Top crypto exchange Binance just announced its NFT branch has unveiled an artificial intelligence (AI) NFT generator that allows users to create custom artworks with AI.
News of the new tool called “Bixel” was announced on July 26th, and it is now available for all Binance users who have completed the platform’s Know Your Customer (KYC) identity verification process. Binance said that the KYC is in place to “maintain a trustworthy and secure platform for all users.”
The tool will let users create custom images using AI that can then be minted into non-fungible tokens on the BNB Smart Chain. According to the report, users will have 10 chances per day to create an NFT artwork. To mint an NFT with the tool, users must pay a minting fee of 0.008 BNB, or around $1.90 to pay for the transaction to be executed on the BNB Smart Chain.
The new tool also comes with a competition: Users who create NFT artwork before August 10th will have the chance to win 1 BNB, currently worth around $240. Anyone can participate in the Bixel Challenge, and the community will vote on their favorite artworks. Ten BNB will be rewarded to the top ten creators.
This isn’t the first time we’ve seen this tool from Binance. In March of this year, Binance released a beta version of the AI NFT generator called “Bicasso.” Within a few hours, the program minted 10,000 NFTs and reached full capacity.
However, despite the success of the pilot, the new tool didn’t come without controversy. A day after it was released, a community member called “ggoma” accused Binance of copying a project named “Chatcasso,” which received first place at a BNB Chain hackathon in South Korea in December 2022. Binance denied the allegations, saying it had created Bicasso weeks before the hackathon.
Major Crypto Exchanges Embrace NFTs
For Binance users that are also fans of NFTs, the new Bixel tool should be a welcome addition to the world’s leading crypto exchange. But Binance isn’t the only major crypto exchange that’s been bullish on NFTs. At Rarity Sniper, we’ve covered several stories about crypto exchanges getting involved in non-fungible tokens. Here are the top stories.
First, about two months ago, Kraken officially launched its NFT marketplace. The marketplace features gasless transactions, the ability to pay with cash or crypto, and lower price points for OG collections like Bored Ape Yacht Club and others.
Next, four months, Kraken made NFT news again by inking a multi-year pact with the English Formula One team Williams Racing — one of winningest teams in the sport’s history. As part of the partnership, select holders of top NFT collections on Kraken’s NFT marketplace can display their digital assets on the racing cars’ rear wing throughout the season.
Finally, about a year ago, the crypto exchange KuCoin announced it was launching an NFT ETF Trading Zone built by the Fracton Protocol. The NFT Trading Zone gives collectors access to fractional shared ownership of some of the top NFT collections.
Crypto and NFTs go together like peanut butter and jelly, so it’s no surprise major crypto exchanges are investing in the NFT market. Time will tell if Binance’s Bixel tool will be as popular as its beta version was. But as we continue to wade through the bear market, at the very least, it should give users something fun to do while they wait for the bull market to return.