Younger Generations of Traders Favour AI Advancements in Crypto, Web3 Sector: KuCoin Report
Millennial and Gen Z members of the Web3 community are hopeful that advance Artificial Intelligence (AI) integration with the sector will finetune investment decisions for younger investors. KuCoin, that claims to be the fifth largest crypto exchange in the word, conducted a detailed study on how AI could be integrated into Web3 elements like crypto and blockchain gaming among others. While AI has been a popular tech tool among developers for nearly a decade now, but discussions around the technology picked pace after AI-based chatbots like ChatGPT recently blew up on social media. Now, as the technology has seen widespread adoption, Big Tech is racing to integrate AI tools in its 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 18-24 (15 percent), Gen Y users aged 25-40 (54 percent), Gen X users aged above 40 (31 percent), with a varied level of experience in crypto investing.
Over 64 percent of the younger 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 lesser aware about AI utilisation in crypto as well as in other industries as well.
This calls for an acceleration in education and awareness initiatives, especially tailored for the understanding of GenX population, the report noted.
Investors of the GenX category, comprising of those born in the mid-1960s till about 1980, are not really enthusiastic about loading up existing tech services with multiple newer technologies like AI.
Whereas 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 steadfast in our dedication to staying at the forefront of technological advancements and constantly improving our platform to meet the dynamic needs of the crypto community,” Johnny Lyu, CEO, KuCoin, said, weighing in on the findings of this survey.
Generative AI for text, such as ChatGPT, is favoured across all generations, with 51 percent of respondents preferring it.
Not just AI, but other technologies like Machine Learning (ML) can add more capabilities to crypto and Web3 services.
Industry players have already begun experimenting the integration of blockchain tech 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, especially around security. CoinDCX claims that Okto has been integrated with an advanced cognitive AI technology, making it the first ever self-custody wallet infused with AI. In addition, the Okto team has also deployed ML to analyse and monitor patterns in usual and unusual crypto transactions.