Highlights:

  • The business was established in July 2022 with the goal of enabling consumers to supply data for businesses to use in the training of AI models.
  • CryptoGPT recently launched “Alex,” a crypto-oriented AI assistant specified as a “public library of the internet, powered by OpenAI models.”

DWF Labs led a USD 10 million round of new funding for CryptoGPT, a zero-knowledge layer 2 blockchain that seeks to allow users to profit from data for use in artificial intelligence (AI).

The company was established in July 2022 with the goal of enabling consumers to supply data for businesses to use blockchain technology in the training of AI models. Zero-knowledge proof, a blockchain scaling technique, is used by its core engine to enable it to record, encrypt, and anonymize user data before selling it to AI firms in a worldwide market.

The company reported, “Instead of applying ZK technology to payments, CryptoGPT integrates it for private data transfers.” CryptoGPT recently started making headlines in the news after several generative AI models, such as Stable Diffusion, ChatGPT, and Midjourney, emerged and gained immense traction in the market. Besides, the company’s name itself drives popularity to a large extent.

According to CryptoGPT, the ability to manage one’s data would encourage consumers by creating an ecosystem of apps across a variety of different industries, such as fitness, gaming, dating, music, travel, and more, where they can choose to monetize. The company refers to this component of its platform as a data-to-AI engine since it gathers user data and sells it to businesses looking to train AI models. Users get compensated for their activity in return.

CryptoGPT recently launched “Alex,” a crypto-oriented AI assistant specified as a “public library of the internet, powered by OpenAI models.” The company launched separate versions for mobile and desktop. The option of VPN is also provided to enable AI data monetization with blockchain network.

The business said that it would put the money toward expanding its developer staff and regional reach in Asian countries.

ChatGPT employs a native coin, GPT, released in early March, to run its blockchain. According to CoinMarketCap, its market value is just over USD 13 million right now.

Other AI-focused crypto tokens, such as SingularityNET or AGIX and Alethea’s artificial liquid intelligence or ALI, have also attained significant market caps as the popularity of AI continues to soar. Fetch.ai, a well-known blockchain project supported by DWF Labs that utilizes AI for smart infrastructure, has a market valuation of USD 355 million.