Binance, the world’s largest cryptocurrency exchange, released a closed beta version of its AI-powered NFT generator, Bicasso, on March 1. The innovative tool, which allows users to convert any uploaded profile picture into a digital artwork, generated the maximum limit of 10,000 NFTs in just 2.5 hours.
The system, which is similar to other AI-art platforms like DALL-E, uses an artificial intelligence algorithm to create new digital art pieces or work with existing images. Users can input creative suggestions or upload a picture, and the AI does the rest of the work.
Binance CEO Changpeng Zhao encouraged users to “turn their creative ideas into NFTs with AI.” The pilot program was a success, with 9,909 users creating at least one NFT during the closed beta. These NFTs, however, cannot be resold since they were part of the pilot.
While users were excited to showcase their digital art pieces, Binance acknowledged that there were a few issues due to high demand. However, the company is working to enhance the server’s capabilities to streamline the minting process and reduce errors. Those who missed out on the closed beta can still join the waiting list for the final release.
The use of an autonomous system to generate artwork is a new paradigm in the art industry. For instance, Taylor Hobbs’ “Fidenza #724,” an NFT created using a computer algorithm, recently sold for $440,000 at Christie’s auction.
Google Cloud AI also converted all 10,000 NFTs from the Bored Ape Yacht Club into art pieces in August.
In conclusion, Binance’s Bicasso is a unique innovation in the world of NFTs that enables users to transform their profile pictures into digital art pieces. The AI-powered system has the potential to revolutionize the way digital art is created and sold, bringing a new level of accessibility to the industry. While the closed beta was a success, Binance is working to improve the system and ensure a seamless experience for users in the final release.