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We stand on the brink of a historic technological transformation akin to the dotcom boom of the 1990s. Major players like Microsoft and Google are in a fierce competition to unveil rival products fueled by this emerging technology. As the excitement builds, it seems that numerous smaller startups are repositioning themselves to capitalize on this trend, potentially leading us into another market bubble.
Anyone who witnessed the NFT craze of 2021 can draw parallels to the current enthusiasm surrounding generative AI technologies, particularly with products like OpenAI’s innovative chatbot, ChatGPT. Thankfully, significant distinctions exist between the current AI renaissance and the NFT bubble we experienced a year and a half ago.
It is of utmost importance to discern reality from hype at this juncture, ensuring that innovators in the AI space navigate this moment thoughtfully and ethically.
Related: What Is ChatGPT? Google, Siri, and Even ChatGPT Are Confused About Its Existence
Understanding the Technology
When reflecting on the lessons learned from the NFT boom of 2021, it becomes evident that, from a technological perspective, ChatGPT vastly outshines the Ethereum wallet used for storing NFT images.
This advanced Language Learning Model (LLM) processes vast amounts of text, identifying intricate relationships between words. It effectively predicts the most likely next word based on the surrounding context, allowing it to generate poetic verses, screenplays, and comprehensive essays at an unprecedented scale.
In contrast, NFTs operate through blockchain technology to signify digital ownership of various assets—be they digital artifacts or tangible items. This leads us to describe “NFT technology” as primarily “blockchain” functionality.
While blockchain—and NFTs—possess the potential to resolve digital ownership issues, promoting a landscape where artists regain control over their works remains largely limited compared to the transformative promise offered by AI advancements. Despite the enthusiastic projections, many firms advocating for a “Metaverse” or “NFT” future have overstated the impact of these technologies.
Years of effort by blockchain enthusiasts have yet to result in widespread adoption or practical applications. Some individuals may have engaged with crypto investments or purchased NFTs in 2021, but they pale in comparison to the rate at which businesses have integrated ChatGPT since its release.
Related: Does AI Deserve All the Hype? Here’s How You Can Actually Use AI in Your Business
The Challenges Ahead
Establishing a credible AI venture is inherently more challenging than in the blockchain sector. The latter’s complexities allowed companies to misrepresent unsophisticated digital art as NFTs, while some basic gaming platforms appended “Metaverse” to their branding without substantial merit.
In contrast, the landscape for AI presents its own set of formidable challenges. Businesses across virtually all sectors are working to incorporate and build upon tools like ChatGPT, exploring novel applications for these technologies.
For this potential to materialize, AI developers will need to identify and address the limitations of models like ChatGPT while maximizing their strengths. Dr. Michal Tzuchman-Katz, Co-Founder and Chief Medical Officer at Kahun Medical, highlights necessary improvements that AI would need to serve the healthcare industry effectively. Kahun’s tool is designed to emulate a clinician’s thought processes, offering an enhanced clinical intake experience before patient appointments.
While ChatGPT can facilitate communication with patients, it lacks the clinical reasoning that Kahun employs by referencing peer-reviewed medical literature to generate informed responses. Moreover, ChatGPT tends to compare inputs with those of myriad users, raising transparency issues regarding citations—an obstacle that could hinder its use by professionals like journalists and authors who require reliable sourcing.
There also lies the critical challenge of bias within AI systems. Instances of apparent political bias in ChatGPT have been observed, alongside broader racial bias concerns in AI technology. Addressing these issues will be pivotal for the future expansion and acceptance of AI innovations.
As for accuracy, we anticipate rapid advancements in ChatGPT’s capabilities. The future will demand that AI developers actively partake in the enhancement of these technologies, particularly focusing on transparency and improving bias-related challenges to pave the way for ethical application.
Related: How Will ChatGPT Change Education and Teaching?
### Hustle Verdict
Our take is that the current surge in generative AI technologies represents a critical inflection point for various industries. While the historical lessons from the NFT surge provide caution, we believe that AI stands to reshape operational frameworks across sectors, driving significant business efficiencies and innovation. The bottom line is that the ongoing advancements in this field will not only redefine competitive landscapes but will also set new standards for ethical practices and transparency in technology.
