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Highlights
- Chris Burniske predicts crypto apps will print ChatGPT-like growth next year
- This growth will translate to hundreds of millions of users
- He believes few blockchain infrastructures can handle such growth
There is a growing adoption of cryptocurrencies across the board, sparking Chris Burniske, a veteran of Ark Invest, to predict that most of the applications may mimic ChatGPT in growth terms next year.
Can Crypto Apps Mimic ChatGPT Growth Template?
One thing that makes OpenAI’s ChatGPT, the world’s most used Large Language Model (LLM) application stand out is its close leaning to develop a very usable product. Within a few weeks of its launch, ChatGPT recorded more than 100 million users, the fastest of any consumer application at the time.
Over the past year, the platform has grown more in popularity with series of new innovations including Dall.E, Sora and voice feature it added to the application. Despite the competition from Google’s Gemini and others, the OpenAI LLM remains the dominant AI chatbot.
Drawing on this trend, Chris Burniske predicted that crypto apps will onboard users in tens to hundreds of millions in the coming year. He said “We’ll go from asking, ‘Where is the adoption?’ to running around with our hair on fire with too much adoption. Dissemination will happen through viral Web2 distribution.”
Justifying this projection, he noted that the Web3 ecosystem is the only financialized infrastructure that is “directly intertwined with the social media phenomenon.”
Many innovators in the industry regards social media, particularly X as the trusted platform for information dissemination. With millions of users spread on X, Telegram and Facebook among others, Burniske suggests that the onboarding of new users can happen in a more seamless manner.
With the launch of spot Bitcoin ETF and the approval of spot Ethereum ETF, the industry now have more pronounced publicity than ever before. This might serve as a long term catalyst to drive the growth Chris Burniske is projecting.
One Little Challenge
Despite the general acceptance of the possibility of this prediction, the capability of blockchain systems to handle such massive growth remains a major factor worth considering. Ethereum remains the oldest smart contract and largest functioning smart contract network. It has proven unreliable over the years for processing large transactions without breaking down.
Other acclaimed successors like Solana (SOL) ran into similar congestion issues lately. While it has corrected the congestion issues with a major fix deployed on the mainnet, chances it can handle millions of user transaction per time remains low.
According to Chris Burniske, a few blockchain environments can handle the scale of ChatGPT-like user counts. With time, whether these protocols can hold the forte will become visible.
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