While Worldcoin’s introduction brought attention to artificial intelligence (AI) tokens, recent trading data from Kaiko shows that, in spite of the excitement around Worldcoin’s launch, AI tokens have stagnated.
The data shows that the trading volume of tokens related to artificial intelligence (AI) climbed rapidly over the last month, rising from $570 million to $870 million between the end of July and the end of August. But it has drastically reduced since the beginning of 2023, when it exceeded $7 billion, and it has been stagnant ever since.
Dessislava Ianeva, a Kaiko analyst, observed that interest in AI tokens started to wane in July, mostly because of a shift in the perception of risk around the world. With the exception of WLD, the combined open interest for five of the largest AI tokens decreased from $170 million in February to $60 million by August.
On July 24, 2023, Worldcoin made its debut, drawing interest from the cryptocurrency community. Sam Altman, the project’s co-founder and CEO of OpenAI, is mostly responsible for the buzz surrounding it.
The main goal of Worldcoin is to build a network that only consists of real people, not automated bots. A “global identity verification” system will allow users to engage with websites without disclosing personal information like names, phone numbers, or email addresses in the future, according to the San Francisco-based company, which wants to give World IDs to people.
However, due to what they perceive as a lack of transparency in the organization’s data-gathering practises, international authorities and privacy groups have voiced serious concerns about the programme. There are significant concerns regarding data privacy when large amounts of personal data are collected by one entity.