Worldcoin Token Woes After Sam Altman’s Departure
After the news of Sam Altman’s departure from OpenAI, the value of the WLD token linked to the Worldcoin project took a whole lot of hit, dropping by 14%, according to CoinGecko. Altman was removed as CEO of OpenAI due to a lack of transparent communication, leading to a loss of confidence from the board.
Market Response
Worldcoin’s price had to be updated twice while this post was being written, and at 4:30 p.m. ET, the token was currently worth $1.89 with a market capitalization of $218 Million and $141 Million in volume of trading over the last 24 hours.
This represents a 42% decline from the token’s record-breaking peak of $3.30 seen in July.
A.I. Coin Market
Regardless of Altman’s exit affecting Worldcoin, the broader A.I. coin market grew by 30% within the past 24 hours, reaching a market cap of $5.4 billion, according to CoinGecko.
Worldcoin Project and Token
Worldcoin, developed by Tools for Humanity, involves a biometric authentication system was known World ID, which uses iris scanning to authenticate human identity online. Users receive Worldcoin in return for taking part in the network, with the project inspired by universal basic income discussions.
The project’s token, WLD, is Ethereum-based, and the iris-scanning technology has been deployed in cities like New York, San Francisco, and Atlanta.
Project Controversy
Regardless of raising whole lot of funds, Worldcoin faced criticism, with states of deception and exploitation, leading to pushback from privacy advocates and Government scrutiny in countries like Kenya, the United Kingdom, Germany, and France. Kenya has even stopped Worldcoin’s enrollment due to security, privacy, and financial concerns.
Hot Take
Altman’s departure has significantly impacted the value of the WLD token, raising questions about future of the the Worldcoin project in the face of controversy and Government scrutiny.
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