Cronos Labs Managing Director Ken Timsit spoke out on the web3 gaming sector, saying that the increasing use of Artificial Intelligence (or AI), indicates accelerated adoption of Blockchain.
Meanwhile, bucking the trend of other major crypto assets, Cronos (CRO) has registered a +4% price pump in the past 24 hours.
Cronos Labs and Ken Timsit’s views: AI boosts Blockchain adoption
Ken Timsit, Managing Director of Cronos Labs, recently released his views on the use of AI technology fostering Blockchain adoption, especially in the creation of Web3 games.
Specifically, Cronos Labs is an accelerator of Web3 startups through its Cronos Accelerator Program, which welcomes startups specializing in decentralized finance (DeFi) and blockchain games.
In this context, Timsit appears to be at the forefront of trends in the technologies being used.
In this regard, Timsit reportedly answered several questions regarding blockchain adoption as follows:
“the best Web3 game developers have become experts at community management. This includes the use of NFT [non-fungible token] launches to convey a narrative and mobilize fans and to ensuring that new products find their market quickly. [..]
Games are making use of the latest technology trends to simplify the user experience, such as ultra-cheap application-specific layer 2 or 3 blockchain networks, account abstraction, and new NFT standards that make it possible to lend game assets. […]. Game creators are making use of AI to make games more interesting.”
Cronos Labs and the use of AI in blockchain games: the dark side
While there is optimism in the air when combining new technologies such as AI within the industry of Web3 games that are increasingly using blockchain, Timsit also warns that there is a certain dark side.
And indeed, when asked whether AI could be used to prevent fraudulent practices that some users might engage in, given that there are valuable NFTs involved, Timsit responded as follows:
“Many Web2 and Web3 games offer gamers the opportunity to earn in-game currency or assets by “grinding,” meaning by playing the game for hours and completing quests. This opens an incentive for players to deploy bots to play in their stead.
Bot players can disrupt the balance of the in-game economy, which is not easy to achieve in the first place. Large game companies have been spending millions of dollars and using AI-based prediction engines to fight bots for a while. It’s not clear that LLMs [large language models] and generative AI, which are the real breakthroughs of 2022 and 2023, will help a lot in bot detection, but certainly, other AI models are bound to be essential.”
Thus, the Managing Director of Cronos Labs warns that AI can also be used to alter the balance of the game, resulting in a not always positive practice.
And indeed, the case of users using bots to play instead of them, i.e. “bot players,” have become a strong challenge for industry companies to overcome, trying to create a Web3 game that excludes this possibility.
The CRO crypto bucks the trend: the +4% pump in the last 24 hours
Looking at the overall crypto situation today, it is easy to see that the 35th crypto by market capitalization, Cronos (CRO) is bucking the trend.
Indeed, at the time of writing, while Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP) are experiencing a slight bear market, Cronos (CRO) is pumping +4% in the last 24 hours.
Specifically, CRO is now worth $0.053, with trading volume over the past 24 hours up 386%.
In contrast, BTC fell as low as $25.900 today, continuing the bear market that began on 15 August 2023.
Yet Cronos (CRO) was included in the list of five crypto assets nearing death, according to the index from HedgewithCrypto. Based on that index, CRO would have 20 months to fail, which means to hit a value of zero.