CryptoGPT has raised $10 million in funding in a Series A funding round. What are the AI platform’s uses?
CryptoGPT, a blockchain platform with a Zero-knowledge (ZK) layer 2 and an AI focus, has raised $10 million in funding in a Series A round led by DWF Labs, giving it a valuation of $250 million. The company plans to use the funds to expand its development team and presence in Asia.
In simple terms, CryptoGPT is an AI-powered way for users to monetize the data they generate. Users have the option to allow CryptoGPT to collect some of their data, such as their preferences and behavior, while they use these apps. This information is then sold in a larger market where companies purchase data to train their artificial intelligence models. Users can earn in exchange for sharing their data.
CryptoGPT uses zero-knowledge-proof technology for data transfers, namely between the user and commercial applications. CryptoGPT’s goal is to enable users to monetize their data across multiple industries and introduce non-fungible tokens (NFTs) to store activity data.
The project also recently launched its new chatbot, “Alex,” which is not dissimilar to its ChatGPT namesake.
Experts Wary of AI Tokens
The recent success of ChatGPT has sparked a surge in interest in AI-focused cryptocurrencies, although there is some skepticism around their long-term viability. Other AI-focused cryptocurrencies like Fetch.ai (FET) and SingularityNET (AGIX) have seen huge gains this year. However, many experts agree their price is often not reflective of the technology behind them. Many buyers are simply looking for quick returns and joining the trend.
CryptoGPT plans to launch its Mainnet in Q3 2022. Then will follow the release of its Data-to-AI Engine, which will enable businesses to access and use encrypted data for AI applications. Additionally, CryptoGPT plans to expand its ecosystem by partnering with other blockchain projects and integrating with other Layer-2 solutions.
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