Ryze Labs’ recently concluded Lagos AI Combinator Hackathon, which focused on the Eliza Framework and drove innovation at the nexus of AI and Web3, brought together bright developers for two days.
The hackathon, which offered over $5,000 in prizes, gave developers a chance to come up with ideas and produce original AI agents while vying for attention and funding, BrandSpur technology and Information news desk reports.
Sponsored by Shawmakesmagic and supported by Web3 Afrika, LetsDap, and Superteam Nigeria, the event served as a platform for innovative projects and talent based on the Eliza Framework, one of the fastest-growing GitHub projects that streamlines the development of AI agents. Participants presented their ideas to judges and investors.
Ryze Labs CEO, Matthew Graham reaffirmed the hackathon’s significance in their global strategy to link the world’s top developing market ventures. He mentioned Nigeria’s IT prospects, pointing to the country’s young population and rising cryptocurrency use.
According to the CEO: “For many years, I’ve wanted to have a presence in Nigeria. After all, it’s often called the ‘Silicon Valley of Africa,’ with a cryptocurrency penetration rate of over 35%.”
He continued, pointing out that Web3 and AI are meritocratic: “There’s an opportunity here for people without unfair advantages to make a real impact. AI agents, particularly with frameworks like Eliza, are the most significant innovation since the rise of DeFi.
“With AI agents being the biggest innovation since GPT, this is a tremendous time of opportunity. Events like this allow us to find and support the best talent from all over the world,” Graham added.
Continuing, Ryze Labs’ Investment Analyst, Paul-Mary Omile emphasized the company’s goal of utilizing Nigeria’s tech talent. According to him: “We are trying to tap into emerging markets, and we believe Nigeria is part of it. We’re organising hackathons to identify the best developers and projects to fund, bringing them into our ecosystem.”
Furthering, he also disclosed that Ryze Labs runs a $5 million AI-focused fund through the AI Combinator initiative to encourage Web3 and AI early-stage businesses. He emphasized Nigeria’s potential in the global digital industry and pointed out that local talent is upscaling thanks to hackathons like this one.
Demo Day, when finalists showcased their projects, marked the conclusion of the hackathon.
However, Ryze Labs’ goal of identifying and assisting exceptional AI and Web3 innovators was reaffirmed during the Lagos AI Combinator Hackathon. Paul disclosed that India is the next destination after China and Nigeria completed similar hackathons. Ryze Labs is establishing a global platform for ideas and intends to grow even more in the future.
The initiative was summed up by the CEO, who said: “This is a special time for AI and crypto. Today, we’ve seen incredible potential. Across investment, hiring, or advisory support, we’re happy to work with developers impacting the future.”
Brand Nigeria news today reports that the following winners were declared following excellent pitches:
1. SupplyVest came in first.
SupplyVest uses AI to streamline high-volume informal trade and gives SMEs access to DeFi solutions to improve supply chain, sales, and procurement processes while broadening their global reach.
2. ChattaTrader came in second.
ChattaTrader makes decentralized finance more accessible by streamlining DeFi token trading and allowing users to trade by voice, text, or screenshot.
3. Magent came in third.
Magent provides companies with AI-powered marketing solutions that analyze data, forecast trends, and develop customized campaigns.
