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Explained: What you should know about newly-listed CryptoGPT (GPT) coin

Explained: What you should know about newly-listed CryptoGPT (GPT) coin

With the rising popularity of the text-based artificial intelligence (AI) platform ChatGPT reviving the interest in the underlying technology, its acceptance has spilled over into the cryptocurrency sector, as demonstrated by the recent launch of the CryptoGPT (GPT) coin.

As it happens, crypto exchange Bitfinex announced the listing of “GPT, the native token of CryptoGPT, an Ethereum-based, layer 2 blockchain dedicated to Artificial Intelligence (AI) development and to decentralizing the AI & data market,” as the crypto trading platform explained in a press release published on March 8.

What is CryptoGPT?

According to the press release, “CryptoGPT bills itself as a crypto ecosystem driven towards collecting data for the purpose of AI development,” as well as aiming to “offer customers an opportunity to earn crypto for sharing their anonymized data using encrypted zero-knowledge proof technology.”

“This aims to preserve user anonymity while capturing the necessary data points to be used in building AI models across manufacturing, biotech, education, and other industries,” the exchange said.

On top of that, the CryptoGPT ecosystem aims to allow for building decentralized apps (dApps) on it, with the GPT tokens acting as payment for the data the network receives from users when using these dApps, as well as to ‘fuel’ transactions on the blockchain and in liquidity events like buy-backs or burns.

Shortly after this announcement, other crypto platforms have started jumping on the CryptoGPT listing bandwagon, including PancakeSwap (CAKE), Bybit, Gate.io (GT), Uniswap (UNI), MEXC, and Bitget (BGB), as the team behind the project stressed on its official Twitter page on March 9.

CryptoGPT price analysis

After its listing on these exchanges, the CryptoGPT price climbed over 30% to $0.04943, recording a 24-hour trading volume of $256 million and a self-reported market capitalization of nearly $14 million, according to the data retrieved from crypto tracking platform CoinMarketCap on March 10.

CryptoGPT 24-hour price chart. Source: CoinMarketCap

At the same time, accounts claiming to be related to the new AI token have flooded the Twitter crypto sphere, in addition to the various trending Twitter hashtags related to it, such as ‘Download CryptoGPT,’ and the like.

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