What is CryptoGPT and is it worth investing?
CryptoGPT is gaining popularity on the internet, but investors may wonder if it is worth investing in or if it is just another scam. The purpose of this article is to examine the legitimacy of the project and determine if it is a viable investment opportunity.
What is CryptoGPT
I studied their site for a very long time and tried to understand the key idea of the project. And to express this idea in simple words, it turned out to be so difficult that the thought crept into my mind that this complexity of the texts on the site was deliberate.
CryptoGPT is a blockchain protocol designed for the AI revolution. It is creating data as an asset class that is driving the creation of a trillion dollar global data and AI economy. The platform combines the commercial application of AI with a tokenization mechanism enabling mass adoption using the CryptoGPT token. It offers apps and users new ways to monetize and productiveize data, delivering new value to businesses around the world in a variety of industries.
This is in short. It is clear that nothing is clear. Did you see value here? Me not.
No communication with ChatGPT and OpenAI
Despite the similar name, CryptoGPT is not affiliated with ChatGPT , OpenAI, or Microsoft, which is a concern. It looks like the project is taking advantage of the ChatGPT hype and investors should be wary of any projects exploiting hype topics.
Suspicious roadmap
The CryptoGPT site was launched just 1.5 months after ChatGPT, on January 16, 2023. What the whoise service tells us .
But the roadmap on the site tells us that the project is working in the 3rd quarter of 2022
Q3 2022Scalable development and testing of LayzkRollup-2Technical architecture blueprint optimized for speed, security, scalability, throughputNFT backend prototype
Q4 2022AI Data market integrationFirst applications integrate CryptoGPT plugin on testnetNFT mechanism testing in AI Data capsule
Their social media pages were created in February 2023, which calls into question the legitimacy of the project. In addition, the CryptoGPT team is rumored to be active in network marketing, although there is nothing wrong with network marketing itself, as long as financial pyramids do not start exploiting it.
It also offers generous AirDrop rewards to major influencers in exchange for promoting the project. Although this does not necessarily indicate a poor quality product. This indicates a desire to earn quick money and resembles similar schemes, only without tokens, as Ai marketing did. I recommend reading the analysis of the Ai marketing pyramid in order to understand what to look for and not fall into the trap.
Lack of large investors
Another cause for concern is the lack of large investors in CryptoGPT. The project raised just $500,000 through IDO, which is a meager sum for a project that aims to revolutionize the NFT space . Without significant funding from venture capitalists or other institutional investors, it is hard to imagine how CryptoGPT will be able to compete in a crowded market.
Questionable value proposition
CryptoGPT’s business model is based on users putting their data into NFTs for the purpose of reselling. While this may sound tempting, it doesn’t really make sense. Companies that need such data already have access to vast amounts of information from sources such as Microsoft, Google or Meta. In addition, in the Web 3.0 era, when data becomes more open and accessible to everyone, it will no longer make sense to pay for such NFTs.
Overall, the value proposition of CryptoGPT seems questionable and investors should exercise caution before investing in this project.
In my opinion, CryptoGPT is nothing more than an empty attempt to cash in on the hype surrounding the ChatGPT revolution. This is clearly not the kind of token in which it is worth investing your money in the hope of receiving short-term or long-term profits.
This project lacks substance and lacks a clear and practical use case for the technology on which it is said to be built. It seems to be riding the tail of the ChatGPT hype without any real innovation or progress. Investing in this project will be a risky decision. It is important to carefully study and understand the project, its technology, before making investment decisions .
And for those who want to try their luck, the token can be bought on the exchanges:
