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ChatGPT and Crypto
I asked ChatGPT this question:
— I'm a 21-year-old computer science student, what field should I enter to make loads of money?
Guess what it told me.
The first answer it gave me was — *surprise surprise* — 👇
“Artificial Intelligence and Machine Learning As these technologies continue to shape the future, professionals with expertise in these areas are highly sought after".
♟️ ***well played AI engine well played***♟️
It’s true that there’s a ton of hype around AI, driven by ChatGPT, or as I like to call it, My Online Therapist.
But this is a recent thing.
🗓️ Between 2020-2022, when crypto prices were going like a 🚀, the hype that we’re seeing for AI and Machine Learning was behind blockchain technology and smart contract development.
After all “hype” is a result of use case 🤝 monetary value and we can see a TON of it behind AI right now.
But have you ever stepped back and observed the difference in the hype of AI vs Crypto?
We did. And here’s what we came up with 👇
1️⃣ ChatGPT VS Crypto: different HYPE cycle
When crypto was pumping (and we could still afford to pay rent and buy groceries) the end use-case was → always financial.
- Bitcoin → Decentralized payments
- Ethereum → Decentralized finance
- Dogecoin → Decentralized gambling
(you get the idea)
Because of this, the fever in cryptocurrency hype-cycles was felt only by those who used these financial applications.
This was because everything (from BTC to DOGE) had a token with a monetary value.
Whenever anything has a monetary value, it attracts traders and degenerates 🥲
But ChatGPT does not have the same attraction. ✋
People don't need to know about finance or even artificial intelligence to ask it (dumb) questions to an AI chatbot.
I don’t need a theoretical Ph.D. in Cold War Military Tactics to ask ChatGPT, “Write a Snoop Dogg rap about World War 2”
Btw if you’re wondering, here it goes:
It’s ya DAWG 🐶
Damn, that was tight 👆
So, the BIG doggy dog difference is — people don’t need to know 💩 to use ChatGPT, but crypto requires some tech, or economics, or finance knowledge.
Because of this ChatGPT will have a different (and even bigger) hype cycle than crypto.
As the VCs “that was she said” joke goes — “ChatGPT’s TAM is bigger than’s crypto.”
2️⃣ ChatGPT is Not community owned
ChatGPT is a private company owned by OpenAI, which includes investors like:
- Infosys
- Microsoft
- Elon Musk
- YCombinator
- Andreessen Horowitz
- Amazon Web Services
The value that ChatGPT and OpenAI will eventually create is gonna be, as DJT says, YUGGEEEE
Think about it — this value is created by a smart AF machine that is drawing user-generated data from various parts of the internet i.e. you stuff you and I say.
And it’s processing it to give out a precise answer to your question.
But you aren’t rewarded by its massive growth.
Only those ☝️ investors are.
In crypto, that’s not the case.
Since most crypto projects have an associated token with it, the community incentives are directly aligned with the token’s value.
👆 The more a crypto project takes off, the higher the value of the token.
👇 The less a crypto project takes off, the lower the value of the token.
3️⃣ OpenAI leaves devs missed out
The hype around crypto was loudest from the 100x gamblers and the VCs, but the ones who truly benefited from this were — developers.
Developers can build applications on FREE public blockchains using open source programming languages:
🔷 Ethereum — Solidity
🛑 Solana — Rust
🤡 Cardano — Haskell
Btw: Check out the developer activity of these 3️⃣ blockchains:
But with OpenAI, the access to the API is not only gated but requires a payment too.
This prevents developers from actively building cool stuff on top of it, as they would in the blockchain and especially the DeFi landscape.
Tbf, various blockchains facilitated this through the self-incentivizing mechanism of tokens to pay for — transactions and governance.
How OpenAI will manage to bring in the devs to build out cool 💩 will be very very interesting.
But until then the hype around crypto and blockchain tech vs the hype around ChatGPT is very very different.
FTX PitchDeck Uncovered
At InnMind, we scour the best of the best resources for you.
And today, we’ve uncovered a BIG 🗃️ LOOT
Here are 3 pitch decks examples:
- 💳 Revolut
- 😷 N26
- 🤡 FTX
Yup, we even got FTX in there!!
Check out some NEW + FREE pitch deck examples
Smell that? It’s VC fear in the air
The general feeling is VCs are running away from crypto.
- Is that true?
- Where are they running to?
- Do VCs even run or do they invest in a company to run for them?
So many questions.
The truth is — VCs are more calculated with web3 investments in 2023. No more investing in every company with the word “NFTs,” “Metaverse,” “GameFi” or “League Of Legends” in their pitch deck.
VCs are looking for actual things like:
- Product market fit
- Increasing acquisitions
- Lowering churn
- Sticky customer base
- AND ACTUAL VALUE
🤯
Wanna know what VCs are talking about? Head to our exclusive Telegram community to check the VC pulse.
Ending Note
We know that many startup founders are now thinking about their options and the future of the whole Web3 industry. So, we would like to give a little advice, which might be useful for aspiring entrepreneurs: don't stop developing new marketing strategies and gather around like-minded people, who share your idea, instead of waiting for another giveaway of free products/tokens.
If you want to know more about how to develop your startup, what trends are prevailing in Web3 sphere right now and how to find venture capitalists during the subscribe to our platform:
Mazikov Nikita
Nelli Orlova
Irina Ionova
