Open transcript
The biggest topic right now in blockchain is AI. I should not do sign gestures, I should say for that. But why it's exploding is because of just how big AI is growing at a phenomenal speed. AI, OpenAI rather, this year, completed a deal that evaluated the company at $80 billion. That is insane. For a startup, this startup literally grew three times in the last 10 months. And in terms of the market cap, it's bigger than Solana right now. If this was a cryptocurrency, and this is not even publicly traded, but at its valuation, it's actually bigger than Solana. It'd be like, here. That's how big a single small startup is. On top of that, Elon Musk, he recently raised $6 billion to fund XAI to force the race against ChatGPT. He will open AI. So you can see the scale of that. And it's like, he's just raising billions of dollars like they're throwing chips around on the table. All right? Yet again, billions of dollars. If you just look at the market cap of crypto, it's actually rather hard to raise a few billion dollars or have a few billion dollars of market cap. But Elon Musk did that pretty easily. And XAI is evaluated at $18 billion right now. So right now, why there's a lot of hype in blockchain and AI is that there are a lot of gems in the space making innovations. And a lot of these projects have relatively small evaluations. So there's this kind of pressure building up for them to raise that evaluation to grow massively on that scale. So one of the projects that we are looking at, and we're actually working with one of the partners, is Palm AI. So Palm's been very, very interesting because Palm, they're very open about what they're using. They're using Google on the back end. And that's kind of why their logo looks like that. But they're an interface. They're kind of bridge what's rapidly developing in the AI space with what we need in the crypto space. And they've developed a few products so far, and we'll take a look at them. One of them being a chatbot. We'll actually be able to interact with this chatbot. It's already live already. And it's live on Telegram and WhatsApp. So you can use it almost anywhere. So convenient. Second thing is that they can use this directly with NFT issuance. So yet again, it's something that's like combining what is already available on the AI space directly with crypto native support. So some examples of this here is a gallery. But I think what's kind of interesting is like once you, not only is it for inner generation, but if you look at how hot meme spaces are and how everything's growing there, it could be used to generate AI memes. It can generate pretty much anything it wants. And it allows the community, oh, that's a freaky cat. But it allows the community to create NFTs and allows this sort of gameplay to be public to everyone without any knowledge in the crypto space. Lastly, what's interesting is kind of the final proof of the pudding is that recently, they are constantly announcing revenue shares. And they're constantly generating revenue and are sharing with the community. Whilst this might seem like, okay, you know, half a million dollars, that's actually quite a bit actually. So it's not a small amount. But I feel like what's kind of important about this is not just that it's generating revenue. Right. I think revenue can come once things explode. But what's more important about this is it's telling us that they have a lot of active users and that active users is very, very much willing to pay for their services. There's two consequences. One is that they have a business model. But the other consequence is that with a lot of Web3 users, they can make better products geared towards the Web3 community. I found that's much more important. With a strong active user base that's already paid, they can just harvest that information of what are they generating. Can they use that to train new AI models? Right. That's the unspoken word and that's kind of the best part about Palm is that user base. And with that user base, they can harness utility. Anyways, we're going to discuss all this in today's video. And if you guys like content like this, discovering new coins, make sure you click the like and subscribe button. And I do want to disclose that they are one of our partners. Let's get started. So let's start the video off with just a quick introduction of the Palm AI vision, so to speak. It's a Google-powered multi-platform AI application system. So right off the bat, they're saying, you know, they're not reinventing the wheel when it comes to AI technology. They're kind of building on top of what Google has to offer. I think this is a great choice. Because if you want to reinvent the wheels, all the big companies, even like OpenAI, they're evaluated at $80 billion or Elon Musk, you're not going to be able to out-compete them in terms of money and inventing new tech. Rather, their goal is to kind of bridge existing powerful AI with use cases in Web3. And I think that's really important because we know about Web3 in terms of the crypto space. There's a lot of money to be made. There's a huge demand for additional tech to be deployed in this space, right? Quite simply said, I don't need to explain this furthermore. So that's exactly the market that Palm AI is doing. So first of all, they built a few quick tools that people can use. But the greater vision, the greater roadmap is to really provide this multi-platform AI application system. Now, this tool is already released on Telegram. It's also on WhatsApp. They have a new version that's already released. So if you want to use it on any of these platforms, it's easy. And they actually have an update for WeChat coming soon. So if you want WeChat Shopify integration, that's coming. In terms of utility, it's actually quite simple to use. Basically, you just add the bot itself as a friend. And then you have a clear and easy interface to do multiple features. So one of the first features, obviously, is a chat bot. This is pretty self-explanatory, but you can directly chat on Telegram with the bot and interact with it. So you can ask questions like, who created Ethereum? And we've got Ethereum is created by Vitalik, right? So simple questions, easy responses, and very good voice recognition. This by itself is extremely powerful. It's right into Telegram. Everyone loves using Telegram. And they can just directly voice chat with it and ask simple questions. Especially if you're a new player to crypto, asking these questions are really important. Now, there's two sides to this also. I know, of course, Google is in the back end. But something that's interesting here is that Palm can actually start collecting data on what people are interested in and provide better information for it. Now, you might say, sure, an AI bot, we've seen that GPT-4-0 is everywhere. Everyone's just talking about it, right? But I think something that's interesting to remember is that this is a crypto-specific one. And having a huge database of crypto questions and answers becomes extremely valuable for both helping people and training new AI as well. First feature, AI bot already working. Second, what's kind of interesting is that in the same bot, if you ever want to change a feature, just like click this button and go to Palm and you can start doing that. But we can use image generation and create something that's directly what you type in and also create an NFT from it. I think that's kind of super cool. So let's say quickly, I want to generate image for a new YouTube channel, AlphaDrop. It took around 15 seconds or so, depending on where it goes, but it met my objectives. And what's interesting about this is that you can make this directly as an NFT. But it's also really useful for anyone who wants to create a gallery of NFT or even meme coins. And this is made possible because they partnered with Scale. And you can see that what they're trying to do, Palm isn't just, you know, add it alone, but rather they have partners that can help them grow. And obviously, Scale is one of them. And I can see why it's useful to have AI applications directly in Web3 or rather having a Web3 native version of AI. The adaption is extremely important because we have extremely specific goals and orientations and having a custom version of that working directly, not just with crypto users, but with our entire ecosystem is really important. This is also very evident with what they're talking and giving grants to new projects that they're incubating. And you can see that they're very aggressive building on Web3 as well. If you actually look at their X spaces or X Twitter spaces, X spaces, they're very, very transparent of how they're working with projects in this space. And something I found in the recent new spaces is they're really talking about oracles, AI on blockchain oracles. Crazy. Yet again, direct data feed, letting the AI process that information and feeding it into different projects. Yet again, the source of information, data, combining everything, processing that, and taking that into projects and new growth. So I see that ecosystem growth for Palm is going to be really important. The fact that they directly provide services to new projects and then providing grants to them. Really, really powerful recipe for success here. If you want to find out more, definitely check out their spaces. They're constantly holding spaces. This is actually spaces 44. They're endless. It's just weekly, week on week. And I think that communication also with our community is important. Because yet again, they're building products directly for this community and getting feedback with the spaces is really powerful. And the last solution that I want to talk about is their AI aggregation in a collaboration with 0x protocol. So what's happening right now is they're actually allowing AI to find the best prices for particular token swaps. Now, a lot of people, they just use one token exchange. So for example, if you're swapping a token, you just go to Uniswap and go for it, right? But that might not give you the best price. What if there's multiple DEXs? And we see that happening, popping up left, right, and center. How do you get the best price? How do you find the best routing for that? So that's what they solved for version one. Basically, they have a way to directly swap on their UI and then send that to 0x protocol and then find the best rate for that. So very, very powerful. Again, very early as well. This is actually just a version one. And as you expect, I have more and more versions piled on top of this to grow that utility. All this adds up to what they have so far already, which is they've already earned more than half a million dollars worth of USD to distribute back to the token holders. So now this brings us to the final point, right? So they have a powerful revenue distribution model, but what's more important is they made already made more than half a million dollars of revenue already. That's actually pretty fast. Concerning how fast it was, how recently it was launched, being able to generate revenue on the get-go and having users to generate that revenue is super powerful. And I think that's the final point here, right? It's not just about having this large sum of money. It's about having the users to generate this large sum of money, having user data, being able to train that user data. This is, I would say more, more valuable. I will almost say said priceless, but yet again, you can't put a price on data, but it's extremely valuable to have user data, constant user data to improve their AI. And that's what you need, right? You're using Google, but you can build layers on top of that to kind of directly integrate the feedback, the community kind of responses that you're getting to grow and increase the speed of both development and the intelligence of that AI. So this is why I feel like this project has immense potential. It's already being used. And in terms of evaluation, it's sitting at just a little bit less than $60 million, which isn't that much. So yeah, if you think about it, if Elon Musk can raise billions, why can't Palm grow? So I think that's where we're at in terms of growth. It did actually have one growth spurt, but I do see that once that AI narrative takes off again, they're in really prime position with product, with direct entity deployment, with almost weekly updates on Twitter spaces or X spaces. They're in prime position to really grow very, very quickly. So anyways, guys, that's our take on Palm. What do you guys think? What do you guys think of AI narrative? Do you think billions of dollars is the price of the future? Or do you think it's highly undervalued? Leave a comment in the comment section below. I'd love to hear what you guys think. Thank you guys so much for watching this video. See you next time.
