The Decentralised Finance sector built on a broad range of Digital Currencies also known as Crypto Currencies is a rapidly changing sector, whilst Bitcoin dominated and still continues to do so. The landscape remained fairly vacant for a number of years.
Then an explosion of start ups emerged altering the course of the sector moving from Proof of Work to Proof of Stake and the many more iterations of operation that continue to emerge.
From isolated chains to the ability to merge with other chains ushering in cross chain protocols emerged last year as well as the hyped up Algorithmic Stable Coins. Unfortunately Algorithmic Stable coins came to a crashing end with the collapse of Terra (Luna) Network and the death spiral was born brining a short lived project to it's knees in a matter of hours.
While we all waited the return of the Crypto markets after one of the worst crypto winters to have graced our sector a new trend has been building momentum on the back of all the recent collapses.
Much like the past few years any and all businesses were adding "crypto" to their business models to capture the growing sector as everyone wanted in on the rags to riches marketing of the word.
Now a new hype word has emerged in a growing cohort of sectors and has finally come to the decentralised world "AI". ChatGPT is dominating sectors and many companies are moving to see how incorporting the bot into their business models can not just benefit their companies (if possible) but draw hype to their products so they can up sell to their consumers.
If you have been following along for a while the use of AI on blockchains isn't a new concept with the explosion of NFTs weighing in heavily on AI generated art to make faster, better art in large quantities that could be easily added to blockchains and sold for significant amounts of Crypto currency. A broad range of dApps and Apps have been created to aid people in this such as Fotor.
The sector has once again now grown more welcoming of AI within the Decentralised world expanding to not only create art but operate blockchains such as the recently launched SingularityNET. I won't go into too much depth as I want to do another article solely on AI Blockchains.
As 2023 begins it's economic reboot is well underway and this years focus on AI has finally arrived to Crypto currency with AI dominating VC funding.
We're yet to see what the market impact is this year but no doubt as always in a sector where HYPE sells the most even if it doesn't deliver it will still probably manage to draw in more funds before the next thing comes in.
What are your thoughts on AI and Crypto, will it be the next big thing?
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