How To Make Money with ChatGPT (powered by GPT-4)
The advent of artificial intelligence (AI) has opened up so many exciting opportunities for monetization.
One such tool is ChatGPT powered by OpenAI’s GPT-4, which is transforming various sectors and enabling new ways to make money.
This article explores how you can leverage ChatGPT with GPT-4 to generate income.
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How To Make Money with ChatGPT (powered by GPT-4)
ChatGPT, powered by GPT-4, can generate human-like text and has diverse applications, from translation and customer service to education and financial affairs, such as tax preparation.
However, it’s important to recognize that GPT-4 has limitations, including biases and occasional inaccuracies, which OpenAI is actively working to address.
There are several simple ways to use ChatGPT, along with GPT-4 & the Bing plugin, to make money online. We will explore some of them in the section below.
5 Simple Ways to Make Money with ChatGPT & GPT-4
1. Freelance Copywriting
With ChatGPT’s ability to generate high-quality text, you could start your freelance copywriting business.
Use the AI model to draft persuasive and engaging copy for clients, from website content and blog posts to product descriptions and marketing emails.
By charging per project or per word, you could turn your AI-assisted writing skills into a profitable venture.
READ MORE: 7 Ways To Make Money Online With ChatGPT For Beginners ($50/Day)
2. Social Media Content Creation
Social media platforms are all about consistent and engaging content.
With ChatGPT, you could offer services creating unique and tailored content for businesses’ social media profiles.
Whether it’s catchy Instagram captions, compelling Facebook posts, or concise tweets, the AI model could help you maintain a steady content stream.
READ MORE: How to Start an AI Social Media Agency Using Chat-GPT
3. Content Website
Start a niche website or blog and let ChatGPT do the writing for you.
Pick a topic you’re passionate about, and use the AI model to create unique and informative content to attract readers.
Monetize your website through advertising, sponsored posts, or affiliate marketing.
READ MORE: 9 Best Free AI Writing Tools Available Today
4. Ebooks & Amazon KDP
Consider writing an eBook on a subject you’re knowledgeable about and let ChatGPT assist with content generation.
Once your eBook is ready, publish it on platforms like Amazon Kindle Direct Publishing (KDP), where you could earn up to 70% royalties on sales to customers in several countries.
READ MORE: How To Make Passive Income With ChatGPT, Midjourney & Amazon Kindle
5. Trading Cryptocurrency Strategy
If you have a knack for the cryptocurrency market, you could use ChatGPT to develop a trading strategy.
By inputting market trends and financial news, you could train the AI model to generate insightful analysis and potential trading strategies.
But remember, trading in cryptocurrencies involves risk, and it’s important to only invest what you can afford to lose.
READ MORE: Are AI Trading Bots Legal? and How Do They Work?
In each of these ventures, remember that while ChatGPT is a powerful tool, it doesn’t replace the need for human oversight and creativity.
Always review and edit the content it generates to ensure accuracy and appropriateness.
Real-life Applications of ChatGPT with GPT-4
ChatGPT with GPT-4 is already in use by several businesses and organizations worldwide.
For instance, Duolingo utilizes ChatGPT’s capabilities in their premium tier, Duolingo Max, to provide AI-powered language learning features.
The government of Iceland has employed ChatGPT with GPT-4 to advance the country’s native language, utilizing reinforcement learning from human feedback to improve the AI’s understanding of Icelandic grammar and culture.
In the financial sector, Morgan Stanley has implemented a ChatGPT-powered internal chatbot to address advisers’ concerns, improving customer service and streamlining internal processes.
Furthermore, Danish company Be My Eyes has integrated a ‘Virtual Volunteer’ powered by ChatGPT with GPT-4 into their software to assist the visually impaired with daily activities.
In the tech industry, Stripe has been using ChatGPT to scan websites to learn how businesses use the platform so that it can tailor its support to their needs. It also operates as a virtual assistant to developers, scanning technical material, summarizing solutions, and providing website summaries.
Lastly, Khan Academy has integrated ChatGPT with GPT-4 to create an AI assistant, Khanmigo, for personalized learning experiences.
Initial assessments suggest that ChatGPT could help students learn specific topics of computer programming while also gaining a broader appreciation for the relevance of their study.
Making Money with ChatGPT
These real-world applications provide valuable insights into how ChatGPT powered by GPT-4 can be monetized.
Entrepreneurs can create AI-powered services or tools leveraging ChatGPT’s capabilities, such as language learning, customer service, or educational assistance.
Alternatively, organizations can use ChatGPT to streamline internal operations, similar to how Morgan Stanley improved advisers’ access to relevant information. For instance, a consulting firm could use ChatGPT to develop an AI assistant that provides quick and accurate responses to frequently asked questions, thereby reducing the workload of the customer service department.
Individual professionals can also monetize ChatGPT. For example, a tax consultant could use ChatGPT to provide a user-friendly interface for clients to prepare their tax returns, as GPT-4 is capable of handling complex financial matters.
READ MORE: ChatGPT vs GPT3 vs OpenAI: What Are The Key Differences?
ChatGPT Money Making Opportunities
In conclusion, the opportunities for making money with ChatGPT powered by GPT-4 are vast and diverse.
As GPT-4 continues to evolve and improve, the potential applications of ChatGPT will likely expand, offering even more possibilities for monetization.
READ MORE: 21 ChatGPT Side Hustle Ideas: Even For Beginners
Frequently Asked Questions
ChatGPT is a conversational AI developed by OpenAI. It is powered byGPT-4, a language model that can generate human-like text.
There are several ways to monetize ChatGPT. You could create AI-powered services or tools, such as language learning apps or customer service bots. Alternatively, you could use ChatGPT to streamline internal operations in a business, like automating responses to frequently asked questions.
ChatGPT is already being used by companies such as Duolingo, Morgan Stanley, Be My Eyes, Stripe, and Khan Academy. Applications include language learning, customer service, assistance for visually impaired individuals, summarizing technical material, and providing personalized learning experiences.
While GPT-4 has made significant advancements, it does have limitations including biases, occasional inaccuracies, and issues with adversarial prompts. OpenAI is actively working on addressing these issues.
As of the time of writing, GPT-4 with an 8K context window costs $0.03 per 1K prompt tokens, and $0.06 per 1K completion tokens. For GPT-4-32k with a 32K context window, it costs $0.06 per 1K prompt tokens, and $0.12 per 1K completion tokens