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The price of WorldCoin, the cryptocurrency token of Sam Altman's eye-scanning digital ID venture, has soared after a bullish week in crypto markets and amid growing hype around artificial intelligence, OpenAI's latest AI tool, Sora. It skyrocketed following the release of “.
important facts
This growth is part of a broader rally that has nearly tripled the token's value this week, with the Altman-linked Worldcoin project and ChatGPT maker OpenAI both reaching milestones, and an almost 190% rise in the past seven days. It is on the rise.
On Thursday, when Worldcoin tokens were trading near $3, OpenAI announced a new text-to-video AI tool called Sora. This helped accelerate the rise of the broader cryptocurrency market.
On Saturday, WorldCoin tokens were trading at around $4.75, and the project announced that its cryptocurrency wallet initiative, the World App, surpassed 1 million daily users last week.
WorldCoin said the milestone demonstrates the “incredible” community support behind the project and suggests the project is gaining momentum after facing a number of setbacks. .
The token's market capitalization is rapidly approaching $1 billion, increasing by 41% to around $975 million in the past 24 hours. Currently, he is the 88th most valuable cryptocurrency by market capitalization, according to a study by Forbes magazine.
What is Worldcoin? How is it related to Openai's Sora?
Worldcoin is an ambitious cryptocurrency and digital identity project led by Altman, chief and co-founder of OpenAI. It launched in July after years in development and promised a solution to one of the most pressing problems that recent advances in artificial intelligence pose online: verifying someone's identity. . Worldcoin's solution is to provide users with a unique digital ID when they authenticate themselves in the real world through a face-to-face eye scan performed by a silver sphere. WorldCoin allocates only one digital identity per person through iris scanning, which must be stored on the blockchain. The crypto tokens are part of a broader ambition to capitalize on the growing interest in decentralized finance through user authentication systems, and scanners were given tokens to sign up. The plan has faced several issues during its rollout, including data privacy concerns and regulatory hurdles in Kenya and waning interest in countries such as India, France and Brazil. Orbs also reportedly had difficulty scanning Asian eyes. WorldCoin is trying to solve a problem in which another of Altman's ventures, Microsoft-backed OpenAI, is potentially playing a leading role. The increasing sophistication of generative AI tools such as Dall-E and ChatGPT that generate images and text has raised questions about the authenticity of content created and disseminated online. Sora is one of the increasingly advanced products that can transform text prompts into more realistic videos, and experts say Sora can create convincing deepfakes and false content that spread easily online. I am concerned that this may happen. Concerns are particularly acute in an already competitive year, and OpenAI said it is testing the security of Sora and will not release it to the public until potential issues with malicious use are resolved. .
big number
2.09 trillion dollars. This is Forbes' estimate of the value of the entire cryptocurrency market. The market value has increased by approximately 2% in the past 24 hours. Last week, the total market capitalization of the cryptocurrency market exceeded the $2 trillion threshold for the first time since early 2022.
tangent
WorldCoin’s growth follows a strong week for crypto prices. Bitcoin, which accounts for almost half of the value of the entire crypto market by market capitalization, was trading at $52.36 at the time of writing, up 9% from a week ago. Ether, the second most valuable token on the Ethereum network, rose 17% during the same period. Other major cryptocurrencies by market cap have also risen between 6% and 17% in the past seven days, including Tether (USDT), Binance’s BNB, Solana’s Sol, Ripple’s XRP, Cardano’s ADA, and meme token Dogecoin. . The cryptocurrency market, whose value briefly exceeded $3 trillion at the end of 2021, is still recovering from the crash caused by a series of high-profile failures and scandals that began towards the end of the year. These include the collapse of Sam Bankman Freed's cryptocurrency exchange FTX and subsequent arrest of its executives, the collapse of crypto institutions such as lender Celsius and investor Three Arrows Capital, and the collapse of Token Luna. These include the decline in the supported $1 peg of stablecoins such as Tether and TerraUSD (UST). The latter network wiped out billions of dollars in value when it collapsed.
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