Information protocol RSS3 has raised $10 million via a token sale to prolific Web3 investor DWF Labs, according to an emailed announcement shared with CoinDesk.
RSS3 aims to be a bridge between blockchain technology and AI, search engines and social media. It has previously attracted investment from Coinbase, Dragonfly and noted entrepreneur and former Andreessen Horowitz partner Balaji Srinivasan.
The protocol's latest investment follows its unveiling of RSS3 AIOP, an AI training environment providing Web3 information to the likes of ChatGPT.
Traders have been betting on the potential of artificial intelligence and crypto, following the recent rise in popularity of AI-driven chatbots such as ChatGPT and image generation software DALL-E. While these do not actually use blockchain technology or cryptocurrency, crypto traders have nonetheless been drawn to AI-focused tokens as the next big growth area.
"We believe RSS3 is perfectly positioned to empower developers to create diverse, cutting-edge applications that will redefine how we interact with the web3 ecosystem," DWF Labs' managing partner Andrei Grachev said.
RSS3's token has a market cap of just under $60 million at the time of writing, according to CoinMarketCap data.
The $10 million purchase by DWF Labs is the firm's tenth investment of at least $10 million into crypto and Web3 projects in less than two months.
Read more: Cassandra Rosenthal: Web3 and AI Is the Next Chapter in Storytelling
Edited by James Rubin.
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