Binance’s AI Tool Mints 10,000 NFTs In Under Three Hours

The cryptocurrency exchange Binance has created a new AI product named Bicasso that allows marketplace users to use an artificial intelligence NFT generator. The model has recently been released in beta.

The new AI platform from Binance works similarly to other tools such as DALL-E and Midjourney. AI systems like this allow users to use simple text prompts or images to create new works of art or alter the theme and style of a pre-existing image. The Binance twist, however, can see these images minted as NFTs on the BNB chain. Binance CEO Changpeng Zhao shared the launch on Twitter, asking users to “give it a try and show me what you make with it.”

The beta version was limited to 10,000 NFT mints, with holders reaching that cap in under three hours. It may seem like a leap to see a crypto exchange suddenly release an AI tool but with the current buzz surrounding AI, many companies are looking toward this space and how it can be incorporated into their own ecosystems.

AI-generated

Although ChatGPT sparked a huge uptake in AI-related projects, we did see AI-generative art becoming popular last year. So much so that it has raised serious controversy and uncertainty in creative communities, with artists showing frustration at how AI could learn from their work without permission. These concerns have led to various lawsuits, such as Stability AI currently being accused of stealing intellectual property.

While it is currently unknown how Bicasso works and what images it has been trained on, the tool has already been accused of “blatantly” copying the winning project of the BNB chain hackathon. The winning project, Chatcasso, is an AI-powered tool for creating NFTs and won a prize of $5000 in Binance USD.

A thread was shared on Twitter by the user Ggoma accusing Binance of stealing their idea stating, “A big company like Binance copying everything down to the name? It’s not only unethical, but it’s also confusing for users. The names are so similar that it’s hard to tell them apart.” However, a Binance spokesperson stated to Cointelegraph that these similarities do not imply theft of ideas.

The exchange’s spokesperson noted, “Despite the similarities, after conducting an internal review, we’re confident that Bicasso was designed and developed independently more than two weeks before the BNB hackathon.”

Future plans

Since this was only a beta test, it is yet to be determined what the plan is for Bicasso going forward. Considering how quickly it reached the limit of 10,000 mints, it’s unlikely Binance will halt its AI progress. Although it is possible that the team could alter the platform to separate itself from these current accusations of theft. 

While many are embracing AI, with the likes of Character.ai securing new investments to see its valuation soar to $ 1 billion, others are taking a stand against generative AI.