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Gaming

Gaming Startup Challenges the Idea that ‘AI + Crypto’ is just a passing trend

Remon R.
Last updated: 2024/02/14 at 11:42 PM
Remon R.
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This Gaming Startup Tries To Show ‘ai + Crypto’ Is
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In the past, the focus was on cryptocurrency, and then the hype shifted to artificial intelligence. This led to skepticism from the industry about the opportunism of investors who were quick to switch their focus between AI and crypto. However, some entrepreneurs remained passionate about the potential of combining AI and crypto. Vitalik Buterin, the core founder of Ethereum, generated excitement with his musings on the possibilities of “AI + crypto,” fueling enthusiasm among his Twitter followers. However, the practical applications of this combination are yet to be proven at scale.

A Singapore-based startup, Ultiverse, is seeking to demonstrate that the fusion of AI and crypto is not just a trend. Claiming to be an “AI-powered” platform for crypto game production and publishing, Ultiverse has garnered support from notable investors, raising $4 million in a strategic funding round led by IDG Capital, renowned for its investments in Chinese tech giants and crypto firms like Coinbase and Circle.

Other investors in this round include Animoca Brands, Polygon Ventures, MorningStar Ventures, Taiko, ZetaChain, Manta Network, DWF Venture, and Jacob KO, resulting in Ultiverse’s valuation boosting to $150 million.

So, how exactly is Ultiverse integrating AI into its crypto-verse? In an interview with TechCrunch, co-founder Jimmy Liu, who previously managed his family’s private equity firm, explained that AI is being used to “accelerate production and user adoption.”

Instead of creating AI models from scratch, Ultiverse utilizes existing large language models like GPT-4, Llama, and Stable Diffusion to train in-game non-player characters, providing each player with a unique experience based on their interactions with the NPCs. Players can also create their own AI agents to act on their behalf.

Liu stated, “This production process used to take days or even weeks, requiring more than one person to accomplish. However, with AI integration, we have significantly reduced the time and cost of producing the same amount of content as before.”

Yet, incorporating AI into the game design process may not be Ultiverse’s primary competitive advantage, as other studios can similarly leverage large language models. Many gaming firms have also embraced generative AI in creating art assets, designing level segments, and formulating game models for other developers.

The ongoing debate surrounding crypto games questions whether they truly add tangible value to the industry by enabling user ownership and asset liquidity, or if their primary goal is to profit from players like a jackpot. Notably, the industry’s reputation has been marred by “play-to-earn” titles such as Axie Infinity, which have been likened to pyramid schemes.

Ultiverse has already released three games, including a popular mobile cricket game with 200,000 unique active wallet addresses, predominantly from India and Pakistan where cricket is immensely popular. The startup has garnered 7.3 million registered users across all its games as of December, with an average of 830,000 monthly active users.

The cricket game attracted mostly non-crypto users who didn’t previously own a wallet, thanks to an increasingly common crypto wallet feature called “account abstraction,” which simplifies the technical aspects of self-custodial wallets, as explained by Liu.

“It’s pretty much seamless until they need to withdraw the reward after a certain time when they notice that, okay, this isn’t just a game,” said Liu. “That approach helps us grow and convert those, what we call web2 gamers who never experimented with web3 at all before, to be part of our ecosystem.”

“Ultiverse stands as an AI-powered, one-stop solution for web3 gaming production and publishing, poised to revolutionize the industry,” commented an IDG Capital spokesperson. The firm has also invested in other major crypto projects like Ripple, ImToken, and KuCoin. “This investment signifies our belief in their potential to not only lead but also transform the way games are developed and experienced globally.”

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Remon R. February 14, 2024 February 14, 2024
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