Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Worldcoin [WLD] has registered the highest WorldID sign-up in a single day, according to the project’s latest update. In a recent blogpost, Worldcoin said it was able to achieve the landmark in Argentina.
Since the launch of Sam Altman’s Worldcoin project, data privacy concerns have been raised by regulators in various countries across the world.
The U.K., France, Germany, Kenya, and Argentina are taking action against the blockchain project.
How much are 1,10,100 WLDs worth today?
Though Worldcoin seems to have stood out amongst the recently launched cryptocurrency projects, the regulatory concerns around it have resulted in a decline of more than 50% in the value of its token.
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.
Does ChatGPT support 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. 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 expressed his thoughts on the project. He said that the privacy and ethical issues raised around the project would be valid.
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.
1/6 My issues with WorldCoin pic.twitter.com/uJxe9fzows
— ZachXBT (@zachxbt) July 24, 2023
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 partial, calling Worldcoin “a beacon of ethical practices and transparency” definitely raised some eyebrows.
Source: ChatGPT
However, ChatGPT’s response might be irrelevant to data privacy watchdogs worldwide.
The Information Commissioner’s Office, a U.K. watchdog, is looking into concerns surrounding data privacy.
A recent Reuters report mentioned that the National Commission of Informatics and Liberty (CNIL), a French privacy watchdog, questioned the legality of Worldcoin’s biometric data collection. Another Retuers report mentioned that the Bavarian State Office for Data Protection Supervision, a German data watchdog, had been investigating the project since November 2022.
Kenya suspended Worldcoin’s activities in the country soon after its launch due to similar concerns. Kenyan police recently raided the Nairobi center of Worldcoin, confiscating documents and machines.
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. The value of WLD rose 85% to $2.15 immediately after its launch. However, it has dipped nearly 50% since then. At press time, WLD was trading at $1.26.
A great future for WLD’s volume and value?
Worldcoin has 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. In a July report, Kaiko 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 [BNB] 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 adoption, innovation, and market dynamics.
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 $1.1803 at press time. Both WLD’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested much above the neutral 50-level. But its On Balance Volume (OBV) showed a decline.
In conclusion, WLD’s on-chart metrics are more bullish than bearish, but we will have to wait.
In conclusion, ChatGPT’s opinion may or may not matter in the grand scheme of things. However, the decision to HODL Worldcoin’s token requires careful consideration and due diligence.
Read Worldcoin’s [WLD] 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.
Source: https://ambcrypto.com/chatgpt-worldcoin-price-prediction-24/