Assessing BNB’s move following Binance’s launch of AI-infused NFT platform
- Binance NFT trading volume remains low despite Bicasso announcement.
- Binance (BNB) is also staying below the neutral line as the price falls.
In its latest NFT services, Binance appears to have taken advantage of artificial intelligence (AI), which has recently made inroads into the cryptocurrency sector.
It recently announced the launch of a platform that integrates AI with NFT. Was there any response from the original token, BNB, regarding this recent development?
Read Binance Coin [BNB] Price prediction 2023-24
CZ announces the launch of Bicasso
Binance CEO Chanpeng Zhao (CZ) unveiled the debut of a brand new platform on March 1st, called Bicasso. CZ claims that it is a completely new platform that combines artificial intelligence (AI) and non-fungible token (NFT) technology.
To generate an original image, users can fill in a creative message or submit an existing image that the program can modify. Embossing images as NFTs on Binance’s native BNB chain is an option for users. At the time of this writing, the initial free coin limit of 10,000 NFTs was almost reached.
Binance NFT marketplace still far behind
Binance’s NFT marketplace has yet to be as successful as other, more well-known NFT marketplaces despite the company’s best efforts.
This is despite Binance being the largest exchange and the marketplace featuring prominent NFTs such as Bored Ape Yacht Club (BAYC) and Doodles.
DappRadar’s data shows that OpenSea is by far the most dominant exchange right now, with Blur at number five and Binance not even in the top twenty.
NFT trading volume and active address see slow movements
The NFT trading volume measure for Binance has not shown any significant activity, according to data compiled on Santiment.
Volume was about $115,000 at the time of writing, compared to nearly $632,000 on March 1. Still, no spike was visible on the chart, indicating a typical level of activity on Binance’s NFT front.
Source: Sentiment
The seven-day active address of Binance (BNB) also did not indicate a response to the latest incident.
Yet a closer examination of the statistics revealed very little improvement. There were around 25,000 active addresses at the time of writing.
Source: Sentiment
BNB continues to fall on the RSI
It appeared that BNB had yet to respond to the latest developments on a daily period chart. It was trading at around $299 at the time of writing and had fallen in value by more than 1%.
Although it had gained 0.46% the previous day, losses during the current trading period erased the gains.
Source: TradingView
How much is 1,10,100 BNB worth today?
In addition, BNB appeared to maintain the bearish trend. The latest price decline pushes the Relative Strength Index (RSI) line even lower after falling below the neutral line.
