During the last few months, there has been a significant surge in the use of artificial intelligence (AI) due to the popularity of AI-based chatbots, such as ChatGPT, which gained widespread attention for its advanced capabilities. ChatGPT has brought the spotlight to the AI industry and paved the way for other AI-powered products to become instant hits upon their release.
This trend towards AI has become all-encompassing, with the rise of other products such as Dawn AI, which enables the creation of generative art. As the industry leader in cryptocurrency exchange, Binance has also joined the trend by launching its first-ever AI-powered product, named Bicasso.
With the help of Bicasso, users can easily generate images and videos through a simple interface. The success of Bicasso has demonstrated the immense potential of AI in various industries, and its widespread use is expected to continue in the future.
A Different Picture Painted by Instant System Overload
Bicasso was an instant success but struggled to handle the high volume of users, resulting in frequent error messages such as “System is busy, please try again 30 seconds later!” or a suggestion to try again later.
The Binance engineering team worked hard to increase server capacity and make the minting process smoother in response to the burden on the servers.
Despite these challenges, some prominent members of the cryptocurrency community quickly jumped on the Bicasso bandwagon and proudly showcased their NFTs on Twitter, expressing their appreciation for the creator. Among these was a holder of Bored Ape #3553, who created a Bicasso NFT avatar with shimmering golden fur and eyes, eliciting a fire emoji response from Binance CEO Changpeng ‘CZ’ Zhao.
Within 3 hours of launch, Bicasso hits 10,000 mints.
On Wednesday, Binance CEO Changpeng Zhao, also known as ‘CZ,’ took to Twitter to announce Bicasso, a new AI-powered platform that allows users to turn their creative visions into NFTs.
Within hours of the announcement, Bicasso had already minted 10,000 NFTs, causing CZ to commend the platform’s rapid output while noting that the AI had become a bit stressed out during the process. As of now, the generated images are not yet available for sale as they were only part of the platform’s limited beta, with around 9,909 Bicasso NFT owners minting at least one NFT.
However, due to high demand, Binance acknowledged that there were issues with the platform, stating that they were working to increase server abilities and make the minting process smoother. Despite this, those who missed out on the beta quota can still sign up for the waitlist for the full version.
The NFT market has grown significantly in various aspects, including the emergence of AI-powered NFTs. Coinmarketcap reports that the NFT market cap is now over $615 million, with a sales volume of $96.7 million in the past 24 hours. While this is a marked improvement from last year’s sales volume of below $80 million, it still falls short of the record-breaking $48.6 billion peak.
Additionally, Binance’s native token BNB has also shown a bullish trend over the past month, rising by more than 30% since the start of the year after a significant decline last year. As of writing, BNB is trading at $299, down 1.3% in the past 24 hours.
The recent success of AI-powered products such as ChatGPT and Bicasso demonstrates the immense potential of AI in various industries, including cryptocurrency and art. The NFT market has also seen significant growth, with AI-powered NFTs being a new addition to the market. Despite some technical issues, the demand for Bicasso has been high, indicating a promising future for AI in the NFT industry.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.