When the crypto world was at its latest peak, celebrities quickly joined the gold rush. Tom Brady started a buzzy NFT business for athletes and entertainers with backing from a16z and Kleiner Perkins, among others. Reese Witherspoon said crypto is here to stay, encouraging “more women to be a part of the conversation.” And Paris Hilton, a longtime crypto enthusiast, reportedly named two of her newest pets “Crypto Hilton” and “Ether Reum.”
As crypto has sputtered and struggled in recent months, the spotlight is now on AI. Will celebrities follow venture’s newest hype train? Buzzy products spun out from OpenAI, such as ChatGPT and GPT-3, are helping to land billions in VC interest. But core differences between AI and crypto may mean that influencers turned venture capitalists may not be as eager to jump.
But does AI even need celebrities touting its many applications?
Crypto, unlike AI, has a very clear need for strong marketing, given the sheer number of tokens, collections and confusion around it. Marketing for AI, on the other hand, can literally speak for itself. Using AI is also notably easier than using crypto. There are no wallets or buy-in needed to ask ChatGPT a question about the history of potato chips. One investor tells me it’s AI’s general vibe that’s more enticing. Anyone can use this tech; it’s not reserved for elite billionaires or savvy techies.
Investment will continue to happen. Actor and entrepreneur Ashton Kutcher’s venture firm, Sound Ventures, filed paperwork with the SEC this week that hinted at plans to start an AI-specific venture fund. Earlier this month, Bloomberg estimated that the investment vehicle may close at around $200 million. The Chainsmokers’ VC firm, Mantis, has made at least nine investments in startups within the AI and ML space, according to its page.
Other celebrity-related venture efforts are closely watching the AI market. Rx3 Ventures, the firm co-founded by athlete and Green Bay Packers quarterback Aaron Rodgers, is one. “While AI alone hasn’t been a target industry for us per se, we’re closely tracking its integration into the consumer sector, as well as its developing impact on consumer behavior,” investor Kira Jackson wrote over email.
Ultimately, some celebrities may be more drawn to tech that is built around creativity instead of consumer spend. Grammy-award winner and tech entrepreneur will.I.am told Yahoo Finance that ChatGPT will be a “great co-pilot for creatives.” He said that he thinks the technology will “raise the bar on everyone’s creativity; now you have something else that is responsive. You could push it and it will push you.”