The ChatGPT-maker's Worldcoin has everyone's attention

In exchange for a digital ID and, in some countries, free cryptocurrency, more than 2.2 million people have joined Worldcoin.

ChatGPT founder Sam Altman's new project aims to build a blockchain-based "identity and financial network." Since its launch on July 24, its native coin WLD has maintained a consistent price between $2 and $2.50, avoiding the "pump-and-dump" trajectory of many new crypto tokens.

According to Gordon Grant, co-head of trading at Genesis Trading, which is not yet offering the token to clients, the investor jury is still out on Worldcoin's prospects.

Gordon stated that people had strong feelings about the project, both positive and negative.

The white paper for Worldcoin states that 10 billion tokens will be distributed over the course of 15 years. The circulating supply on Monday was 120 million tokens, or roughly 1.2% of the total future planned supply, according to market watcher CoinGecko.

Some tech players are excited about Worldcoin's plan to provide a digital ID system based on "proof of personhood," with the project backed by investors such as Andreessen Horowitz.

According to PitchBook analyst Robert Le, there are several startups working on blockchain-based digital identity systems, but none on the scale of Worldcoin.

The wager made by Worldcoin is that this will become more crucial as the demand for online human verification rises due to the use of artificial intelligence bots.