Binance Reveals AI-NFT Platform, Hackathon Winner Cries Foul
The co-founder of Chatcasso has accused Binance of ripping off the idea behind the artificial intelligence NFT platform after it was presented in a recent BNB Chain Hackathon.
Binance unveiled its eerily similar project Bicasso, an AI platform based on non-fungible tokens (NFTs) on March 2, sparking controversy.
Hackathon winner accuses Binance
Cho Young-hwi, the co-founder of Hunt and the designer of Chatcasso, took to Twitter to address the issue. He was shocked by Bicasso’s launch, saying, “Wow, I never imagined that Binance would copy my service presented during Binance’s BNB Chain Hackathon.”
He also shared the original pitch from the hackathon to bolster his case. One Twitter user responded that Binance might be able to claim ownership of ideas submitted to the hackathon. The user argued that while unethical, Binance could get away without paying for or crediting these ideas.
According to the rules, Binance Hackathon submissions are made only on the Binance Smart Chain. The company-affiliated judges review the open source submissions to invite them to later rounds.
Project7 shared the interview, confirming the Chatcasso NFT project on the first night of the hackathon. Notably, Young-hwi’s platform later integrated the idea.
Growing interest in NFTs
By solving the design problem, the platform allows everyone to implement their ideas as NFTs. As Young-hwi calls one of the ‘pain points’ in NFTs.
Just like Chatcasso, Bicasso uses AI technology on texts to create NFTs. Changpeng Zhao, the co-founder of Binance, launched the beta version on March 1, where users can create one of 10,000 NFTs in the current version of the program.
That said, the hackathon winner also attributes the platform idea to growing interest in the digital collectibles market.
He noted, “We believe that NFTs will be used more frequently in everyday life beyond web3.”
For the first time since May 2022, the Ethereum blockchain exceeded $2 billion in NFT volume. After the FTX crash, the NFT market has experienced something of a revival.
However, research from DappRadar suggests that the launch of the Blur marketplace took the market back to a pre-LUNA era. Blur has dominated the market with $1.3 billion in trading activity, making it the primary driver of the resurgence.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
