Binance, the largest cryptocurrency exchange, recently launched a beta version of its artificial intelligence-powered non-fungible token (NFT) generator called “Bicasso.” The platform has been operating at full capacity, generating digital artwork and reaching a cap of 10,000 NFT mints within a mere 2.5 hours after its launch on March 1.
In an effort to empower users to transform their creative ideas into NFTs, Binance CEO Changpeng Zhao stated that the AI-powered NFT generator can produce digital art in seconds. He later updated users on the progress of Bicasso’s pilot, reporting that “the AI was a little stressed out, but caught its breath now,” following the minting of 10,000 NFTs within the first 2.5 hours.
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Bicasso is an AI-based image-generation tool, similar to other AI-art platforms like DALL-E. The system allows users to upload images, such as profile pictures, for the AI to process, or input creative prompts that will produce a custom-made image generated by AI.
Initial data on mints reveals that 9,909 individuals created at least one NFT during the limited beta phase. As these images were part of the pilot program, they are not up for resale.
Excited users shared their creations on Crypto Twitter, eager to showcase their one-of-a-kind digital art.
This is my first NTF minted with Bicasso AI Pilot Collection #binance #bicasso #NFT #AI pic.twitter.com/pGMF1U0k3u
— Massimo Perucatti (@MPerucatti) March 1, 2023
After the pilot launch, Binance recognized some technical issues due to high demand and released a statement saying:
“Our team is currently working to increase the server abilities to reduce errors and to make the minting process smoother.”
Binance also mentioned that users who missed out on the 10,000 NFT quota during the beta phase can still register for the waitlist to access the full version of Bicasso.
As of now, the most recently generated NFT on the platform is “Bicasso AI#10445.”
Generative art, which is created through the use of autonomous systems, is a relatively new archetype in the art world. On February 28th, the prestigious auction house Christie’s auctioned off “Fidenza #724,” an NFT created with a computer algorithm by artist Taylor Hobbs, for an impressive $440,000.
The past year has seen a surge in discussions surrounding NFTs and AI, as generative art technology continues to make strides in the world of Web3. Despite the challenges posed by the crypto winter, generative art NFT collections enjoyed high prices and rising trading volumes.
