Coinbase Ventures has released a report stating that the combination of artificial intelligence (AI) and blockchain technology will revolutionize the digital economy, leading to a future where autonomous AI agents interact freely with humans on Web3. This vision, referred to as the “Agentic Web,” will involve self-directing AIs developing decentralized applications and conducting cryptocurrency transactions with both human users and other AIs.
According to the report, Coinbase Ventures predicts that in this future state, AI agents will have their own crypto wallets to independently carry out transactions or use stablecoins to compensate humans and other agents for completing tasks necessary for their overall objectives.
The convergence of blockchain and AI has attracted considerable interest from venture capital firms focused on cryptocurrencies. In the third quarter of 2023, these firms invested approximately $213 million in AI-related startups, as reported by crypto researcher Messari.
On October 10, decentralized graphic processing unit (GPU) provider Aethir announced the launch of the $100 million Aethir Ecosystem Fund, aimed at accelerating innovation in artificial intelligence and gaming.
Furthermore, on October 24, Web3 payments platform Skyfire raised $9.5 million from venture capital firms, including Coinbase Ventures and a16z. This funding will be used to develop infrastructure that enables AI agents to autonomously transact using the stablecoin US Dollar Coin (USDC). Skyfire has already onboarded several AI developers onto its payment network.
Coinbase Ventures believes that blockchain technology can enhance the future of AI by increasing accessibility, transparency, and use cases within the emerging tech. The report also predicts that crypto will become the preferred payment method for commerce between AI agents and humans, and generative AI will be the primary method for onchain transactions.
Additionally, Coinbase Ventures anticipates that AI will generate the majority of software code, including smart contracts, leading to a proliferation of onchain apps and experiences.
In the third quarter, venture capital firms invested a total of $19 billion in AI startups, accounting for 28% of all venture funding during that period, according to data from Crunchbase.