Over the past months, artificial intelligence (AI) has been the new trend following the massive blow-up of the AI-powered chatbot, ChatGPT. The bot has created a great spotlight for the AI industry allowing most AI-related products to blow up almost immediately after launch.
Following the ubiquitous trend of Dawn AI, another artificial intelligence-powered product that helps creates generative art, Binance, the industry-leading crypto exchange has now pushed for the launch of its first-ever AI-powered product called Bicasso.
A Brief Run Down On Bicasso
Launched on March 1, Bicasso is Binance’s latest launch focused on artificial intelligence. The latest product is an AI-powered non-fungible token (NFT) generator tool 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 customized image created with AI.
“With Bicasso, you can generate your creative visions using the Binance AI tool and turn them into NFTs with just a few clicks,” said Binance on the company’s new AI product page.
The crypto exchange added: “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.”
Bicasso Hits 10,000 Mints Under 3 Hours Of Launch
On Wednesday, Binance CEO Changpeng Zhao also known as ‘CZ’ announced Bicasso via its Twitter account. CZ tweeted, “You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it.” Hours later, Bicasso was seen rolling out digital art at full capacity reaching a cap of 10,000 NFT minted in two-and-a-half hours after launch.
Following up on its previous tweet after a couple of hours CZ tweeted commending Bicasso’s rapid churning out of 10,000 NFTs within hours of launch. He noted, “BICASSO’s first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out but caught its breath now.”
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. Notably, the images generated by Bicasso are yet to be available for sale as the generative NFTs were only part of the product’s pilot.
Though Bicasso was able to churn out 10,000 NFTs within hours, Binance did acknowledge a hiccup with the newly launched AI product due to high demand. 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.
Related Reading: Generative Art and the Future —— NFT Digital Art Special Auction by Poly Beijing
So far, the NFT market has evolved so much as an ecosystem in several aspects, with AI-powered NFTs being one of them. According to Coinmmarketcap, the NFT market cap currently sits above $615 million with a 24-hour sales volume of $96.7 million in the past 24 hours.
While this volume is considered high compared to late last year’s volume of below $80 million, it is still way below its all-time peak of $48.6 billion.
Furthermore, just like the global NFT sales volume, Binance coin native token BNB has also been in a bullish trend over the past month up by over 30% since the beginning of the year after a notable plummet last year. BNB currently trades at $299, down 1.3% in the past 24 hours, at the time of writing.
Featured image from Bicasso, Chart from TradingView