What Web3 AI Projects Will Outperform This Bull-Run? AI Fuels Capital into Blockchain.
ChatGPT, OpenAI and Microsoft's $10 Billion Investment: A Look at the Impact on the Future of AI and Blockchain
The integration of AI into the Web3 ecosystem could very well be the next big narrative in the tech industry, with the rise of decentralized networks and blockchain technology making it possible to harness the power of AI in a decentralized and secure environment.
ChatGPT, developed by OpenAI is valued at $29 billion and is set to release a professional paid version soon. Microsoft is in talks to invest $10 billion in OpenAI, the company behind ChatGPT, showing the growing importance of AI technology in the modern business world. But Microsoft has a history of not doing well with acquisitions. Thankfully, the potential investment is only for 49% of the company.
But what about Blockchain? AI integration into Web3 could create new possibilities in industries such as finance and e-commerce. The use of DAOs and smart contracts can enhance AI capabilities making it more transparent and secure. The merger of AI and Web3 could democratize data and change the future of technology.
Will AI become the next major narrative for the bull-run of 2023? Subscribe to find out.
Now let’s dive into the markets!
Looking at this weeks coin prices on CoinGecko, a beautiful recovery for Altcoins is happening. GALA at 134%, Aptos, Zilliqa and Solana at 40+% on the week, and more! Go 2023!
To analyse the market I always start by looking at Bitcoin to see where the altcoin market is heading as it's hard for alts to rise when Bitcoin is falling. I’m sharing a BTC chart from my other friends at TrendSpider charting. One great thing about TrendSpider is that they automatically draw trendlines onto the chart for you, on any timeframe.
Bitcoin is doing well, breaking through multiple resistance lines. The red resistance line formed in May '22 during the LUNA Terra crash has now been broken. This is a great sign for the crypto market overall. Bitcoin has yet to break through the shorter-term light green resistance line.
Bitcoin needs to re-test the red resistance line and build support on top of it to ensure it will continue to move up. I don't believe we are in an environment yet that is "up only", so there will likely be some re-tests, but with Bitcoin up 8% on the week, it is looking like a great start to 2023.
Now onto some of the altcoins.
Some of the AI-Web3 plays I have been seeing across the altcoin space are:
$GRT The Graph:
The Graph is a decentralized protocol for building and using open APIs, also known as subgraphs, on the Ethereum blockchain. It allows developers to index and query data from Ethereum, IPFS, and other sources in a performant and decentralized way. The Graph also has its own token called GRT, which is used to incentivize node operators to index and serve data. It's a decentralized protocol for indexing and querying data from Ethereum and IPFS, making it easier for developers to build dApps on Ethereum.
If The Graph continues to stick around and grow into the next cycle, and the AI narrative becomes huge, here are some of the long term targets just to get back to the ATH of launch.
6x back to the time of the Luna Crash ‘22
12x back to the November ‘21 Bitcoin ATH
25-30x+ back to the (albeit a bit overvalued at the time) launch of The Graph.
However, when AI takes over the world, this could be huge.
peaq network:
Peaq is powering the Web3 Economy of Things on Polkadot.
Peaq enables individuals and enterprises to build decentralized applications (dApps) for users of vehicles, machines, robots, and devices, while empowering both app builders and users to govern and earn from machines.
Imagine Uber self-driving cars that have their own bank account, can perform crypto transactions with instant settlement, and run their own corporation.
The Peaq network hasn't launched yet, but I have been following them for a couple of years and am highly anticipating the launch of their network and token. Watch my latest interview with the Co-Founder Leonard Dorlochter and follow Peaq on CoinMarketCap to hear about the launch of the token.
#FET Fetch.AI:
Fetch.AI is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy. Fetch.ai democratizes access to AI technology by providing a permissionless network on which anyone can connect and access secure datasets by using autonomous AI to execute tasks that leverage its global network of data.
As you can see in the chart, people are already catching on to this one. The name itself includes "AI." #FET has already returned 2x since ChatGPT started gaining popularity last month. However, because we experienced a year of pain in 2022, there is still much room for growth.
With 150% to return to the levels of the LUNA Terra Crash in May 2022, and 360% to return to the November 2021 Bitcoin ATH levels, this is one to keep an eye on. I will continue to follow this and AI trends as they inch closer to adoption within the Web3 ecosystem.
There are many other blockchain projects that are AI focused, or looking to add AI for functionality, like SingularityNET (#AGI). I’ll keep focused on this narrative and report back in future newsletters on the state of AI in Web3 and if it becomes a major narrative for the next bull-run.
Other Crypto News:
Judge rules that Celsius users gave up legal rights to their BTC by using the platform and all the $4.2 billion of crypto deposits are now property of Celsius.
Amazon cuts 18,000 more jobs. Interesting sign leading into 2023.
Sam Bankman-Fried has filed a request to keep hold of his 56 million shares of the consumer trading app Robinhood, worth roughly $450 million
FTX spent about $7 million on food in the first 9 months of 2022
FTX has recovered more than $5 billion in cash, "liquid cryptocurrency" and other investment securities.
SBF starts a substack newsletter while on bail to discuss the details of the FTX crash: View it here.
Coinbase violated anti-money laundering laws in 2018 and 2019 and has been fined $100 million.
Jan 3 Not your Keys Not your Coins passes and no exchanges turned out to be insolvent (so far). Still highly recommend buying a Trezor hardware wallet.
A friend of mine who built the EngineeringRobo TradingView Indicator, which overlays buy and sell signals on top of candles for easy trading, has released a new book on how to win in crypto (and stocks really) using Algorithmic trading. His trading record was nearly 100% wins for all of Q4 2022. Please take a look at it on Amazon, or try the EngineeringRobo indicator 7 day Trial.
That’s all we have for the market news this week. The market is looking good but be cautious and protect the downside if you are going to make riskier short term plays.
Ashton Addison
-CEO, Crypto Coin Show & BlockWest Capital
Great stuff! I really need to get on TrendSpider.