CryptoGPT claims that it allows users to monetize their data — and "turn every task of daily life into a source of income." But some on Twitter are deeply skeptical.
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A new token that's attempting to capitalize on the momentum of ChatGPT is causing a huge splash on Twitter.
CryptoGPT claims that it allows users to monetize their data — and "turn every task of daily life into a source of income."
It claims that personal information relating to how we use health and fitness apps, games, music and dating sites can all be used to turn a profit.
The name of the project has also been trending on Twitter ahead of a planned token launch.
But it's unclear whether there's any substance to match CryptoGPT's bold claims — or whether it's simply yet another project that's trying to drive up token prices by using the "AI" buzzword.
Apparently, activity data from the apps we use would be stored in on-chain NFTs, and this information has value because AI systems need to continually train their algorithms.
All this is part of a long-running argument that the creators of free-to-use Web2 platforms regularly monetize our data, meaning we don't get a cut of the proceeds.
However, one concern that isn't addressed on CryptoGPT's homepage is the thorny issue of privacy, and what steps are taken to anonymize the data that's collected from users.
And given the paltry returns offered by move-to-earn projects, time will tell whether the returns delivered through CryptoGPT are actually worth getting out of bed for.
Some on Crypto Twitter have been openly warning that this project is a scam — and urging investors to proceed with caution.
CryptoGPT is among many AI-focused tokens to have emerged in recent months, with this subset of digital assets outperforming the likes of Bitcoin and Ether.