About a month after the stock market debut of CryptoGPT (GPT), the project focusing on artificial intelligence (AI) has also attracted the interest of major investors. 10 million US dollars brought a round of financing.
Hardly a day goes by these months without a new aspect of artificial intelligence (AI) applications making headlines in the media. Programs such as ChatGPT no longer just write texts or create illustrations – AI can now also create simple programs or develop business plans. In the crypto industry, altcoins that advertise artificial intelligence have recently seen significant gains in their price curves. Currently, eyes are on CryptoGPT (GPT). This is because the team behind CryptoGPT proudly announces via Twitter that it has raised $10 million in a funding round and is valued at $250 million.
The funding round was led by DWF Labs. The investment firm is mainly active in the Asian region and is considered one of the major regional market players there. CryptoGPT thus also wants to use the financial injection for expansion via Hong Kong. Furthermore, use cases for CryptoGPT are to be made ready for practical application. CryptoGPT is focusing on the monetization of online user data. The idea: Internet users can have their data collected by CryptoGPT and the project will then also take care of finding buyers. 2 million times CryptoGPT’s apps are said to have been downloaded already and the opening of a marketplace for user data is planned for Q3 2023.
Data from CoinMarketCap puts CryptoGPT’s market capitalization at $13 million, with only 6 percent of all GPT already in circulation. In a listing of cryptocurrencies associated with AI, CryptoGPT is in the top 20, but is very significantly behind market leader SingularityNet (AGIX) (market capitalization just under $500 million).
Conclusion: AI cryptocurrencies – overvalued hype or solid investment opportunity?
Those who had GPT on their radar early on and got in at the stock market debut in early April are now looking at 50 percent upside. With the venture capital from DWF Labs, CryptoGPT can push ahead with its plans at high speed for the time being, and it should quickly become clear whether the concept of decentralizing user data into a commodity will work out. With other AI cryptocurrencies, it is also advisable to carefully examine the concepts before investing. The complex topic of AI also attracts projects that shine more with buzzwords than monetary results.
Buy GPT tokens at Bybit.
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