Gaming startup dispels notion of 'AI + crypto' as a fad
2 mins
Published by: Daniil Bazylenko
16 February 2024, 12:35PM
Venture capital firms shifted focus from cryptocurrency to artificial intelligence, drawing criticism for their perceived opportunism.
Entrepreneurs, including Ethereum's Vitalik Buterin, advocated for the convergence of AI and crypto, sparking enthusiasm.
Ultiverse, a Singapore-based startup, raised $4 million in funding led by IDG Capital, positioning itself as an AI-powered platform for crypto game production.
Ultiverse utilizes existing large language models to train in-game non-player characters, aiming to enhance user experience and engagement.
Despite debates about the value of crypto games, Ultiverse's approach has attracted non-crypto users, leveraging features like "account abstraction" to simplify wallet ownership and broaden participation in the crypto ecosystem.
Before the rise of artificial intelligence, cryptocurrency was a hot topic among investors. However, when venture capital firms began shifting their focus between AI and crypto, many criticized them for being opportunistic. Despite this, some entrepreneurs started advocating for the convergence of AI and crypto, with Vitalik Buterin, the core founder of Ethereum, sparking enthusiasm with his musings on the potential applications of "AI + crypto."
One startup from Singapore, Ultiverse, is aiming to prove that AI and crypto can work together effectively. Ultiverse claims to be an "AI-powered" platform for crypto game production and publishing and has garnered support from reputable investors. Recently, it raised $4 million in a funding round led by IDG Capital, boosting its valuation to $150 million.
Ultiverse is using AI to accelerate production and user adoption in its crypto games. Rather than creating AI models from scratch, it utilizes existing large language models to train in-game non-player characters, providing a unique experience for each player based on their interactions.
This sort of production process in the past may take days or even weeks. We needed more than one person committed to doing that. But now, with AI integration, we have reduced the time and cost to produce the same amount of content as before,
Jimmy Liu, co-founder of Ultiverse, highlighted how AI integration has reduced the time and cost of content production. While using AI in game design is not a unique advantage, Ultiverse aims to leverage it effectively to enhance user experience and engagement.
Despite the potential of crypto games, there is a debate about their value and whether they primarily exist to profit from players. Ultiverse has published three games, including a mobile cricket game, attracting a significant number of users from regions where cricket is popular.
Ultiverse's approach has attracted mostly non-crypto users, thanks to features like "account abstraction" that simplify the process of owning a crypto wallet. This approach helps convert traditional gamers into participants in the crypto ecosystem.
IDG Capital, an investor in Ultiverse, believes in the startup's potential to revolutionize the gaming industry with its AI-powered approach. The investment signifies confidence in Ultiverse's ability to lead and transform the development and experience of games globally.
It’s pretty much seamless until they need to withdraw the reward after a certain time when they notice that, okay, this isn’t just a game. That approach helps us grow and convert those, what we call web2 gamers who never experimented with web3 at all before, to be part of our ecosystem.
User Comments
There are no reviews here yet. Be the first to leave review.
Hi, there!
Tags:
