To give its loyalty platform an edge, Web3 community Galxe announced Tuesday the launch of Galxe AI, an interactive assistant to help users navigate the often confusing world of Web3 projects.
“We provide an infrastructure for brands to easily launch their loyalty programs and their growth campaigns so that users can engage with the brands,” said Charles Wayn, CEO of Galxe. Declutter. As Wayn explained, Galxe aims to build an open and collaborative reference data network that is accessible to all developers in Web3.
Generative AI has made sorting large and complex data sets easier than ever. These AI assistants range from simple explanations of Web3 topics such as ‘what is a blockchain’ to how to create a smart contract.
To launch its new AI initiative, Galxe partnered with AI developer Alva to integrate OpenAI’s GPT-3.5 turbo into the Galxe platform, allowing users to ask the chatbot questions about the various projects and NFT collections created by the network are supported. Galxe AI will be launched in December.
“We built a network of on-chain credentials, which users have to verify off-chain, and then users have to authenticate themselves,” Wayn said. “We have created approximately 120,000 credentials data sets on our login network.”
This is where Web3 meets AI. 🤖 ☄️
Meet Galxe AI, the most crypto-savvy chatbot, powered by @alva_xyzhttps://t.co/eSHm56ReK2
— Galxe (@Galxe) October 31, 2023
Launched in 2021, San Francisco-based Galxe is a blockchain-based site that gives businesses and users the tools they need to build Web3 communities through loyalty programs. In January 2022, Galxe raised $10 million in funding led by Multicoin Capital and Dragonfly Capital. Galxe’s ERC-20 GAL token was launched on the Binance Launchpool in April 2022.
As Wayn explained, the Galxe data network is the underlying infrastructure of the Galxe platform. Projects can create a curated list such as ‘Uniswap’s top 10 traders’, ‘users who have staked at least 1 ETH’. etc., and check if users have login details for the respective loyalty programs.
Wayn said the team turned to AI to provide companies with a more convenient model to connect and extend their services to Web3 investors and professionals.
“Hopefully this feature can replace existing Web3 research products on the market,” said Wayn.
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Earlier this year, Evan Cheng, co-founder and CEO of Mysten Labs, predicted that investor money would shift from Web3 applications to AI due to its broader use.
“ChatGPT came out, and [developers] building products and applications for consumers and for developers – widespread, large-scale use cases are immediately possible,” said Cheng. “In crypto, the industry has built products for crypto people.”
The shift to AI by Web3 companies is a sign that crypto companies have seen the writing on the wall and are changing course to adopt generative AI.
Other Web3 companies using AI for blockchain analysis include social analytics site LunarCrush, Arkham Intelligence, blockchain security app Cube3, and blockchain software developer Alchemy.
“We have used machine learning and AI from the beginning,” Joe Vezzani, co-founder and CEO of LunarCrush, previously said Declutter. “We use things like Google TensorFlow and OpenAI’s ChatGPT and are trained [the AI] on several social media posts coming in for sentiment, from bullish to bearish, focusing on financials.”
Cube3, says CEO Einaras Gravrock Decluttercombines AI with cybersecurity and cloud engineering to build supervised and unsupervised machine learning models for Web3.
“We recognize that we are only at the beginning of this journey, and we will continue to improve our existing models and introduce new models as threats evolve,” Gravrock said. “This process allows us to detect exploits on newly deployed contracts or new wallets and stop the transaction before the exploit occurs.”