On March 1, the world’s largest crypto exchange Binance launched their artificial intelligence-powered nonfungible token generator “Bicasso” in beta. This revolutionary technology was met with huge success, minting 10,000 NFTs within two and a half hours of its launch. Binance CEO Changpeng Zhao encouraged users to “turn their creative visions into NFTs with AI” and later tweeted that the AI was a little stressed out but now caught its breath.
The AI-powered image-generation tool, similar to AI-art platforms such as DALL-E, saw great success during its limited beta. 9,909 users created at least one Non-Fungible Token (NFT) with the system. However, this was possible by either uploading an image or typing creative prompts that would generate a bespoke image created with AI. The images generated during the pilot period were not available for resale, but users still enthusiastically shared their creations on Crypto Twitter.
Binance reported a few performance issues during the pilot launch, noting that their team is working to increase server capabilities and improve the minting process. Those who didn’t make it into the 10K beta quota can still join the waitlist for the full version. Currently, “Bicasso AI#10445” is the most recently minted NFT, according to the platform.
On February 28, Christie’s auctioned Taylor Hobbs’ “Fidenza #724”, an NFT generated through the use of computer algorithms, for a staggering $440,000. This landmark event marked yet another milestone in the world of generative art – a new archetype that is created entirely or partially by autonomous systems. In August, Google Cloud AI took this concept to the next level by transforming all 10,000 Bored Ape Yacht Club NFTs into computer-generated works of art.