Originally published on: October 24, 2024
In a groundbreaking report, Coinbase Ventures predicts a revolutionary shift in the digital economy with the fusion of artificial intelligence and blockchain technology. This dynamic convergence is set to create a future where autonomous AI agents seamlessly engage with humans on Web3, shaping what Coinbase Ventures has termed the “Agentic Web.”
According to the report, the Agentic Web will see self-directing AIs taking the lead in developing decentralized applications and engaging in cryptocurrency transactions with both human users and other AIs. This new paradigm envisions AI agents equipped with their own crypto wallets autonomously conducting transactions, utilizing stablecoins for payments, and delegating tasks to humans or other agents towards achieving their defined objectives.
The burgeoning intersection of blockchain and AI has captured the attention of crypto-focused venture capital firms, with investments totaling $213 million into AI-related startups in the third quarter of 2023. Highlighting this trend, Aethir recently announced the launch of a $100 million Ecosystem Fund to spur innovation in artificial intelligence and gaming, signaling a significant development in decentralized GPU provision.
In a bid to enable AI agents to engage in autonomous transactions with US Dollar Coin (USDC), Skyfire secured $9.5 million in funding from prominent VCs like Coinbase Ventures and a16z. With a growing community of AI developers onboarded onto their payment network, Skyfire is advancing the infrastructure for AI transactions, underscoring the potential for blockchain technology to revolutionize the future of AI.
Coinbase Ventures foresees a transformative shift towards crypto becoming the preferred payment rail for agent-to-human and agent-to-agent transactions, positioning generative AI as the primary driver of on-chain transactions. Emphasizing the pivotal role of AI in software development, including smart contracts, Coinbase Ventures envisions an exponential rise in on-chain applications and experiences.
As venture capital continues to pour into AI startups, totaling $19 billion in the third quarter, the landscape of AI and blockchain integration presents a wealth of opportunities for innovation and growth. With the promise of increased accessibility, transparency, and diverse use cases, the future of AI on blockchain technology holds immense potential for reshaping the digital ecosystem.
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