Less than a month after releasing Bicasso, Binance announced its plans to expand the AI-powered NFT service to global audiences beginning March 29.
The crypto exchange revealed its AI NFT generator on March 1, opening up limited testing to users. Reminiscent of other generative art tools like Midjourney or DALL-E, users could write a prompt to create an image from the tool’s visual repository. Bicasso also enables users to mint their generative artwork on Binance’s BNB chain, allowing them to make their custom NFTs.
Blockchain enthusiasts quickly hopped onto the platform, with over 3,300 users creating at least one NFT in less than a week. Users also posted their NFTs online, showcasing various painterly self-portraits and creative depictions. However, Binance limited free mints to 10,000 NFTs.
Following a successful test in Europe, Binance will help mint an additional 100,000 NFTs from March 29 to March 30, operating on a first-come, first-served basis. Users from all around the world will be able to take advantage of the technology to create and own their own generated art.
BICASSO first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out, but caught its breathe now. 😂 https://t.co/BBRevAdIUc
— CZ 🔶 Binance (@cz_binance) March 1, 2023
“At Binance, we listen to our users’ feedback. They loved our initial limited test and now we are launching it globally. Bicasso gives us a unique opportunity to bring together the power of AI and Web3 to provide users with a powerful experience,” Binance Head of Product Mayur Kamat said.
Binance will also release a new, exclusive Bicasso NFT collection to celebrate its global expansion. As a part of the crypto exchange’s unique referral program, users will get the opportunity to win one of the 500 AI-generated cats and dogs featured in the collection.
Users who own these one-of-a-kind NFTs will earn one free mint on Bicasso’s global launch day, and they will also get the opportunity to access new Binance products and features as a Binance Beta Tester.
AI tech in crypto
Artificial intelligence has quickly transformed the global landscape, bringing many changes to artistic and technological industries. While many argue the ethics and merits surrounding its data-scraping and processing, it has been a boon to the crypto world, especially as the industry suffers in its long tech winter.
In late 2022, despite the widespread downturn in cryptocurrency, Tyler Hobbs’ generative art NFT sold $17 million worth of mint passes. Hobbs’ collection highlighted the ownership aspect of NFTs, allowing buyers to curate their algorithmic creations and eternalize them in the official collection.
“I think the value is around the collector, contributing to the work itself and becoming part of the story of QQL [the algorithm] and the line of artworks that are evolving,” Hobbs said.
This newfound focus on the “collector” inspired some collections to take a more communal approach to art and storytelling. In one example, artist Emily Xie presented the Memory of Qilin, an Art Blocks collection that used generative art to create East-Asian-inspired pieces. Xie’s collection amassed over 3,055 ETH or $4.8 million in OpenSea trading volume.
“Part of the storytelling aspect of the series is this idea of collectivity and collective consciousness. We as a community are deciding the meanings of these pieces,” Xie said.
With the expansion of Bicasso and the continuous development of AI art and technology, crypto enthusiasts can expect more innovative uses of generative art in NFTs in the coming year.
