Yesterday, Binance, the world’s largest cryptocurrency exchange, launched the beta version of its new AI-powered NFT generator tool called “Bicasso.”
Bicasso transforms users profile pictures or text prompts into works of art in a matter of seconds. In just 2.5 hours on March 1st, it turned 10,000 user-submitted profile pictures into NFT artwork.
After the beta run concluded, the CEO of Binance Changpeng Zhao tweeted that the pilot had finished with 10K NFTs minted in 2.5 hours. He added jokingly that the “AI was a little stressed out,” but now it was catching its breath.
After minting their NFTs, users were quick to share their creations on Crypto Twitter. The official mint data shows 9,907 owners created a least one NFT during the limited beta test. With the pilot version, the images are not available for resale.
The new tool from Binance is similar to AI-art programs like DALL-E, Starryai, and Night Café — apps that have been increasing in popularity recently. The apps allow users to upload an image or type in creative text prompts and an AI algorithm generates a piece of digital artwork in a particular style. However, with Binance, the artwork is minted as a non-fungible token on the blockchain.
For now, the beta is over and the Binance team is working to make the minting process smoother and eliminate any glitches. People who missed out on the pilot but are interested in Bicasso can register for the waitlist for the full version.
Exchanges and Marketplaces Release New Tools in 2023
The AI-powered NFT generator tool brought excitement to the Binance community yesterday. But Binance isn’t the only top Web3 company that’s been sharing new tools with its community. We’ve covered several stories in 2023 about exchanges and marketplaces releasing new features and tools for their users. Here are some of the top stories.
About two months ago, Kraken, another major crypto exchange, launched the public beta of Kraken NFT. The NFT marketplace opened with 110 of the highest-trading NFT collections. The marketplace has zero gas fees, over 200 funding options, and trusted rarity rankings.
Next, the investment platform Robinhood officially launched its Web3 wallet. The updated wallet lets users swap crypto on Ethereum and view NFT collections. The wallet is being billed as a decentralized standalone app similar to Phantom and Metamask.
Finally, Coinbase crypto exchange recently announced Base, a new layer 2 blockchain on Ethereum. The L2 blockchain allows users to onramp into Base from Coinbase, Ethereum, Solana, and other blockchains. The testnet of Base was launched on Thursday, February 24.
As Web3 becomes more and more competitive, companies must do what they can to innovate and bring value to users. Binance’s new AI-generator tool certainly brought some hype to its community, and we’re sure many people are looking forward to the complete launch of Bicasso in the future.