Binance’s AI-powered NFT generator hits 10K mints in 2.5 hours

On March 1, Binance, the world’s largest cryptocurrency exchange, launched its new artificial intelligence-powered NFT generator, Bicasso, and in only 2.5 hours, the tool reached full capacity, minting 10,000 NFTs in its initial beta release. Bicasso allows users to combine AI technology with NFT creation, transforming their ideas or images into custom AI-generated artwork.

Binance CEO Changpeng Zhao introduced Bicasso as a tool to help users bring their creative visions to life as NFTs. Shortly after launch, Zhao noted Bicasso’s overwhelming success: “Bicasso’s first pilot just finished with 10K NFT minted in 2.5 hours.” He humorously added that the AI system, initially “anxious,” had “calmed down” after the high demand.

The platform functions similarly to popular AI-art generators like DALL-E. Users can either provide a text prompt to create custom artwork or upload a personal image for the AI to modify. Data from the pilot program revealed that 9,909 unique users minted at least one NFT, with creations being shared widely on crypto Twitter.

Despite the excitement, the high demand led to some temporary technical issues. Binance acknowledged these server hiccups and reassured users that it was working to increase capacity and optimize the minting process. Binance also encouraged users who missed out on the beta’s 10,000-NFT limit to join the waitlist for the tool’s final release.

Generative art, like the images produced on Bicasso, represents a growing trend in visual art, where AI autonomously or semi-autonomously generates unique pieces. This AI-driven approach has gained traction in the NFT space, with significant sales in the art market. Notably, generative artwork “Fidenza #724” by Taylor Hobbs, an NFT created using a computer algorithm, recently sold for $440,000 at a Christie’s auction on February 28.

The Bicasso launch adds to the rapidly evolving world of AI and blockchain in art, exemplifying how technology can unlock new creative possibilities for users and attract a broad audience to the NFT marketplace.