AI regulatory challenges, although present, do not hinder progress.
Worldcoin (WLD) is currently being traded at $8.85, marking a remarkable increase of over 253% in the last two weeks.
The surge in price can be attributed to several factors:
Firstly, the introduction of Sora, an AI-powered platform by OpenAI that converts text into lifelike videos. It is worth noting that Sam Altman, the co-founder of Worldcoin, is also the CEO and co-founder of OpenAI.
Secondly, a whale wallet acquired a substantial amount of WLD tokens from Binance, valued at $5.82 million. This movement further contributed to the upward momentum of the token.
Additionally, Alameda Research now owns $167 million worth of WLD tokens, accounting for 19% of the circulating supply. This has sparked speculation and bolstered the price of WLD.
Positive market sentiments, driven by events such as the Bitcoin halving and the anticipation of an Ethereum ETF, have also played a role in the price increase.
The World App, which offers decentralized identity solutions, has seen an influx of users, with a record of 16,000 daily Orb verifications.
However, the World project, which aims to become the largest digital identity and financial network globally, is facing resistance and regulatory challenges in countries like France, India, and Brazil. Privacy concerns have led to the suspension of iris scanning and Orb verification services in these countries.
Nevertheless, Worldcoin has managed to expand its World ID verification services to other jurisdictions, including Singapore. This expansion follows the successful launch of World ID 2.0 and the public availability of the Worldcoin iris recognition pipeline. Singapore is now one of several countries offering World ID authentication through the Orb.
Worldcoin has established a strong presence globally, introducing its services in various Asian, European, and South American nations.
The World App, which is compatible with World ID, has gained popularity with 5 million downloads and 1.7 million monthly active users, making it one of the top global hot wallets.
In regards to the recent introduction of Sora, the text-to-video generator by OpenAI, there has been significant buzz within the technology community. Sora represents a notable advancement in AI capabilities, allowing users to create realistic and imaginative video sequences from simple text prompts.
While the launch of Sora is a significant milestone in AI-driven technology, concerns remain regarding its ethical implications and societal impact.
Sora is capable of producing videos up to a minute in length, featuring intricate scenes with multiple characters, specific actions, and elaborate backgrounds. Industry analysts applaud the quality and duration of Sora’s output as impressive achievements, while some creatives express concerns that these advancements may threaten the livelihood of artists and entertainment professionals.
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