In the latest episode of Unchained, Joel Monegro and Chris Burniske, partners at VC firm Placeholder, made a compelling case for artificial intelligence (AI) as the potential “killer app” that could catapult crypto into mainstream acceptance and use.
One relevant segment of the conversation began with an exploration of the convergence of non-fungible tokens (NFTs) and generative AI, both of which have seen significant growth in 2021. Monegro noted that this combination has created a new paradigm for digital content. “Anyone who engages in creative work has had a realization that they now have to compete with machines and or use machines in an interesting way to leverage their art,” Monegro said.
Monegro went on to argue that NFTs will play a crucial role in establishing the provenance of content, a concept that has gained importance as AI-generated content becomes more prevalent. He highlighted the unique capabilities of blockchain technology in this context, stating, “A blockchain is uniquely capable of providing [content attribution].”
As all media becomes tokenized, Monegro and Burniske predict innovations in recommendation algorithms and preference tracking. They believe that the NFTs held in a user’s wallet can provide valuable insights into their preferences, enabling a more personalized and dynamic user experience.
The discussion also ventured into the realm of AI agents with their own crypto wallets. These AI agents, powered by ERC-6551, could provide services, get paid for these services, and even consume services from other machines. “I’m very interested in AI agents that have their own wallets and that provide services, get paid to provide those services, and then also spend to consume services from other machines,” Monegro said.
Burniske echoed this sentiment, suggesting that such a system would allow for a more holistic view of user data, leading to improved digital services. “We’re migrating [from Web 2] towards a world where these agents will do work for us, [and] process the digital world,” he said.
The discussion concluded with a bold prediction: AI might be crypto’s killer app. The combination of AI’s ability to process and analyze vast amounts of data, with crypto’s decentralized, secure, and transparent nature, could lead to unprecedented advancements in digital services and content.