Millennials and Gen Z members of the Web3 community are hoping that the ongoing integration of artificial intelligence (AI) into the sector will refine investment decisions for younger investors. KuCoin, which claims to be the fifth largest crypto exchange in the world, has conducted a detailed study of how AI could be integrated into Web3 elements such as crypto and blockchain gaming, among others. While AI has been a popular technology tool among developers for almost a decade, discussions about the technology have picked up steam after AI-powered chatbots like ChatGPT recently exploded on social media. Now that the technology has gained widespread adoption, Big Tech are scrambling to integrate AI tools into their services.
KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community perceives AI. The survey included responses from Gen Z users aged 18 to 24 (15 percent), Gen Y users aged 25 to 40 (54 percent), and Gen X users aged 40+ (31 percent) with varying degrees of Level of experience in crypto investing.
Over 64 percent of the younger respondents confirmed that they are reasonably familiar with the possible uses of AI in crypto and blockchain. On the contrary, members of the GenX generation are less aware of the use of AI in the crypto space and other industries as well.
This requires an acceleration of education and awareness initiatives specifically tailored to understanding the GenX population report noted.
Investors in the GenX category, which is made up of people born between the mid-1960s and around 1980, aren’t really keen on supercharging existing technology services with several newer technologies like AI.
While 59 percent of Millennials and Gen Z participants supported the addition of AI to crypto trading and educational activities.
“The enthusiastic response from our users about AI integration and blockchain efficiency is incredibly motivating. At KuCoin, we are relentlessly committed to staying at the forefront of technological advances and constantly improving our platform to meet the dynamic needs of the crypto community,” commented Johnny Lyu, CEO of KuCoin, on the results of this survey.
Generative AI for text, like ChatGPT, is preferred by all generations, with 51 percent of respondents preferring it.
Not only AI, but also other technologies like machine learning (ML) can add more functionality to crypto and Web3 services.
Industry players have already started experimenting with integrating blockchain technology with AI and ML.
Earlier this week, Indian crypto exchange CoinDCX announced that it will refresh its octo-crypto wallet service with AI and ML features, particularly in the area of security. CoinDCX claims that Okto has been integrated with advanced cognitive AI technology, making it the first AI-powered self-custodial wallet. In addition, the Okto team has also used ML to analyze and monitor patterns in common and unusual crypto transactions.