The price of Worldcoin, the cryptocurrency token for Sam Altman's digital eyeball ID scanning venture, has risen following the release of OpenAI's latest artificial intelligence tool, Sora. This comes against the background of a bullish week for crypto and with increasing noise about artificial intelligence, writes Forbes Bulgaria. 

At the time of writing, the Worldcoin (WLD) token was trading at $7.46, up 42% in 24 hours.

The increase is part of a broader rally that has nearly tripled the token's value this week – up nearly 190% over the past seven days – amid milestones for both the Worldcoin project and ChatGPT creator OpenAI, which are linked to Altman.

On Thursday, when the Worldcoin token was trading near $3, OpenAI unveiled a new text-to-video AI tool called Sora that helped accelerate gains in the broader crypto market.

On Saturday, when Worldcoin was trading at around $4.75, it was announced that the token was adding a crypto wallet. The so-called World App passed 1 million daily users last week.

Worldcoin said the milestone shows the "incredible" support of the community behind the project and suggests it is gaining momentum after facing multiple setbacks.

The token's total market capitalization is fast approaching $1 billion — it's up 41% to about $975 million in the past 24 hours — and is now the 88th most valuable cryptocurrency by market cap tracked by Forbes.

Companies and governments will use the technology for iris scanning and identity verification

WHAT IS WORLDCOIN AND HOW IS IT RELATED TO OPENAI'S SORA?

Worldcoin is an ambitious cryptocurrency and digital identity project led by OpenAI boss and co-founder Altman. It launched in July after spending years in development and promised a solution to one of the most pressing problems that recent advances in artificial intelligence have put online: verifying one's identity.

Worldcoin's solution is to give users a unique digital identity. This happens when, in the real world, they confirm their identity through an iris scan operated by a silver orb. Thus, Worldcoin only needs to allocate one digital identity per person, which will be stored on the blockchain.

The crypto tokens are part of Altman's broader ambition to use his user credentials system to capitalize on the burgeoning interest in decentralized finance. Scanners were therefore given registration tokens. The scheme has faced some implementation issues, including data privacy concerns in Kenya and regulatory hurdles and declining interest in countries such as India, France and Brazil.

The Orbs also reportedly had difficulty scanning the eyes of Asian people. Worldcoin is trying to solve a problem that Altman's other venture, Microsoft-backed OpenAI, is potentially leading. The complexity of its generative AI tools, such as the Dall-E image and text generators and ChatGPT, has provoked questions about the authenticity of the content being produced and distributed online.

Sam Altman: The Expected New ChatGPT Model Will Be Smarter

Sora is one of many increasingly sophisticated products capable of turning text into increasingly realistic videos, and experts fear it could create convincing deep fakes and fake content that would easily spread online.

Concerns are particularly acute during an already intense election year, and OpenAI said Sora is being tested for safety and will not be released to the public until potential issues related to its malicious use are addressed.

Introducing Sora, our text-to-video model.



Sora can create videos of up to 60 seconds featuring highly detailed scenes, complex camera motion, and multiple characters with vibrant emotions. https://t.co/7j2JN27M3W



Prompt: “Beautiful, snowy… pic.twitter.com/ruTEWn87vf

— OpenAI (@OpenAI) February 15, 2024

BIG NUMBER

2.09 trillion dollars. That's how much the entire cryptocurrency market is worth, according to Forbes. The market value has increased by about 2% in the last 24 hours. Last week was the first time the total market capitalization of the cryptocurrency market crossed the $2 trillion mark since the start of 2022.

ACCENT

Worldcoin's rise follows a great week for crypto prices. Bitcoin, which makes up almost half of the total value of the cryptocurrency market by capitalization, was trading at 52,360 at the time of writing, up 9% from a week ago.

The second most valuable token, Ether, which is on the Ethereum network, has grown by 17% over the same time period.

Other leading cryptocurrencies by market cap – including tether, Binance's BNB, Solana's sol, Ripple's XRP, Cardano's ada and meme token dogecoin – also rose between 6% and 17% over the past seven days.

Here's how artificial intelligence could impact Ethereum, according to Vitalik Buterin

The crypto market, which briefly topped $3 trillion at the end of 2021, is still recovering from crashes triggered by a series of high-profile failures and scandals that began late that year. This includes the implosion of Sam Bankman-Fried's crypto exchange FTX and the subsequent arrest of the CEO, the collapse of crypto institutions such as lender Celsius and investor Three Arrows Capital.

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