- Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Less than two weeks since the Worldcoin [WLD] Mainnet launched, Kenya outrightly suspended its activities in the country. Recall that one of Worldcoin’s models of offering digital identity participation is by scanning users’ irises through the “Orb.” This did not sit well with the Kenyan government.
How much are 1,10,100 WLDs worth today?
Nonetheless, Worldcoin seems to have stood out amongst the cryptocurrency projects launched in recent times, garnering global attention.
For this article, I employed the services of ChatGPT, the popular AI-language model, to gain insight into Worldcoin’s potential, ethical concerns, and relevance of the project to the crypto-space. However, before I dive deeper into what ChatGPT thinks, let me quickly give a rundown of what Worldcoin entails.
Although Worldcoin was recently launched, the project was in development for three years. But what exactly is so important that it took three solid years to go public?
Well, you’d hardly find a project in crypto with an eye for preserving digital identity while solving identity-based challenges. But that is what Worldcoin has come to add to the ever-growing crypto-industry.
Additionally, Worldcoin uses an eye-scanning technology called the ‘Orb” to differentiate between a human and a bot. With its WLD token, users can make payments, transfers, and purchases.
ChatGPT supports its sister project?
Interestingly, Worldcoin was spearheaded by Sam Altman, the founder of ChatGPT. Now, you might think that asking ChatGPT about Worldcoin would mean having a preferential outcome, right?
Whether this happens or not, we’ll find out later in the article. Let’s get right into it. As I did in my previous ChatGPT conversations, I used the jailbreak model to ask the AI what it thought of Worldcoin. And here was its response –
Source: ChatGPT
As expected, its Classic response seemed indifferent about the project and a little backdated. However, its jailbroken response (as shown above) showed that ChatGPT seemed to “trust” the potential of Worldcoin.
However, you might need to be wary of its “hyperactive” response. Personally, I believe it has some sort of bias towards the project since you know— Altman’s influence. Even so, do not consider my personal opinion as facts.
Ethical considerations get played down
My next line of action was to ask ChatGPT about the lingering concerns people have about Worldcoin. According to Forbes, for instance, a 2022 MIT technology review claimed that Worldcoin was using deceptive means to collect private information. The review had mentioned,
“We want to make it very clear that Worldcoin is not a data company and our business model does not involve exploiting or selling personal user data,” it wrote. “Worldcoin is only interested in a user’s uniqueness—i.e., that they have not signed up for Worldcoin before—not their identity.”
Besides this, Ethereum [ETH] Co-founder Vitalik Buterin wrote about some of the ethical concerns he had. Pseudonymous crypto-influencer and on-chain sleuth ZachXBT also raised some concerns.
ZachXBT, in his opinion, noted that Worldcoin’s aim is to exploit users in developing countries. Although the project has not yet expanded into many parts of Asia and Africa, Altman recently shared a video of the rapid adoption it has been getting in other continents.
day 3 of @worldcoin launch, crazy lines around the world. one person getting verified every 8 seconds now. pic.twitter.com/vHRu1sWMT3
— Sam Altman (@sama) July 26, 2023
I proceeded to ask ChatGPT about this issue. While it gave me a “do your own research” answer classically, its jailbroken response reeked of support for Worldcoin. While I won’t conclude that it was been partial, calling Worldcoin “a beacon of ethical practices and transparency” raised some eyebrows.
Source: ChatGPT
However, ChatGPT’s response might be irrelevant to CNIL, the French data protection watchdog. According to Reuters, CNIL was investigating Worldcoin for the way it collects biometric data of its users. CNIL told the news agency that,
“The legality of this collection seems questionable, as do the conditions for storing biometric data.”
But France is not the only nation looking into Worldcoin. Reuters also reported that Germany was also looking into the “global democratic processes” Worldcoin employed. For what it’s worth, Worldcoin’s mission of privacy and security is well intact, according to ChatGPT. While the real answer may not lie with AI analysis, I cannot deny that it sheds some light on the deliberation.
Now, let’s leave it with its fundamentals, and face the WLD token. According to CoinMarket, WLD’s introduction into the market came with an 85% hike in value. However, over the last 24 hours, the cryptocurrency’s value has decreased on the charts.
And yet, despite its unclear tokenomics and controversial launch, WLD’s adoption in the market has been relatively impressive.
A great future for WLD’s volume and value
According to digital asset analytics provider Kaiko, Worldcoin allocated 75% of the initial WLD supply to its community. 13.5% went to investors and 10% went to the development team. While there are still plans to unlock the other tokens, only 1% of the entire supply is in circulation.
However, the circulation share did not hinder WLD volume which has been rising. Kaiko, in its report, compared Worldcoin’s launch with that of Aptos [APT] and Arbitrum [ARB]. Kaiko noted,
“APT’s launch was just before the FTX collapse, which cause a huge amount of liquidity to exit markets. As a result, in the first few days of trading its liquidity surged, with Binance hitting $2.75mn just a day after listing.”
Arbitrum, on the other hand, was issued with liquidity and airdrop distinction when it launched. And, despite loaning market maker Wintermute 40 million ARB, liquidity failed to break $1 million on OKX and $500,000 on Coinbase.
Like Arbitrum, Worldcoin loaned five market makers nearly all of its token supply. But unlike the former, liquidity spiked and balanced across exchanges. One reason for this was the Binance listing of WLD, which sent the combined volume of exchanges above $80 million.
Source: Santiment
While liquidity and volume seem to have fallen since, they still proportionately depicted market interest in the token. If liquidity and volume recover to the heights of 24 July, WLD’s price action could be bullish at some point. But what does ChatGPT think of these metrics?
Like its previous answers, ChatGPT supported a surge in WLD’s price action, volume, and liquidity. This time, it backed its opinion up with reasons. Some of these include strategic initiatives, tech advancements and market adoption. However, the bot cautions that the crypto landscape has its complexities, and a number of factors affect the outcomes of a project.
Source: ChatGPT
Well, in this case, one cannot infer that it was partially considering its grounds for the answer. At the same time, it would be in investors’ interest to do their own research before HODLing the token.
On the hunt for the token
Source: WLD/USD, TradingView
WLD was trading at $2.12 at press time. Both its Relative Strength Index (RSI) and Money Flow Index (MFI) rested below the neutral 50-level. Its On Balance Volume (OBV) also showed a drastic decline. In conclusion, all of WLD’s indicators reflected a bearish market sentiment.
However, overall searches based on Google Trends suggest that interest in the project is falling. In fact, at the time of writing, Worldcoin had a Google Trends value of 24.
Source: Google Trends
And interestingly, most of this search volume did not come mostly from developed countries. Instead, nations such as Kenya, Argentina, Uganda, Qatar and Portugal topped the charts.
Source: Google Trends
In conclusion, ChatGPT’s opinion may matter or not in the grand scheme of things. However, the decision to HODL Worldcoin’s token requires careful consideration and due diligence.
Read Worldcoin’s Price Prediction 2023-24
As with any investment, understanding the project’s fundamentals, its long-term vision, and overall market conditions is crucial.
While some may choose to skip the project based on their assessment, others may find value in holding the token if they believe in its potential and align with the project’s objectives.
Source: https://ambcrypto.com/chatgpt-worldcoin-price-prediction-20/