Worldcoin, a cryptocurrency project, has experienced a surge in interest following the recent launch of OpenAI’s Sora tool. Sora, an innovative text-to-video AI tool developed by OpenAI, has sparked renewed enthusiasm in the cryptocurrency community. Here’s why Worldcoin has garnered increased attention.
The integration of Sora’s advanced AI capabilities into Worldcoin’s ecosystem represents a significant technological advancement, attracting both investors and tech enthusiasts.
OpenAI’s latest move sends Worldcoin soaring
The price of Worldcoin, a crypto token for Sam Altman’s eyeball-scanning digital ID startup, has risen in response to the release of OpenAI’s latest AI tool, Sora, following a positive week for crypto and as hype for artificial intelligence builds.
Worldcoin (WLD) reached $7.86 over the long weekend and is now trading at $6.73. According to CoinGecko, the cryptocurrency currently has a fully diluted valuation of $66 billion, which is more than the Solana blockchain.
Worldcoin stated that the milestone demonstrates the “incredible” community support for the project and signals that the initiative is gaining traction after experiencing numerous hurdles.
The token’s entire market valuation is swiftly approaching $1 billion, having increased by 41% to about $975 million in the last 24 hours, and it is now the 88th most valuable crypto by market cap, according to Forbes.
The token’s price increase began on February 15, the same day that Altman’s company OpenAI debuted the text-to-video AI app Sora. Keep in mind that the projects are completely unconnected.
However, Worldcoin is the only crypto project directly tied to Altman, who co-founded the company, implying that crypto traders are seeking exposure to the OpenAI CEO as the firm’s reputation grows with the debut of Sora.
Worldcoin is a crypto project that aims to construct a global ID system to confirm “personhood” and combat bots. A hardware device, the Orb, scans users’ irises to generate a unique “fingerprint,” the IrisCode, which is kept on Worldcoin’s blockchain. This is then used to generate a WorldID that corresponds to the user.
Worldcoin’s eye-scanning activities have sparked controversy, with governments including Germany, France, Argentina, and Kenya conducting investigations into the scheme. In December, the company halted its Orb verification program in India, Brazil, and France.
AI Tokens rally behind Worldcoin
Tokens associated with artificial intelligence initiatives – unrelated to OpenAI – have performed well in recent days. CoinGecko’s aggregated category of AI coins has increased by more than 11% in the past day and more than 40% in the last week.
Standout performances include SingularityNet (up 93.2% in the last week), Fetch.ai (up 48.5%), and Ocean Protocol (up 68.1%).
Ethereum co-founder Vitalik Buterin stated that AI could find a place for auditing smart contracts, boosting lesser-known tokens 0x0 and TokenFi’s TOKEN by up to 15% for being relevant to the topic.
Interest in AI-related tokens increased in early 2023 when ChatGPT and picture-generating software became popular. It decreased as the buzz died down in recent months, but Sora’s Friday release appears to have reignited interest.
Earlier this month, allegations surfaced that Altman is in talks with investors about raising $5 trillion to $7 trillion in investment for OpenAI in order to boost global AI chip production capacity.
Worldcoin’s surge follows a strong week for crypto prices. Bitcoin, which accounts for about half of the total crypto market’s value by capitalization, was trading at $52.36 as of writing, up 9% from a week prior.
The second-most valuable token on the Ethereum network, ether, increased by 17% within the same timeframe. Other popular cryptocurrencies by market value, such as tether (USDT), Binance’s BNB, Solana’s sol, Ripple’s XRP, Cardano’s ADA, and meme token dogecoin, rose between 6% and 17% in the last seven days.
The crypto market, whose worth briefly hit $3 trillion in late 2021, is still recuperating from collapses caused by a series of high-profile failures and scandals that began near the end of the year.
