The State of Generative AI and Crypto in 2023 with Kelly Choo
Kelly Choo looks back on the key trends in investing in Generative AI and Crypto for the year of 2023.
Fresh out of the studio, Kelly Choo, founding partner from True Global Ventures discusses the state of generative AI and crypto in 2023 and what to look forward in 2024. Kelly started with his take on the recent departure of CZ from Binance and the ouster and return of Sam Altman in Open AI and how this impacts the AI and crypto landscape. From there, he broke down how they are looking at the next wave of generative AI companies specifically in the education, metaverse and legal space and crypto companies from ERC 6551 in non-fungible tokens (NFTs) to zero-knowledge proofs. Last but not least, Kelly defines what success would mean for both AI and crypto in 2024.
"Consumer demand will accelerate the need for security, privacy and regulation. Like zero-knowledge (ZK) where you can prove something is true without revealing all information. And of course, security infrastructure, which is very interesting and important at this current moment, even before the next bull market. For example, one of the companies we invested into Ledger, a digital asset hardware wallet. You basically have an app store interface where you can trade,
you can stake. We see a lot of adoption of crypto in not just a retail space because of increased awareness, in the media, and new DeFi applications coming up, but also in the adoption of enterprise space. So a lot of these enterprises will be thinking to themselves, okay, in my treasury, not just do I need to hold USD and other currencies, maybe I need to also hold Bitcoins, or something else. DBS Bank, They're now holding some of this Sandbox Land, but where do they hold it? They can't hold it just in a wallet and then they throw it into some cabinet somewhere. They need to have the right, security hardware. So we believe this, will accelerate the adoption of applications like ledger, which is like a hardware wallet, for both retail and enterprise. So we believe that age-old saying of selling shovels during a gold rush is still very true." - Kelly Choo
Introduction
- Kelly Choo, Founding Partner, True Global Ventures (@kellychoo , Linkedin)
- Since our last conversation, what have you been up to?
State of Generative AI and Crypto in 2023
- It has been a whirlwind weekend. Let’s start with the hottest topic and it is probably ongoing: what are your thoughts on what happened to Sam Altman and Open AI?
- So, if we forget all the Open AI drama, and dial back to the Open AI Developer Day 3 weeks back, how did the recent Open AI Developer Day influence your views or strategies on investing in Generative AI and new Language Learning Models (LLMs)?
- Could you walk us through the chronology of Generative AI's rise and its current state in the technology landscape? What are the startups that caught your attention and how do you see the foundational models, APIs and applications in the Generative AI space?
- What business models are proving to be successful in the Generative AI space, and how is True Global Ventures engaging with these models?
- What is True Global Ventures when it comes to AI startups?
- In our last conversation at the start of the year, we discussed the 5 web3 megatrends. Which trends worked out and which did not?
- With Web3 evolving rapidly, could you highlight some of the most exciting developments you've seen recently, especially in real-world asset monetization?
- Can you explain the concept of ERC-6551 and programmable NFTs? How are they different from the NFTs most people are familiar with?
- From True Global Ventures' perspective, what new Web3 technologies or applications should we be paying attention to now?
- How do you see AI, specifically Non-Player Characters (NPCs), enhancing the user experience within the Metaverse?
- Let’s talk about the metaverse and gaming in crypto: the Saudi Arabian government's Neom project and Animoca Brands. Can you discuss the significance of the Saudi government’s investment into Animoca and its potential impact on the Metaverse?
- Another big conversation in the year is Apple’s Vision Pro. How do you think that Apple’s foray into VR and AR will change the metaverse market?
- Where do you think that the AR and VR market will go from there?
- It is almost without doubt that the SEC will approve the Bitcoin ETFs starting with Blackrock and the rest and even conversion of GBTC to a spot EFT due to the loss in a lawsuit. That means institutional investors are coming to crypto, what does that mean for the crypto ecosystem as it balances between decentralization and other financial innovations in the space?
- What are the chances for other cryptocurrencies such as ETH and SOL to be on the next wave of ETFs? How does that change the investment landscape?
- How do you envision regulatory changes shaping the future of cryptocurrency ETFs and investor strategies, specifically the emergence of Dubai, London, Hong Kong in addition to Singapore?
- What does great look like in the AI and web3 startup space in 2024?
Closing
- Any recommendations that have inspired your life?
- Kelly's inspiration: Life is about growth, learning and learning about yourself, and the excitement of going to work every morning.
- How can my audience find you?
Podcast Information: Bernard Leong (@bernardleong, Linkedin) hosts and produces the show. Proper credits for the intro and end music: "Energetic Sports Drive" and the episode is mixed & edited in both video and audio format by G.Thomas Craig (@gthomascraig, LinkedIn).
