The beginning of 2023 saw a remarkable surge in the market of AI (Artificial Intelligence) tokens. The much-anticipated arrival of a powerful AI-backed chatbot sparked considerable gains in various crypto-assets that related to the AI domain. Recent reports by Kaiko, a cryptocurrency analysis platform, provide evidence towards a possible downtrend in the demand for AI tokens, which have been hitting lows that have not been seen since January of last year. This includes an examination six prominent AI tokens, such as AGIX, FET, INJ, GRT, ROSE, and RNDR, which bear witness to the significant decrease in their collective trading volumes insights.
The strong upward trend demonstrated by AI-endowed crypto-assets at the start of 2023 seemed eminently unsustainable; this is borne out when observing the dramatic downtick that has been experienced by the GRT (Graph). Starting off this calendar year by gaining 122%, reaching its highest point at $0.2323 on the 7th of February…only to shortly thereafter find itself struggling, with its current state of affairs placed 51% lower than its January 2023 valuation.
The entry of ChatGPT into the scene unleashed a tsunami of investor enthusiasm, though has not come close to being replicated by Sam Altman’s OpenAI backed-Worldcoin project and its eponymous WLD token – up until launch day on the 24th of July. Initial responses to the unveiling of the accompanying World ID program were met with an 85% upturn in the price of the ship-setting WLD, later utilizing the bullish wave as a springboard to propel the WLD upwards to its highly-touted all time peak of $3.3. It was not perpetual, however; the gains persisted merely a short spell as a short sell-off followed…coming to a close at $2.35 on current day – which is still significant statement of an 8.4% increase.
In spite of great levels of hype surrounding the potential of the Worldcoin project, certain authoritative figures have submitted reservations with regards to the well-being of its technology; most notably in public moments byVitalik Buterin, Ethereum fonders puzzlement about the iris-scanning hardware and related data collection processes that Worldcoin had availed.
Authorities have also taken steps towards potential inspection; namely the Information Commissioners’s Office (ICO) in England commencing investigation and the CNIL in France” placing scrutiny over propriety of biometric data collection capabilities. Irregardless of such governmental inquiry, customer response moves to inform the fate of the future of the bold crypto currency venture – Worldcoin.
