OpenAI trades tokens for startup equity

During a Y Combinator event on Tuesday night, Sam Altman had what YC partner Tyler Bosmeny called a “mic drop moment.” Altman offered $2 million worth of OpenAI tokens to every startup in the current class in exchange for equity in the startup.

In other words, he promised that OpenAI would invest in the whole class, not with cash but with an allotment of AI tokens that startups can use to build their products.