The most recent product from OpenAI, which can respond to inquiries instantaneously, has the potential to eliminate our reliance on Google and its advertising model and to compel companies to utilize NFTs as a revenue source
ChatGPT, the most recent software release from OpenAI, the AI startup founded by Elon Musk, has captivated the tech community in a manner that has not been seen in a long time.
In less than a week, this chatbot, trained on vast data sets and can now respond to any inquiry, has amassed over one million users. The inanimate interface’s ability to compose eloquent, believable prose on any subject was disclosed post after post on Twitter.
Tyler Cowen, an economist, was able to compose a comprehensible iambic pentameter poem that discussed the theory of deterrence for foreign policy, which was developed by economist Thomas Schelling.
ChatGPT is not without its shortcomings. It occasionally encounters difficulties with facts, as Bloomberg journalist Joe Weisenthal discovered when he requested that it compose his obituary.
Also, Ian Bogost, a columnist for The Atlantic, expressed his disappointment by noting that the chatbot does not “truly comprehend the intricacies of human language,” which guarantees that “any responses it generates are likely to be shallow and devoid of depth and insight.”
However, Atlantic CEO Nicholas Thompson, Bogost’s supervisor, believes these defects will not impede the disruption this technology presents to a critical internet component: search.
Thompson contended in a video post that the automaton would rapidly surpass Alphabet’s Google algorithm by answering most individuals’ inquiries about the world. People will question a chatbot and receive an immediate response instead of “Googling” an issue and waiting for various ad-supported responses.
The Overturning of Web2
It is difficult to exaggerate the transformative nature of that concept.
The Web2 economy is founded on a search engine with a hierarchy of websites ranked from most trafficked to least.
For decades, we in the digital media industry have been enslaved to the ever-changing demands that we adjust the SEO (search engine optimization) elements of our content posts (particularly headings) to remain in compliance with Google’s algorithm.
However, it is not exclusively media outlets that are affected. Anyone attempting to capture a portion of the world’s finite audience attention, whether it be corporations, governments, not-for-profits, or bloggers, is trapped in a competitive dance overseen by Google’s search algorithm.
The core business model of Web2 was established from this structure, which involves the sale of user data to programmatic advertisers who pay fees based on a commodity-like metric of “page views,” “uniques,” and “sessions.”
It is possible that all of this could be eliminated.
Web3’s Potential
What implications does this have for the cryptocurrency industry?
We have discovered the catalyst to propel the digital economy into the decentralized Web3 era, generating new monetizable opportunities for non-fungible tokens (NFT), stablecoin payment systems, and metaverse initiatives.
For an extended period, NFT and open metaverse enthusiasts have debated the factors that would facilitate the widespread adoption of their projects and result in the disintermediation of the dominant internet platforms they so desire.
Would it be the implementation of digital collectibles in gaming? Would it originate from household consumer brands and entertainment companies devising direct NFT-based engagement strategies to establish “ownership” relationships with customers and fans? Would it be found in the new models of collective value creation and shared intellectual property pioneered by initiatives like Yuga Labs‘ Bored Ape Yacht Club?