Worldcoin surges despite AI regulatory challenges

Worldcoin (WLD) is currently trading at $8.85, representing an over 253% price increase in the last 14 days.

The recent surge was propelled by several factors:

• The launch of OpenAI’s Sora, an artificial intelligence-powered platform that converts text to lifelike videos (Worldcoin co-founder Sam Altman is also the CEO and co-founder of OpenAI)
• A whale wallet recently accumulated a substantial amount of WLD tokens — valued at $5.82 million — from Binance. This movement further contributed to the token’s upward momentum.
• Alameda Research’s recent ownership of $167 million in WLD tokens, accounting for 19% of Worldcoin’s circulating supply, has also spurred speculation and bolstered WLD’s price.
• Positive market sentiments, fueled by events like the Bitcoin halving and Ethereum ETF anticipation.
• The World App, designed to offer decentralized identity solutions, has seen an increase in users, with a record of 16,000 daily Orb verifications.

Meanwhile, the World project — designed to become the world’s largest digital identity and financial network — faces resistance and regulatory challenges in countries like France, India, and Brazil, where privacy concerns have forced the suspension of iris scanning, or so-called Orb verification services.

Still, Worldcoin has managed to extend its World ID verification services to other jurisdictions, including Singapore.

This expansion follows the successful launch of World ID 2.0 and the public availability of the Worldcoin iris recognition pipeline. With this move, Singapore becomes one of several countries offering World ID authentication through the Orb. 

Worldcoin maintains a strong global presence, having introduced its services in multiple Asian, European, and South American nations. 

The World App, compatible with World ID, has gained popularity, reaching 5 million downloads and 1.7 million monthly active users, placing it among the top global hot wallets

Sora launch and expansion plans

The recent introduction of Sora, a text-to-video generator from OpenAI (the parent company of ChatGPT), has generated buzz across the technology community.

Named after the Japanese word for “sky,” Sora marks a notable progression in AI capabilities, enabling users to craft realistic and imaginative video sequences from simple textual cues.

While Sora’s launch signifies a significant stride in AI-driven technology, concerns persist regarding its ethical ramifications and societal impact.

Capable of producing videos of up to a minute, Sora has captured attention for its capacity to construct intricate scenes featuring multiple characters, specific actions, and elaborate backgrounds.

Industry analysts highlight the quality and duration of Sora’s output as noteworthy achievements, while some creatives worry that these advancements are a death knell for artists and entertainment professionals.