Current Popular Tech Startup Tracks: AIGC and Web3

AIGC and Web3 are currently the hottest technology startup tracks. This inevitably reminds people of the boom in blockchain, artificial intelligence, and VR in 2017. Some entrepreneurs are adept at grasping the pulse of the times, seizing opportunities in every wave of enthusiasm. Adam Zheng( Zheng Yi) is such an entrepreneur who is at the forefront of the times.

The Integration of VR, AI, and Blockchain

In 2014, Facebook acquired Oculus for $2 billion, triggering a global VR investment boom. That same year, ObEN was founded in California, USA, with Nikhil Jain as CEO and Zheng Yi as COO.

Zheng Yi holds a master's degree in Environmental Engineering from Tsinghua University, as well as a Ph.D. in Transportation and Environmental Engineering and a master's degree in Financial Engineering from the University of California. He co-founded Baihe.com and has served as a partner and investment director at several investment institutions.

ObEN secured multiple rounds of financing within two years of its establishment, with investors including well-known institutions such as DunAn Group, SoftBank, and Tencent. In 2017, ObEN began to venture into the blockchain field, releasing the ProjectPAI white paper and creating a public chain protocol based on a Bitcoin fork.

ProjectPAI raised approximately $150 million through private placement. In June 2018, PAI tokens were listed on Huobi, but soon began to decline. By the end of 2022, the ProjectPAI blockchain ceased operation, and the value of PAI dropped to zero.

Analysis of Project Operation Methods

There are some obvious packaging tricks in the operation of Project PAI:

1. Attract investors by leveraging ObEN's reputation
2. Backed by well-known institutions such as Tencent and SoftBank
3. Founder Resume Shines
4. The team lineup is luxurious
5. KOL assistance in promotion
6. Raise a flag to use as a tiger skin
7. Demonstrate the team's ongoing efforts to advance the project

Nevertheless, ProjectPAI still faces many doubts, including unclear relations with ObEN and questions about the authenticity of the technical team.

Project Status

Currently, the ObEN official website is inaccessible, and its social media accounts have been canceled. Its many affiliated companies in China are also facing numerous lawsuits. The company's WeChat public account has not been updated for a long time.

AIGC+Web3 New Project

In 2023, AIGC became the hottest track in the tech circle. To quickly secure financing, Zheng Yi once again combined AI with Web3 and launched the AIGC Chain project.

The operational method of AIGC Chain is exactly the same as Project PAI:

1. Invite celebrities to endorse
2. Maintain a relationship of occasional closeness with ObEN
3. Packaged as overseas projects, but mainly aimed at domestic investors.
4. Borrowing endorsement from ObEN investors
5. KOL promotion, promoting slogans like "Stability AI investment"

The AIGC Chain plans to issue fungible tokens and NFTs. Its first NFT project, Metanaut, has a total of 60,000 units, and if sold out, it could bring approximately $2.16 million in revenue to the project team.

Whether this project can help investors "turn over a new leaf" remains to be seen. We will continue to monitor its development.