Introduction
Generative AI and Web3 are two rapidly evolving technologies that are revolutionizing the way we interact with digital content. Generative AI refers to machine learning models that can create new, original content such as images, text, and even music. On the other hand, Web3 is a new generation of the internet that is decentralized, open, and powered by blockchain technology.
The combination of these two technologies has the potential to create a new paradigm for digital content creation and distribution. In the generative AI space, ChatGPT has recently gained great visibility among experts and on media, on one side for its impressive capabilities and also for the fear that it could replace workers in various contexts.
ChatGP
ChatGPT, the world’s most advanced artificial intelligence chatbot, recently became the fastest app in history to surpass 100 million users. It is considered by many to be a technological breakthrough of momentous significance that will have an immediate and radical impact on the way we work.
It can generate text in multiple languages according to the user requests.
Web3
Web3 is the variant of the Web which incorporates concepts such as decentralization, ownership, trust, native payments, resistance to censorship, and it relies on blockchain technologies. Web3 allows to build token-based economies within the application or service.
In the vision of the creators, the Web3 content does not belong to the giant internet players, like in Web 2.0, but it rather belongs to the users, the one who has generated it.
Impact of ChatGPT on Web3
User interaction
ChatGPT and other language models can be used to improve the user experience of Web3 applications. With the ability to generate natural-sounding responses and conduct meaningful conversations with users, language models can help to create more engaging and interactive dApps. This could lead to increased adoption of Web3 technology as users become more comfortable with the idea of interacting with decentralized applications. Such applications could for example fall in the domain of conversational wallets and language-based explorers that would allow to query transactions and addresses and query the blockchain activity.
User information and advising
Information overload is a drag on the widespread adoption of crypto. People entering this world for the first time find themselves overwhelmed by new information that needs to be thoroughly understood in order to understand how things work. This is a major deterrent that limits people’s involvement. Misunderstanding breeds skepticism, and crypto technology loses potential followers.
To solve this problem, it is useful to build intuitive Web3 applications that are easy to use by those unfamiliar with the crypto world, so as to provide the tools for gradual entry.
Artificial intelligence can be used to provide a more intuitive approach to interaction. Having a sort of interactive advisor that sorts out doubts will make things easier for users and therefore increase the Web3 adoption.
Smart Contract Audit
With Web3 technology, decentralized applications rely heavily on smart contracts, which are self-executing programs that run on a blockchain. These smart contracts often require the input of data in the form of text, and language models such as ChatGPT can be used to process and analyze this data. This can help to ensure the accuracy of the data used in smart contracts, which is critical for maintaining the integrity and security of the blockchain network. Generative AI could be used to generate security tests for a specific smart contract or cover the entire lifecycle, from development to audit.
The support of AI in auditing smart contracts will significantly reduce the number of hacks.
Digital Content Creation
By leveraging ChatGPt and Web3, organizations can create new value through the creation of generative assets, such as art and music, which can be sold as tokens on decentralized marketplaces powered by Web3.
This creates new opportunities for artists and creators to monetize their work directly, without the need for intermediaries such as publishers, record labels, or streaming platforms.
Furthermore, the decentralized nature of Web3 allows for greater transparency and accountability in the distribution of digital content. Artists can ensure that they receive fair compensation for their work, and consumers can be confident that they are supporting the creators they care about. Overall, the combination of generative AI such as ChatGPT and Web3 has the potential to create a more equitable and sustainable ecosystem for digital content creation and distribution.
Value Creation
Generative AI can be used to enable intelligent NFTs. I.e. collectibles that incorporate intelligent capabilities like answering questions about a specific NFT, or make the NFT that change based on user emotions.
It would also foster the production of Audio, Video and 3D NFTs.
Infrastructure components with generative AI capabilities built-in
Experts envisage also that ChatGPT will allow to develop infrastructure components that have generative AI capabilities built-in. A generative AI blockchain runtime optimized for foundation models training and operations.
Conclusions
ChatGPT and Blockchain have a lot of synergies that can be beneficial for users in both the domains. For the Web3 space, ChatGPT can help to increase the environment userfriendliness and improve security, while also allowing to develop new types of products.
Making the impact on new users smoother would for sure increase the web3 applications adoption.
Overall, the combination of Web3 and Generative AI can enable new business models and create new value for organizations and individuals. Also check out another post about the future of tokenization!
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