPT), additionally carried out a really profitable token sale by capitalizing on the AI pattern.

CryptoGPT claims that its ZK rollup layer 2 blockchain is extra scalable than Ethereum’s mainnet, with higher-speed transaction throughput, decrease gasoline charges, and sensible contract assist. Moreover, the corporate’s data-to-AI engine encrypts knowledge on the level of origin, which CryptoGPT believes improves knowledge safety in the course of the switch course of.

CryptoGPT’s Plans for NFTs

CryptoGPT integrates ZK know-how for personal knowledge transfers as an alternative of funds, as acknowledged within the announcement. The blockchain firm believes that its broad goal is to permit customers to earn cash by monetizing their knowledge throughout a number of sectors. The NFTs will retailer the proprietor’s exercise knowledge.

The corporate additionally plans to roll out NFTs that retailer an proprietor’s exercise knowledge. The success of AI-focused cryptocurrencies for the reason that begin of the yr is plain. Nonetheless, some analysts stay skeptical concerning the long-term sustainability of such tokens, as they view the current value pumps as short-term.