Crypto On LYO: The Blend — Louis Vuitton Embraces Web3, AI-related Crypto Returns Reach 41% after ChatGPT Launch, Tether Invests in El Salvador’s $1B Renewable Energy Project

What happened in the crypto world in the last week? Let’s see some interesting news together!

Louis Vuitton Embraces Web3, Launches its Iconic Trunk as a Digital Collectible

Louis Vuitton, the renowned French luxury brand, has joined the fashion industry’s embrace of the “phygital” revolution by introducing the VIA Treasure Trunk, a virtual representation of its iconic travel trunk.

The integration of blockchain technology in the digital realm has enabled an experience of exclusive ownership that rivals the real world. Through blockchain’s immutable, transparent, and publicly accessible infrastructure, ownership of unique digital assets like non-fungible tokens (NFTs) has become equally gratifying as possessing their physical counterparts.

As a result, physical objects have given rise to their distinctive digital counterparts on the blockchain, ushering in the era of the phygital trend in Web3. Objects that prioritize aesthetic value over utility are leading the way in this trend, ranging from designer shops in the Metaverse to digital art collections.

AI-Related Crypto Returns Surged by 41% Following ChatGPT’s Launch

A recent study conducted by researchers at the Blockchain Research Lab in Hamburg, Germany has revealed that the introduction of OpenAI’s ChatGPT had a significant impact on cryptocurrency assets associated with artificial intelligence (AI).

ChatGPT, launched in November 2022, achieved unprecedented growth, amassing over 1 million daily users within five days and surpassing 100 million monthly users by January 2023. Although exact current user statistics have not been officially disclosed by OpenAI, it is speculated that the app now serves a user base potentially reaching 1 billion.

The study highlights a noteworthy correlation between the app’s popularity and the overall surge in AI-related cryptocurrency. It attributes this rise to factors such as media coverage, marketing buzz, and public sentiment, with investors perceiving AI-related crypto assets as possessing heightened potential or value following ChatGPT’s launch.

Tether Invests in El Salvador’s $1B Renewable Energy Project

Stablecoin issuer Tether has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion-dollar renewable energy initiative.

The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán that aims to harness solar and wind energy that will power and be monetized by Bitcoin mining operations.

Tether is among investors in a first-round capital raise to develop Volcano Energy, a soon-to-be-developed 241-megawatt (MW) renewable energy park. The site is located in Metapán and will comprise 169 MWs of photovoltaic solar energy and 72 MWs of wind.

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