Binance launches AI-powered NFT-generator, Bicasso

Binance, one of the largest cryptocurrency exchanges in the world, has announced the launch of an AI-powered NFT generator, known as “Bicasso”, in beta. This tool lets users turn words and images into digital collectibles using the power of AI.

Following the launch of an AI-powered chatbot, ChatGPT, discussion around artificial intelligence (AI) has increased. Other tech companies have planned to introduce AI tools into their products.

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On Wednesday, Binance CEO Changpeng Zhao announced Bicasso to the world through its Twitter account.

As the tweet shows, Changpeng said, “You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it.” Commenting on Bicasso’s massive 10,00o minted NFTs several hours after he announced the AI-powered NFT generator, “Bicasso’s first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out but caught its breath now.”

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Binance AI-powered NFT generator, Bicasso

Bicasso is Binance’s latest and first AI-powered product. It is a non-fungible token (NFT) generator tool similar to famous image-generating art platforms such as DALL-E, Dawn AI, etc. Bicasso enables users to submit or upload an image, such as a profile picture, or type in creative prompts that will generate an endearing customized image with AI.

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Binance explained via a blog post on its official website, “With Bicasso, you can generate your creative visions using the Binance AI tool and turn them into NFTs with just a few clicks.“

The Exchange added: “Bicasso’s advanced AI technology allows you to easily paint your dream image. Just enter a description of what you want to see—a ‘prompt’ (in English only)—and watch as our Bicasso tool brings your ideas to life in seconds.”

According to Binance’s Bicasso AI pilot mint page data, about 9,909 Bicasso NFT owners minted at least one NFT, given the generator’s limited beta.

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Notably, the images generated by Bicasso are yet to be sold, as the generative NFTs were only part of the product’s pilot. Though Bicasso churned out 10,000 NFTs within hours, Binance did acknowledge a hiccup with the newly launched AI product due to high demand.

The exchange stated, “Our team is currently working to increase the server’s abilities to reduce errors and make the minting process smoother.” Adding to that, those who missed out on the beta quota of 10,000 NFTs can still sign up for the waitlist for the full version.

Artificial Intelligence in the NFT market

In the last couple of years, the NFT market has transitioned through several experimental stages as an ecosystem, with AI-powered NFTs being one of the innovative highlights introduced. The NFT market cap presently sits above $615 million, with a 24-hour sales volume of $96.7 million in the past 24 hours, as reported by CoinMarketCap.

Though this volume looks considerably higher than recorded last, it is miles behind the best the market has ever witnessed, an all-time peak of $48.6 billion. Introducing an AI-powered NFT generator might be instrumental in getting the NFT market to its peak. Only time can tell.