Business News Report
May 04, 2023

Digital Artist Rhett Mankind Uses GPT-4 to Create Meme Coin with $50M Market Cap

Last week, digital artist Rhett Dashwood, also known as Rhett Mankind, used GPT-4 to create a meme coin that went viral in the past few days. Mankind is a crypto artist whose ethereal, pastel-hued artwork has been sold via Sotheby’s, Nifty Gateway, SuperRare, and Foundation.

With the NFT market in a slump, Mankind decided to create $TURBO as a piece of digital performance art and an experiment. “I’ve been in crypto art for a number of years, and this year has been absolutely dead for trying to sell digital art,” Mankind said in a Youtube video. 

He said that the crypto winter is the best time to have fun building projects without any over-exuberance in the market, which led him to start playing around with AI tools including Midjourney, Stable Diffusion, and ChatGPT.

In an Apr 23 tweet, Mankind said he gave GPT-4 a budget of $69 and asked it to make the next great meme coin. GPT-4 then told him to develop the concept for the meme coin with a unique and catchy name and a fun backstory. Following that, Mankind asked GPT-4 for potential names for the meme coin based on popular internet memes and landed on TurboToad after asking his Twitter followers to vote in a poll.

The token’s mascot is a futuristic toad named Quantum Leap, a name that GPT-4 suggested and Twitter users voted on. Mankind then used Midjourney to create the mascot’s image and went with an illustrative yellow toad in a spacesuit.

With the help of ChatGPT, Mankind managed to flesh out the concept of the token and its tokenomics, whitepaper and developed 75% of its smart contract despite having no coding knowledge.

By day two, he had the smart contract finished and found someone to audit it. After receiving audit feedback and optimising the contract, it was deployed and verified on Etherscan. While the deployment went well, Mankind hit a snag when a bot snapped up all of $TURBO’s liquidity on Uniswap’s liquidity pool. At this point, he had already spent $400 launching on Uniswap and blew his $69 budget. However, his Twitter followers voted for him to continue the project instead of ending it as a failed experiment. Fifty crowd funders donated a total of 4ETH to help Mankind move forward with the project.

On Apr 28, Mankind said he would be handing over the project to his followers – who have now formed the $TURBO community – so that he could focus on creating art and experimenting with AI. The community then created a Discord channel for the coin. In another Twitter poll about the next step for the project, the community voted to increase $TURBO’s utility. Well-known NFT collect Pranksy then created a v3 liquidity pool for the meme coin.

Besides being a meme coin, $TURBO has been injected with utility as all artists using the Manifold, a web3 creator platform, will be able to use the token on the platform. An image of the mascot, Quantum Leap, can be minted for 1 TURBO.

On Wednesday, Mankind created another Twitter poll, asking the community whether he should renounce ownership of the smart contract. Of the 3,855 people who voted, 63% went for ‘yes.’ 

Even though the value of the meme coin has been fluctuating wildly, $TURBO saw a trading volume of over $40 million in the last 24 hours and is down 16.45% as of this writing. The coin is currently listed on LBank, MEXC, Uniswap v3 (Ethereum), and Uniswap v2.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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