Recently AI has been the new buzz word following the massive publicity of the AI-powered chatbot, ChatGPT. The popularity of the bot has allowed most AI-related products to explode in usage almost immediately after launch. And Binance’s new AI-powered NFT generator is no exception.
Binance’s first-ever AI-powered product is called Bicasso, and was launched on March 1. The tool is 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 type in creative prompts that will generate an attractive customised image created by AI.
“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.”
CEO of Binance, Changpeng Zhao also known as ‘CZ’ announced Bicasso via his Twitter account. Following up on his previous tweet after a couple of hours, CZ tweeted commending Bicasso’s rapid churning out of 10,000 NFTs within hours of launch.
According to data from Binance’s Bicasso AI pilot mint page, about 9,909 Bicasso NFT owners minted at least one NFT given the generator’s limited beta capacity. Notably, the images generated by Bicasso are yet to be available for sale as the generative NFTs were only piloted as a part of the product. By the way, this is how the actual generated pics look.
Though Bicasso was able to churn out 10,000 NFTs within hours, Binance did acknowledge a hiccup, due to high demand, with the newly launched AI product. The exchange stated, “Our team is currently working to increase the server’s abilities to reduce errors and to make the minting process smoother.” Adding that, those who missed out on the beta quota of 10,000 NFTs can still sign up for the waitlist for the full version.
Generated art is a new standard in the art world. On February 28, renowned auction house Christie’s auctioned Taylor Hobbs’ “Fidenza #724”, an NFT created with a computer algorithm, for $440,000. We continue to observe.