Looking Glass Labs Ltd (LGL) has said that based on the recent advances in artificial intelligence (AI) technologies including the development of ChatGPT by OpenAI, the company has created a special committee to explore the opportunity set and consider its strategic merit for the formation of a new business unit.
LGL has appointed Dorian Banks, its chief executive officer; Francis Rowe, its chief financial officer; and Lucas Russell, independent director to the special committee, with Banks being named as its inaugural chairperson.
As previously announced, the company successfully incorporated AI into its most recent Genesis Member NFT airdrop last month. LGL has identified its Pocket Dimension metaverse offering as the company’s potential first use of ChatGPT technology.
OpenAI made its latest creation ChatGPT chatbot available for free public testing on November 30. The chatbot is a software application designed to mimic human-like conversation based on user prompts and can respond to a large range of questions while imitating human speaking styles.
READ: Looking Glass Labs says subsidiary has significantly advanced development of its Pocket Dimension metaverse offering
Based on the appeal of Pocket Dimension to users simultaneously located in various countries around the world, translating conversations instantly for maximum potential market penetration through the use of AI is significant and strongly preferable to the more onerous, costly and time-consuming traditional translation process.
A strength of OpenAI's language system is its ability to understand conversational nuances in a user’s inputs and output more conversational dialogue, as opposed to the more literal and less natural word-for-word translation technologies most commonly used today. Additionally, OpenAI’s technology is fast and translates in near real-time. Accordingly, the special committee has been tasked with assessing the formation of a new business unit to pursue not only LGL’s own translations but also the development and commercialization of a product or service to market to third parties.
“Assembling the Special Committee to assess the adoption of ChatGPT for LGL’s own applications as well as for third-party opportunities is an acknowledgement of the large potential of AI technology for Web3 uses. Seeing what OpenAI has developed and its motivation to make the use of AI universal and safe aligns with our goals and projects,” said Banks in a statement.
“We are devoted to introducing, developing, and using evolving technologies for the benefit of our users and clients. We look forward to receiving the Special Committee’s findings and further understanding ChatGPT’s potential for our enterprise,” he added.
Understanding ChatGPT and OpenAI
ChatGPT is a chatbot launched by OpenAI, a research and deployment company dedicated to ensuring that the use of AI benefits all of humanity and directly builds safe and useful apps using its developed AI models. It was built on OpenAI’s GPT-3.5 large language models and includes both supervised and reinforcement learning techniques. ChatGPT is an AI-based technology that interacts in a conversational way. Its dialogue format makes it possible for ChatGPT to answer follow-up questions, admit its mistakes, challenge incorrect premises and reject inappropriate requests.
OpenAI has developed language translation models that have been trained on many different languages, including but not limited to English, Spanish, French, German, Chinese, Japanese, Korean, Russian, and Arabic. These models are able to translate between any two languages that they have been trained on, allowing for a wide range of language pairs. The performance of these models continues to improve as they are further trained on additional data, and they are able to handle a wide variety of languages and language pairs with a high degree of accuracy.
Headquartered in Vancouver, British Columbia, LGL is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies.
Its leading brand, House of Kibaa (HoK), designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of C$6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.
Contact the author at jon.hopkins@proactiveinvestors.com