ChatGPT AI-Generated Content and Applications in Web3 What Does it Mean to Investors and Entrepreneurs?

Article from Crypto.com

Artificial Intelligence-Generated Content (AIGC) has taken the world by storm recently, with popular applications like ChatGPT and DALL-E. We analyse its potential applications in Web3.

FEB 03, 2023

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Key Takeaways

AIGC is widely regarded as the next stage of content generation, after PGC (Professionally Generated Content), and UGC (User-Generated Content). PGC is typically created by brands that hire creative professionals like graphic designers and animators, while UGC is created by end users and uploaded to social media sites like YouTube, Facebook, or Twitter. Examples of PGC include logos, videos, and advertisements created by companies, while examples of UGC include content created by individual bloggers, YouTubers, and TikTokers. There is also an intermediate category (between AIGC and UGC) known as AI-Assisted Generated Content (AAGC), where AI aids humans to generate content in a semi-automated manner.

Two representative projects of AIGC that have gained significant attention are ChatGPT and Dall-E. Both projects experienced increased Google search interest since their launch and have been prominently featured in social media. ChatGPT is a chatbot that can give detailed and realistic responses to questions across wide domains of knowledge. Launched by OpenAI in November 2022, it is trained using supervised and reinforcement learning techniques. Other than answering questions, ChatGPT can also write code in various programming languages and compose music.

The latest version of DALL-E, DALL-E 2, was announced in April 2022. DALL-E and DALL-E 2 are deep learning models that can generate images based on natural language prompts from users. Compared to DALL-E, DALL-E 2 can generate higher resolution images that are more realistic and combine various styles. For example, the prompt “Bitcoin in the style of Van Gogh” leads DALL-E 2 to produce the image below.

Various industry experts have begun to analyse the potential applications of AIGC in Web3. Firstly, since ChatGPT can answer general questions on a wide array of topics, it is possible that it could replace search engines such as Google to some extent in the future. Web2 in its current form is heavily dependent on search engines and search-related advertising. Media, brands, bloggers, and organisations have to engage in Google search engine optimisation and purchase online advertisements to promote their products. In Web3, brands and media companies could use NFTs to reach their customers and audiences to generate revenue. Brands such as Nike, Starbucks, Dolce & Gabbana, and TIME Magazine have already launched NFT projects and entered the Web3 economy.

One of the features of ChatGPT is the ability to write code and find bugs in code. A possible application of this in Web3 is applying ChatGPT to write and debug smart contracts. Although this is still in the very early stage, there have been some examples of such use cases emerging. Users have attempted to use ChatGPT to audit smart contracts and find vulnerabilities in them. At this preliminary stage, the conclusion is that ChatGPT is useful for preliminary checks, but cannot replace an experienced human’s audit since it can sometimes make erroneous suggestions.