Binance launches “Bicasso”, an AI-powered NFT generator
In recent months, there has been a significant increase in the use of artificial intelligence (AI) due to the popularity of AI-based chatbots, such as ChatGPT, which gained wide attention for their advanced capabilities. ChatGPT has brought the spotlight to the AI industry and paved the way for other AI-powered products to become instant hits upon release.
This trend towards AI has become all-encompassing, with the emergence of other products such as Dawn AI, which enables the creation of generative art. As the industry leader in cryptocurrency exchange, Binance has also joined the trend by launching its first ever AI-powered product called Bicasso.
Using Bicasso, users can easily generate images and videos through a simple interface. The success of Bicasso has demonstrated the enormous potential of AI in various industries, and its widespread use is expected to continue in the future.
Another picture painted of immediate system overload
Bicasso was an immediate success, but struggled to handle the high number of users, resulting in frequent error messages such as “The system is busy, please try again in 30 seconds!” or a suggestion to try again later.
The Binance engineering team worked hard to increase server capacity and smooth the coining process in response to the load on the servers.
Despite these challenges, some prominent members of the cryptocurrency community quickly jumped on the Bicasso bandwagon and proudly displayed their NFTs on Twitter, expressing their gratitude to the creator. Among these was a holder of Bored Ape #3553, who created a Bicasso NFT avatar with glittering golden fur and eyes, eliciting a fire emoji response from Binance CEO Changpeng ‘CZ’ Zhao.
Within 3 hours of launch, Bicasso reaches 10,000 mints.
On Wednesday, Binance CEO Changpeng Zhao, also known as “CZ,” took to Twitter to announce Bicasso, a new AI-powered platform that allows users to turn their creative visions into NFTs.
Within hours of the announcement, Bicasso had already minted 10,000 NFTs, prompting CZ to praise the platform’s speedy production while noting that the AI had become somewhat stressed during the process. As of now, the generated images are not yet available for sale as they were only part of the platform’s limited beta, with around 9,909 Bicasso NFT owners minting at least one NFT.
However, due to high demand, Binance acknowledged that there were issues with the platform and stated that they were working on increasing server capabilities and making the coining process smoother. Despite this, those who missed the beta quota can still sign up for the waiting list for the full version.
The NFT market has grown significantly in various aspects, including the emergence of AI-powered NFTs. Coinmarketcap reports that the NFT’s market capitalization is now over $615 million, with a sales volume of $96.7 million in the last 24 hours. While this is a marked improvement from last year’s sales volume of less than $80 million, it still falls short of the record high of $48.6 billion.
In addition, Binance’s native token BNB has also shown a bullish trend in the past month, rising more than 30% since the start of the year after a significant decline last year. At the time of writing, BNB is trading at $299, down 1.3% in the last 24 hours.
Final thoughts
The recent success of AI-powered products such as ChatGPT and Bicasso demonstrate the enormous potential of AI in various industries, including cryptocurrency and art. The NFT market has also seen significant growth, with AI-powered NFTs being a new addition to the market. Despite some technical issues, demand for Bicasso has been high, indicating a promising future for AI in the NFT industry.
Ken Emmanuel is a blockchain content writer, a Web3 enthusiast and a social media management strategist, he enjoys writing educational content to help people become more knowledgeable and inspired. The growth of any organization he works with is always his priority. He is a geographer by profession and loves to read.
