With the Explosion of AI Technology, What New Business Model Will Web3 + AI Collide With?
Artificial intelligence, which achieved mainstream popularity in 2022, is the most fascinating technological development to emerge since the advent of blockchains a decade ago.
We have noticed a significant increase in eagerness for what follows next. Is it augmented reality? Autonomous vehicles? Crypto boom? Each one is promising in its own right and has various applications.
In this article, we will talk about the explosion of AI in recent years, its relationship with Web3, and how businesses are affected due to this new relationship.
The Explosion of AI Technology
According to research from OpenAI, there has been a staggering increase in computational power in the last 10 years. The statistics tell us that there’s a doubling in capacity every 3,4 months. This increase in computing power has allowed humans to create AI networks, programs, and softwares that were previously thought impossible.
One simple definition of AI Explosion would be in which artificial intelligence (AI) advances at a pace enormously higher than the rate at which humans do, eventually surpassing human intelligence.
Intelligent machines can address challenges and build new technologies we cannot imagine. Therefore, an intelligence explosion could usher in a new era of prosperity and abundance. In addition, it may result in a deeper comprehension of the cosmos and our place within it and the development of innovative strategies for human and machine communication and cooperation.
The evolution of AI in recent times and the release of programs like ChatGPT are proving that the AI explosion really is here and will only improve with the advancement in technology.
What is the Intersection of AI and Web3?
The development of critical distributed computing components that enable the decentralized processing of financial transactions is the primary emphasis of the blockchain platforms that are now available.
Consensus methods, mempool structures, and oracles are some of the essential building parts of this system. ML-driven features will be incorporated into the next generation of layer 1 and layer 2 blockchains (companion and base) as the essential components of existing software infrastructures like storage and networking are becoming more intelligent.
It is anticipated that decentralized applications, often known as dApps, would be among the most popular web solutions available on web3 for rapidly adding ML-driven features. This pattern is already noticeable in NFTs, and its prevalence will only increase with time.
In the next generation of NFTs, static images will be replaced with artifacts that exhibit intelligent behavior. These NFTs can adjust their behavior depending on the emotional profile of the person who owns them.
Utilizing smart contracts and protocols is another way the Web3 stack can integrate ML capabilities. This pattern is illustrated most emphatically by DeFi.
It won’t be long until we see computerized market makers for DeFi (AMMs) or loan protocols with more intelligent logic based on machine learning models. We may conceive of a lending protocol that uses an intelligence score to distribute loans from various wallets evenly.
Generative AI is empowering Web3 through the use of NFTs (such as branding and media with NFT arts), blockchain gaming (such as asset generation, narrative, story designs, and avatar modeling creation), the metaverse, and Web3 development.
The various generative AI technologies in Web3 introduce novel and valuable innovations to online search. For example, the most recent integration of ChatGPT with Microsoft’s Bing provides a chat experience that is improved and more user-friendly.
In addition, with its AI cloud, Generative AI can integrate itself into the Web3 domain. When conducting a query using a web search, it simplifies the use of SEO content and assists users in filtering material found on the internet.
You may streamline and innovate dynamic game features like dialogues and avatars by using Generative AI text tools. These tools can be included in your game.
What New Business Model Will Web3 + AI Collide with?
Users in niche markets are enthusiastic about digital art, and collectibles are among the most active consumers of generative artificial intelligence and Web3 technology. Artists are creating rare digital assets and designing items in a limited number, so their value can be high due to low supply.
The boom in AI and Web3 has given a chance to artists to create unique digital art that can be sold online. This isn’t typical because if you told someone, “I sell digital art in the form of NFTs”, a few years ago, he would have laughed at you.
Decentralized AI Marketplaces
Imagine a world where artificial intelligence models can buy, rent, or lease on an open market.
These decentralized AI marketplaces allow everyone to contribute to the progression of AI, freeing them from the constraints of centralized data control. Blockchain technology assures transparency, security, and, most crucially, a fair portion of revenues to those who create AI models.
Decentralized Data Marketplaces
It is a decentralized network in which businesses may participate to either sell or purchase data. The marketplace activities driven by smart contracts ensure that the data supplier can securely sell their data to purchasers without jeopardizing data privacy.
The identities of the buyer and seller aren’t revealed to a third party without consent. The name of the data seller is only exposed to the data buyer if the seller gives his 100% permission to do so. Even after the data has been traded, the seller’s right to the privacy of their data is protected and preserved.
Is the AI & Web3 Future?
The way we use the internet is already being revolutionized by AI, and this trend will only quicken in the years to come. Web3 will be powered by AI and is the next iteration of the internet. This suggests that we look forward to even greater feats of artificial intelligence in the future.
In addition, exciting technologies like virtual and augmented reality may soon combine with generative AI. Envision a collection of textual instructions that, when followed, produce a realistic, interactive 3D simulation.
Established in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions. Founded with the initial intention of creating an equal and respectful cryptocurrency environment, CoinEx is dedicated to dismantling traditional finance barriers by offering easy-to-use products and services to make crypto trading accessible for everyone.