2024 narratives — AI and Web3

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As 2024 draws near, Hashing It Out is focusing on narratives tipped to be at the heart of the cryptocurrency conversation in the new year. In Episode 40, Ethan Sun, CEO of MyShell — an open ecosystem for AI-native apps — explains how Web3 and artificial intelligence can co-exist in the future and how both industries will integrate with each other. Sun believes that Web3 and AI integrations can change the creator economy while defending why both industries can grow without hurting the other.

On trends building up in 2023, Sun says that user-generated content in the artificial intelligence domain is growing fast because AI tools are increasing productivity for content creators. This spike in content creation is fuelling a new creator economy that requires reward mechanisms, which the CEO of MyShell believes will powered by Web3.

One thing that AI and Web3 share in common is issues with regulators across the world. Sun highlights that artificial intelligence platforms have to deal with privacy concerns and the absence of regulations. The latter has also caused companies to block access to their platforms in some states. Sun mentions that decentralization may absorb companies’ liability and make AI accessible to all, regardless of their jurisdiction. Hashing It Out host Elisha Owusu Akyaw also points out that the fear that people have of AI applications taking over may be reduced with more AI products powered by decentralized governance.