What Is CryptoGPT (GPT)? Where To Buy It?

CryptoGPT (GPT) is an AI-focused crypto token that aims to allow developers and individual users to use an advanced AI tool in decentralized apps (dApps) and everyday life.

In this review, we’ll cover all the essentials about CryptoGPT, its use cases, and operating mechanism.

How CryptoGPT (GPT) Works

The GPT token is part of the newly launched CryptoGPT platform that provides users and developers with a product similar to the top-rated ChatGPT AI bot service.

However, CryptoGPT goes further by building an AI service based on blockchain technology. CryptoGPT uses a Layer-2 blockchain network on the Ethereum (ETH) blockchain and leverages the GPT token for processing network traffic.

The key service of the CryptoGPT platform is the Alex AI bot, which pulls data from numerous global databases to answer all of your questions. The twist is that CryptoGPT has its own mobile app for Android users, while ChatGPT doesn’t. The CryptoGPT app already has more than 100,000 downloads and allows users to monetize their data through the GPT tokenization mechanism.

Users can connect their GPT app to ecosystem partner apps, such as Boardapp and Unimoments. When using these apps, users provide data input. CryptoGPT then packages the data and lets users sell it through the GPT app and earn token rewards.

Also, the platform has already launched a staking feature that enables GPT users to earn staking rewards and participate in NFT mining. When users stake GPT, they participate in the network’s validation protocol, but instead of earning new tokens, they earn NFT rewards. 

The GPT ecosystem includes so-called “NFT capsules” that will come with thousands of unique NFT capsules, which are created thanks to the GPT staking mechanism. When staking GPT, users leverage the power of AI data to create NFTs. When the Alex chatbot answers user questions, it fetches data through GPT blockchain transactions that rely on the staking mechanism. Over time, more and more data gets pooled, and users get NFT rewards.

The GPT ecosystem benefits from the transaction fees deducted from staking rewards.

Currently, the GPT token is based on Ethereum as an ERC-20 token, but the developer team plans to launch the GPT mainnet blockchain in the future. 

What Is CryptoGPT (GPT) Used For?

With GPT, users can monetize their data and earn GPT rewards while using CryptoGPT AI. Users just need to install the CryptoGPT app and earn GPT while on the move. Also, the developers plan to launch a suite of core CryptoGPT ecosystem dApps, allowing users to constantly earn GPT when using them.

Furthermore, the platform will introduce an AI data marketplace in the future where all the data collected by the GPT AI will be classified into different categories. Users will be able to purchase data with GPT tokens or sell their own data.

These are some of the categories you would use: AI advertising, AI medicine, AI education, AI manufacturing, AI logistics, AI tourism, and AI construction. This feature is especially useful for enterprise clients who want to buy ready-made data bundles for their platforms.

What’s even more important is that developers will be able to integrate CryptoGPT into their dApps with the help of GPT token mechanics, using GPT tokens as the official crypto of their dApps. 

Also, users can earn staking rewards by staking GPT tokens in the official CryptoGPT app. GPT staking is also referred to as data mining. 

Through GPT staking, users can also earn NFT rewards in the form of CryptoGPT NFT capsules, which they will be able to resell on secondary NFT marketplaces and earn profits. Users will also be able to buy NFT capsules with GPT.

Finally, users can participate in the governance of CryptoGPT with their GPT tokens and decide on adding new apps to the ecosystem. They can also suggest new features that the developers should introduce to CryptoGPT.

Where to Buy CryptoGPT (GPT)?

GPT is available on various high-volume centralized exchanges, including Gate.io and ByBit, but you can also find it on the UniSwap and PancakeSwap decentralized trading platforms. 

Buying GPT on Gate.io and ByBit is really straightforward because after you create a user account and deposit some cash, you can purchase GPT with Tether (USDT).

On UniSwap, you can buy GPT with USD Coin (USDC), while PancakeSwap has a broader selection of trading pairs that include Binance USD (BUSD), Wrapped BNB (WBNB), and USDT.

How Long Has CryptoGPT (GPT) Been Around? 

The initial development phase of CryptoGPT began in the third quarter of 2022, while the GPT token was released on the market in March 2023. 

What’s Controversial About CryptoGPT (GPT)?

CryptoGPT apparently took a portion of its name from the trending ChatGPT app, which is obviously an attempt to ride the wave of ChatGPT’s popularity. However, this doesn’t mean that the quality of the CryptoGPT project is questionable. In fact, some of the developer team members are well-known crypto experts.

However, CryptoGPT is yet to introduce the AI data marketplace, NFTs, and core apps. Once the project releases these features, it will be able to gain more user trust.

How Many CryptoGPT Coins Are There?

Currently, 10% of GPT’s three billion token maximum supply is in circulation. Another 10% is scheduled for public release, while 25% of the total supply is reserved for data mining rewards. The remaining supply is allocated for liquidity, development funds, marketing, advisor salaries, and the developer team.

Can GPT Be Mined?

GPT has a data mining mechanism, which is actually standard crypto staking that earns GPT token rewards. 

Market Cap and Price History of CryptoGPT (GPT)

CryptoGPT has a 25 million dollar market capitalization and a fully diluted market cap of 257 million USD. The coin price of GPT started at 0.038 USD at the time of the crypto’s launch but quickly started going upward and has since remained on a constantly rising path. 

Lately, GPT’s price has been between 0.080 and 0.092 USD per token, which is a considerable price increase compared to the initial GPT price.

Biggest Competitors of CryptoGPT (GPT)

CryptoGPT’s main competitor in the AI blockchain sector is Fetch.ai (FET). FET offers much more utility compared to GPT because it’s based on an elaborate blockchain programming suite that uses artificial intelligence. The Fetch.ai project also has a market capitalization above 300 million USD, which is more than ten times higher than that of CryptoGPT.

However, CryptoGPT plans to introduce multiple innovative features, such as data mining and NFT capsules, which might improve its chances of competing on the market.

What Does the CryptoGPT (GPT) Project Road Map Look Like?

CryptoGPT has a very detailed and ambitious development roadmap for 2023. During the first quarter of the year, CryptoGPT plans to release the first AI data capsule NFTs, along with various testnet integrations of GPT in mobile apps. Also, they plan on launching the GPT app to provide developers with an infrastructure for launching GPT-based dApps.

During the second quarter of the year, the team will launch a closed version of the GPT blockchain mainnet. Additionally, the project will roll out a CryptoGPT AI VPN feature for app users.

The third quarter of 2023 is when the CryptoGPT AI marketplace will start operating. Additionally, the developers will start testing the GPT mainnet beta version.

Finally, during the last quarter of the year, the GPT mainnet beta version will become publicly available. 

Pros and Cons of CryptoGPT (GPT)

Pros

• The first crypto token that powers an AI assistant similar to ChatGPT.
• Users can stake GPT and earn  NFT data capsules through the data mining feature.
• Once the team launches the CryptoGPT core apps, users will be able to earn GPT rewards and use various services with the help of GPT tokens.

Cons

• CryptoGPT is yet to release some of the key features, such as the marketplace, where users will be able to purchase data sets with GPT.
• The token’s main competitor FET has a much stronger market position than GPT.