Younger generations of crypto traders favor the use of AI in the Web sector3: KuCoin
Millennials and Gen Z members of the Web3 community hope the advanced integration of artificial intelligence (AI) with the industry will sharpen investment decisions for young investors. KuCoin, which claims to be the fifth largest crypto exchange in the world, conducted a detailed study on how AI could be integrated into Web3 elements such as crypto and blockchain games, among others. While AI has been a popular tech tool among developers for nearly a decade now, discussions around the technology have accelerated after AI-powered chatbots like ChatGPT exploded on social media recently. Now that the technology has been widely adopted, Big Tech is racing to integrate AI tools into its services.
KuCoin surveyed 1,125 crypto users from different parts of the world to understand how the Web3 community views AI. The survey included responses from Gen Z users aged 18-24 (15%), Gen Y users aged 25-40 (54%), Gen X users aged over 40 years old (31%), with a varied level of experience in crypto investing.
Over 64% of young respondents confirmed that they were somewhat familiar with the uses of AI in crypto and blockchain. On the contrary, members of the GenX generation are less aware of the use of AI in crypto as well as other industries.
This requires an acceleration of education and awareness initiatives, specifically tailored to understanding the GenX population, noted report.
Investors in the GenX category, comprising those born in the mid-1960s through around 1980, aren’t exactly keen on loading existing technology services with several newer technologies like AI.
While 59% of Millennials and Gen Z participants supported adding AI to crypto trading and educational activities.
“The enthusiastic response from our users regarding the integration of AI and the efficiency of blockchain is incredibly motivating. At KuCoin, we are committed to staying at the forefront of technological advancements and constantly improving our platform to meet to the dynamic needs of the crypto community,” said Johnny Lyu, CEO of KuCoin, speaking to the results of this survey.
Generative AI for text, such as ChatGPT, is favored by all generations, with 51% of respondents preferring it.
Not only AI, but 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 was refreshing its Okto crypto wallet service with AI and ML capabilities, particularly in security. CoinDCX claims that Okto has been integrated with advanced cognitive AI technology, making it the first-ever AI-infused self-custody wallet. Additionally, the Okto team has also deployed ML to analyze and monitor patterns in common and unusual crypto transactions.
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