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

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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

Ai Generated Content And Web3

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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 2022Opens in a new tab., it is trained using supervisedOpens in a new tab. and reinforcement learningOpens in a new tab. techniques. Other than answering questions, ChatGPT can also write code in various programming languagesOpens in a new tab. and compose musicOpens in a new tab..

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The latest version of DALL-E, DALL-E 2, was announced in April 2022Opens in a new tab.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 GoghOpens in a new tab.” leads DALL-E 2 to produce the image below.

Various industry experts have begun to analyse the potential applications of AIGC in Web3Opens in a new tab.. 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 organisationsOpens in a new tab. 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 customersOpens in a new tab. and audiences to generate revenue. Brands such as Nike, Starbucks, Dolce & Gabbana, and TIME MagazineOpens in a new tab. have already launched NFT projects and entered the Web3 economy.

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One of the features of ChatGPT is the ability to write codeOpens in a new tab. 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 vulnerabilitiesOpens in a new tab. in them. At this preliminary stage, the conclusion is that ChatGPT is useful for preliminary checksOpens in a new tab., but cannot replace an experienced human’s audit since it can sometimes make erroneous suggestionsOpens in a new tab..

Read the full report: AI-Generated Content and Applications in Web3Opens in a new tab.

Authors Research and Insights team

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Dale Calvert

Dale Calvert is a serial entreprenuer. He started his first business at age 14, a direct mail business out of his parents home. Dale has always believed that wealth is created in front of a trend. This business philosophy lead him into the cryptocurrency space in 2017, He made the decision in 2022, that the cryptocurrency space is where he will be spending the majority of his time.

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