3 Ways to Make Money With OpenAI GPTs in 2024

Liam Ottley
13 Nov 202314:54

TLDRLiam Otley discusses the lucrative opportunities presented by OpenAI's new GPT product, highlighting three main strategies to capitalize on this AI trend. He suggests creating specialized GPTs for the OpenAI marketplace, building custom GPTs for businesses, and becoming a GPT strategy and development freelancer. Otley emphasizes the importance of understanding the three key ingredients of GPT creation: prompting, knowledge, and actions, and advises on how to stand out in a competitive market by leveraging unique data sets and building a strong developer reputation.

Takeaways

  • 🚀 OpenAI has released a new GPT product, marking a significant opportunity in AI for 2024.
  • 🌟 Major companies like Shopify, Snapchat, and Canva are adopting customized versions of GPT.
  • 📈 Liam Otley, who runs two AI companies, shares his insights on making money with GPTs.
  • 🛠️ GPTs can be customized for specific use cases, like AI yoga coaches or luxury item authenticators.
  • 📝 The three key ingredients for creating powerful GPTs are prompting, knowledge, and actions.
  • 💰 One way to profit is by building and listing GPTs on OpenAI's marketplace, with potential revenue sharing.
  • 🔍 To succeed in the marketplace, create GPTs with unique data sets or APIs that others can't easily replicate.
  • 🏢 Another opportunity is building custom GPTs for businesses, which could be more sustainable and lucrative.
  • 🔧 As a freelancer, specializing in GPT strategy and development can be a valuable skill in high demand.
  • 📚 Learning Python and JavaScript, along with using the Assistant API, is recommended for those looking to build GPTs.
  • 🌐 Building a personal brand as a GPT specialist can help freelancers find clients and establish themselves in the industry.

Q & A

  • What is the new opportunity in AI that has been recently released by OpenAI?

    -OpenAI has released a new version of GPTs (Generative Pre-trained Transformers) that allows for the creation of customized AI chatbots tailored to specific business needs or use cases.

  • How can individuals get started with creating their own GPTs?

    -Individuals can start by understanding the three key ingredients for creating GPTs: prompting, knowledge, and actions. They can then use these ingredients to define the behavior and capabilities of their custom GPTs.

  • What are the three ingredients necessary for creating a specialized GPT?

    -The three ingredients are prompting (written instructions for the AI), knowledge (adding files or data for the AI to draw from), and actions (custom capabilities or interactions the AI can perform).

  • What is the first opportunity for making money with GPTs mentioned in the script?

    -The first opportunity is to build GPTs for the GPT store, where creators can list and sell their GPTs. This marketplace promises revenue sharing for popular GPTs.

  • What are the challenges in making money through the GPT store?

    -The challenges include the rapid commoditization of easily created GPTs and the possibility of OpenAI integrating the most popular GPTs into their own solutions, potentially making individual creators' offerings obsolete.

  • How can one create a defensible position in the GPT store?

    -By creating GPTs with private data sets or APIs that are not widely available, one can create a unique offering that others cannot easily replicate.

  • What is the second opportunity for making money with GPTs?

    -The second opportunity is to build custom GPTs for businesses, helping them implement AI technology and creating powerful AI assistants integrated into their systems.

  • What is the recommended strategy for making money with custom GPTs for businesses?

    -The strategy involves learning how to put GPTs on websites, picking a niche, reaching out to businesses, offering free initial services, and then charging for ongoing services.

  • What is the third opportunity mentioned for making money with GPTs?

    -The third opportunity is to specialize in GPT strategy and development as a freelancer, offering services to agencies and businesses that need GPTs built and integrated.

  • What skills are recommended for someone looking to specialize in GPT development?

    -Basic Python and JavaScript programming skills are recommended, as well as familiarity with the Assistant API and the ability to create GPTs programmatically.

  • How can someone build their reputation as a GPT developer?

    -By joining communities, building a personal brand, creating a website or social media presence, and showcasing their expertise and projects.

Outlines

00:00

🚀 Introduction to New GPT Opportunities

The video introduces a new opportunity in the AI industry with the release of a new GPT product by Open AI. This product is expected to be a significant advancement in AI for 2024, with major companies like Shopify, Snapchat, and Canva adopting it. The video aims to guide viewers on how to create their own powerful GPTs and capitalize on this emerging industry. The speaker, Liam Otley, shares his expertise from running two AI companies and offers a step-by-step guide to identify and seize these opportunities.

05:00

💰 Making Money with GPTs on the Open AI Marketplace

The video discusses the potential to make money by creating and listing GPTs on Open AI's new marketplace. It highlights the importance of creating unique GPTs that cannot be easily replicated and the need to use private data sets or APIs to maintain a competitive edge. The video also warns about the possibility of Open AI integrating popular GPTs into their own solutions, which could impact independent developers. Strategies for success include becoming an expert in GPT creation, building a developer reputation, and finding unique data sets.

10:02

🏢 Building Custom GPTs for Businesses

The speaker emphasizes the lucrative opportunity of helping businesses implement their own GPTs, which he refers to as the AI automation agency model. This involves creating powerful AI assistants using the assistant API and integrating them into business systems. The video suggests focusing on a niche, reaching out to businesses, offering free initial services, and then charging for ongoing support. The speaker also promotes his AI business accelerator program for those interested in pursuing this opportunity.

🛠 Specializing in GPT Strategy and Development as a Freelancer

The final opportunity discussed is specializing in GPT strategy and development as a freelancer. With the rise of AI agencies, there will be a high demand for skilled developers who can effectively use the assistant API. The video recommends learning Python and JavaScript, starting to build GPTs programmatically, and joining the speaker's community to find clients. It also suggests building a personal brand as a GPT specialist to attract more work.

Mindmap

Keywords

💡GPT

GPT, or Generative Pre-trained Transformer, is a type of AI language model developed by OpenAI. It is capable of generating human-like text based on the prompts given to it. In the context of the video, GPT is used to refer to customized versions of the AI model that can be tailored to specific business needs or use cases, such as a yoga coach or a luxury item authenticator.

💡AI Solutions

AI Solutions refer to the applications of artificial intelligence technology to solve specific problems or improve business processes. In the video, the speaker discusses how they help businesses implement AI solutions like GPTs to enhance their operations, which can include creating AI assistants or integrating AI into their systems.

💡Customization

Customization in the context of the video means the ability to tailor GPTs to fit the unique requirements of a business or individual. This could involve adjusting the AI's behavior, tone, and capabilities to align with the specific goals of the user, such as creating a real estate data analyst GPT that can calculate ROI on properties.

💡Marketplace

The Marketplace mentioned in the video is a platform launched by OpenAI where developers can create, list, and sell their GPTs. It represents an opportunity for creators to monetize their AI creations by offering them to a wider audience, potentially leading to revenue sharing for popular GPTs.

💡Revenue Sharing

Revenue sharing is a business model where the creator of a product or service receives a portion of the income generated from its sale or use. In the video, the speaker discusses the potential for GPT creators to earn money through revenue sharing on the OpenAI Marketplace, highlighting the importance of creating unique and valuable GPTs to attract users and generate income.

💡AI Agency

An AI Agency, as described in the video, is a business model where the focus is on helping businesses implement AI technology, including GPTs. The agency would offer services such as creating AI assistants, conducting AI audits, and providing ongoing support as new updates are released, allowing businesses to leverage AI for improved efficiency and growth.

💡Assistant API

The Assistant API is a tool provided by OpenAI that allows developers to create AI assistants that can be integrated into business systems. These assistants can operate programmatically, without the need for human interaction, making them suitable for industrial-grade applications. The video emphasizes the potential of the Assistant API for creating high-value AI solutions for businesses.

💡Freelancer

A freelancer in the context of the video is an individual who offers their services, particularly in GPT strategy and development, on a contract or project basis. With the rise of AI agencies, there is a growing demand for freelancers who can effectively use the Assistant API to build AI solutions for clients.

💡Monetization

Monetization refers to the process of generating income from a product, service, or content. In the video, the speaker discusses various strategies for monetizing GPTs, including selling them on the OpenAI Marketplace, creating AI agencies, and offering freelance services. The goal is to capitalize on the opportunities presented by the AI industry to create a sustainable income stream.

💡Knowledge Base

A Knowledge Base in the video is a collection of information or data that a GPT can draw from to generate responses. By adding custom files or data to the AI, developers can enhance the GPT's capabilities, allowing it to provide more accurate and relevant answers. This is one of the key ingredients for creating powerful and specialized GPTs.

💡Prompting

Prompting is the act of providing written instructions to an AI, guiding its behavior and responses. In the video, the speaker explains that prompting is a crucial element in defining what a GPT does and how it behaves, allowing creators to shape the AI's output to fit their specific needs.

Highlights

OpenAI has released a new GPT product, which is considered the biggest opportunity in AI for 2024.

Liam Otley shares his insights on how to make money with GPTs, drawing from his experience running two AI companies.

Customized versions of Chat GPT are being adopted by major companies like Shopify, Snapchat, and Canva.

Individuals can create their own powerful GPTs in minutes, opening up new opportunities in the AI industry.

GPTs can be tailored for specific use cases, such as an AI yoga coach or a luxury item authenticator.

The three key ingredients to creating powerful GPTs are prompting, knowledge, and actions.

OpenAI is launching a marketplace where people can create and list their GPTs, with revenue sharing for popular ones.

To succeed in the GPT marketplace, creators should focus on unique data sets and avoid commoditized GPTs.

Liam Otley recommends building GPTs for the GPT store, establishing a developer reputation, and finding unique data sets.

The real money in GPTs will be made by helping businesses create and implement their own GPTs, through the AI automation agency model.

The Assistant API allows for the creation of powerful assistance for businesses, which is where the majority of value will be created.

Specializing in GPT strategy and development as a freelancer is a growing opportunity due to the rise of AI agencies.

Learning basic Python and JavaScript is recommended for those looking to specialize in GPT development.

Joining Liam Otley's community can help freelancers find clients and work in the GPT development space.

Building a personal brand as a GPT specialist can increase visibility and opportunities for freelancers.

Liam Otley is working on a complete guide to building GPTs, providing skills to capitalize on the opportunity in 2024 and beyond.

The video provides a comprehensive overview of the current GPT landscape and future opportunities.