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ChatGPT hitting App Store might be game-changing for AI cryptos

Markets
ChatGPT hitting App Store might be game-changing for AI cryptos

OpenAI steps into the App world with ChatGPT, and it’s time to explore its implications for AI-backed crypto tokens.

OpenAI has made a grand entrance, launching the official version of their AI-driven chatbot, ChatGPT, on Apple’s App Store. 

Accompanied by a whisper of an Android version soon to debut, this move sends ripples through the crypto sphere, sparking considerable interest and activity.

Announced on May 18, the ChatGPT app introduces seamless syncing of user chat history between its web version and the app, even featuring voice input facilitated by OpenAI’s Whisper.

Initially available for iPhone and iPad users in the United States, the company plans to expand to other countries in the forthcoming weeks.

With a global roll-out, the AI adoption race heats up as OpenAI potentially taps into Apple’s two billion active devices. The stakes are high, and the implications are vast.

Impact on AI crypto tokens

The crypto community has not been a mere spectator in these advancements. It has birthed unique tokens, leveraging these developments, creating intriguing intersections between AI and cryptocurrency. Notably, token prices have shown exciting movements after the announcement.

Consider SingularityNET (AGIX), a token powering a marketplace for AI-related products. Trading at approximately $0.2415 as of May 19, AGIX has a market cap nearing $321 million. The advent of the ChatGPT has already driven the demand for such AI tokens, potentially stimulating prices.

Injective (INJ), a decentralized exchange (DEX) platform token, currently trades at around $6.28 with a $500 million market cap. As AI adoption continues, the decentralized technology supporting INJ may gain traction, perhaps bolstering its market position.

Market reaction and future implications

The announcement has provoked a mild positive stir in the market. The most apparent impact was on Render Token (RNDR), which showed a weekly increase of 41.91%. 

ChatGPT hitting App Store might be game-changing for AI cryptos - 1
RNDR 7-day price chart | Source: CoinMarketCap

As a token built atop Ethereum (ETH) blockchain and focusing on decentralized applications (dApps), RNDR’s performance could reflect the market’s response to AI’s increasing role in technology.

But beyond immediate market reactions, this launch could shape the future of AI-backed crypto tokens. As AI becomes more ingrained in everyday tech use, AI tokens could witness increased acceptance, potentially leading to amplified market caps and trading volumes.

The road ahead

As the narrative around AI-backed tokens unfolds, it’s evident that we are just scratching the surface of what AI and blockchain can achieve together.

While market fluctuations are expected, investors and enthusiasts alike should brace themselves for a dynamic crypto landscape teeming with opportunities. 

Remember, the world of cryptocurrencies can be volatile and unpredictable. Do your due diligence and thoroughly research before investing.