Binance Newly Launched AI-Powered NFT Generator Mints 10,000 NFT Under 3 Hours
Over the past few months, artificial intelligence (AI) has been the new trend following the massive explosion of the AI-powered chatbot, ChatGPT. The bot has created a huge spotlight on the AI industry that allows most AI-related products are to be blown up almost immediately after launch.
Following the ubiquitous trend of Dawn AI, another AI-powered product that helps create generative art, Binance, the industry-leading crypto exchange has now pushed for the launch of its first-ever AI-powered product called Bicasso.
A brief review of Bicasso
Launched on March 1, Bicasso is Binance’s latest AI-focused launch. The latest product is an AI-powered one non-fungible token (NFT) generator tools similar to popular image-generating art platforms such as Dawn AI, DALL-E and others.
Bicasso works by allowing users to either upload or submit an image, such as a profile picture, or enter creative questions that will generate an attractive custom image created with AI.
“With Bicasso, you can generate your creative visions using the Binance AI tool and turn them into NFTs with just a few clicks,” Binance said on the company’s new AI product page.
The crypto exchange added: “Bicasso’s advanced AI technology allows you to easily paint the picture of your dreams. Just enter a description of what you want to see – a ‘request’ (in English only) and watch our Bicasso tool bring your ideas to life in seconds.”
Bicasso hits 10,000 Mints in 3 hours of launch
On Wednesday, Binance CEO Changpeng Zhao also known as ‘CZ’ Bicasso announced via his Twitter account. CZ tweeted, “You can turn your creative visions into NFTs with AI. Try it and show me what you make with it.” Hours later, Bicasso was seen rolling out digital art at full capacity, reaching a cap of 10,000 NFT minted within two and a half hours of launch.
Following up his previous tweet after a couple of hours, CZ tweeted praising Bicasso’s rapid churning of 10,000 NFTs within hours of launch. He noted“BICASSO’s first pilot was just completed with 10K NFT minted in 2.5 hours. AI was a bit stressed, but catching its breath now.”
In accordance data from Binance’s Bicasso AI pilot coin page, approximately 9,909 Bicasso NFT owners minted at least one NFT given the generator’s limited beta. In particular, the images generated by Bicasso are not yet available for sale as generative NFTs was only part of the product’s pilot.
While Bicasso was able to churn out 10,000 NFTs within hours, Binance did acknowledge a hiccup with the recently launched AI product due to high demand. The exchange stated: “Our team is currently working on increasing the server’s capabilities to reduce errors and to make the minting process smoother.” In addition, those who missed the beta quota of 10,000 NFTs can still register on the waiting list for the full version.
Related Reading: Generative Art and the Future —— NFT Digital Art Special Auction by Poly Beijing
So far have NFT the market has evolved as much as an ecosystem in several aspects, with AI-powered NFTs being one of them. According to Coinmmarketcap, the market cap for NFT is currently over $615 million with a 24-hour trading volume of $96.7 million in the last 24 hours.
While this volume is considered high compared to the end of last year’s sub-$80 million volume, it is still well below the peak of $48.6 billion.
In addition, just like the global NFT sales volume, Binance coin native token BNB has also been in a bullish trend for the past month, up over 30% since the beginning of the year after a notable drop last year. BNB is currently trading at $299, down 1.3% in the last 24 hours, at the time of writing.
Featured image from Bicasso, chart from TradingView
