Nvidia has once again distanced itself from blockchain by withdrawing support for a project just before its announcement, reinforcing its preference for AI over crypto. Despite some collaborative appearances, the company maintains a strict exclusion of crypto projects from its major programmes, underscoring a long-standing distrust. The conclusion for crypto sectors is clear: innovation can thrive without Nvidia’s backing.
In a recent twist, Nvidia has once again distanced itself from the blockchain world, opting to pull support for a promising blockchain project right before the announcement. This decision reinforces the chip giant’s long-standing scepticism towards crypto technologies, presenting a clear message: for Nvidia, crypto is still a no-go zone. Instead, the company’s focus firmly sits on the potential of artificial intelligence, which it views as more beneficial and less fraught with risk.
The recent withdrawal from a Layer 2 Blockchain initiative—initially part of Nvidia’s Ignition AI Accelerator program—highlights a much deeper mistrust that’s been brewing for years. Nvidia’s exclusionary criteria for blockchain projects in its major programmes, like Inception, indicate a commitment to avoiding crypto entanglements. CEO Jensen Huang has previously voiced caution regarding the aftermath of the 2018 crypto bubble and its impact, which has undoubtedly influenced the company’s current stance. CTO Michael Kagan has also been blunt, stating that he sees little societal utility in crypto, while singing the praises of AI advancements.
Yet there’s a peculiar nuance to Nvidia’s approach. Earlier this year, at the Graphics Technology Conference, Huang was seen alongside NEAR Protocol’s co-founder Illia Polosukhin but didn’t utter a word about blockchain technology. This speaks volumes about Nvidia’s toleration of hybrid projects that emphasize AI, while crypto remains a contentious topic—discussed only in metaphor.
So why the hesitance? The answer is simple: AI dominates Nvidia’s priorities. The firm has chosen its path, favouring artificial intelligence as a lucrative and fast-evolving field over blockchain’s volatility, which they see as risky. Collaborations with AI pioneers, such as Polosukhin, showcase Nvidia’s commitment—shifting resources towards machine learning rather than crypto. Amid AI-related GPU shortages, the company is unwilling to divert energy towards integrating blockchain, considering it a dilution of their key ambitions. Whenever Huang mentions “programmable money”, it rarely hints at real commitments.
Interestingly, the question arises: does the crypto ecosystem even need Nvidia? Many blockchain projects have flourished independently of big tech’s backing, echoing the original peer-to-peer ethos that drove Bitcoin’s inception. By ignoring the crypto sector entirely, Nvidia could even boost its image with traditional enterprises, steering clear of the controversies that can accompany mining and crypto speculation.
In summary, Nvidia’s latest withdrawal from the blockchain realm underscores a strategic decision that’s been blatantly clear for years. The tech titan sees its future with AI, leaving crypto actors to recognise that they don’t need ICC’s approval to thrive—perhaps true innovation is better found off the beaten path. After all, there are predictions floating around that Bitcoin could someday hit that elusive one million mark.
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Evariste, who has been captivated by Bitcoin since 2017, now dives deep into the full spectrum of crypto advancements. Originally drawn in by trading, he seeks to stay abreast of the evolving landscape. As an editor, Evariste aims to deliver insightful and quality content reflecting the overall state of the sector.
Please note that the opinions expressed in this article are entirely those of the author and should not be considered as investment advice. Always do your own research before making any investment decisions.
