Trading Volume Continues to Decline... 32% Sharp Drop
Using Iris Recognition Data to Distinguish Humans from AI
Concerns Over Misuse Despite Iris Data Deletion Explanation
Weak Investor Sentiment in Virtual Asset Market Also a Negative Factor
Worldcoin, a virtual asset developed by Sam Altman, CEO of OpenAI, the creator of ChatGPT. Although it surged on its first day listed on virtual asset exchanges, the price has stagnated as the initial excitement faded, and trading volume has also plummeted.
According to the global virtual asset market tracking site CoinMarketCap, as of 1:49 PM on the 27th, the price of Worldcoin was recorded at $2.25 (approximately 2,872 KRW), down 9.95% from the previous trading day. Worldcoin’s price was $1.77 at 4:40 PM on the 24th, when CoinMarketCap began tracking it, and it soared to $3.31 within about two hours. On the same day, it was also listed on the domestic exchange Bithumb, where it started trading at 760 KRW and surged as high as 14,440 KRW, an increase of 1,800%.
The price of Worldcoin, which had attracted significant market attention, then followed a downward trend. On the 25th, it fell to $1.90, breaking below the $2 mark. It has since risen slightly but remains around the $2.20 range, below the price on the first day of listing.
Trading volume also dropped sharply. On the first day of listing, the 24th, the daily trading volume was $539.05 million (approximately 688.4 billion KRW), but the next day it fell by 31.58% to $368.8 million. The following day, it decreased further to $302.06 million, showing a continuous decline in trading volume.
The Worldcoin project aims to build a financial and identity verification network accessible to everyone regardless of status. Additionally, it plans to expand infrastructure to address issues arising as the distinction between humans and artificial intelligence (AI) becomes increasingly difficult. To achieve this, it uses iris recognition information. The core of the Worldcoin project is the World ID, which only real humans can possess. Through an iris recognition device called "Orb," individuals’ iris information is linked to the blockchain, and once verified as human, a World ID is created. Using this World ID, a virtual asset wallet called the World App is created to store Worldcoins. Worldcoins are used within the project for user subsidies, network operations, ecosystem funds, and more.
Before its launch, more than 2 million people worldwide registered for World IDs and were given Worldcoins free of charge. Worldcoin installed 1,500 Orbs in various locations and expects millions more to register their iris recognition information in the future. In South Korea, Orbs have been installed in areas such as Gwanghwamun, Euljiro, and Gangnam in Seoul.
However, despite these developments, Worldcoin has faced setbacks. First, concerns were raised that iris recognition information could be leaked and personal information stolen. Worldcoin has claimed that the iris images recognized by the Orb are encrypted and immediately deleted, making leakage impossible. However, some have argued that hash values remain and could be exploited. Vitalik Buterin, the creator of the virtual asset Ethereum, stated on his blog that "the Worldcoin system has potential issues regarding privacy, accessibility, and security." He also explained that "there is no ideal form of proving one is human."
Another negative factor for Worldcoin is the overall deterioration of investor sentiment in the coin market, with the leading virtual asset Bitcoin falling below $30,000. Until the 14th, Bitcoin was trading in the $31,000 range but has weakened due to concerns over tightening monetary policy. As investor sentiment cools in the coin market, interest in Worldcoin is also believed to be limited.
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