CoinMarketCap takes a deep dive into Binance Bicasso – an AI-powered NFT generator that offers a low-barrier entry point into the world of NFTs.
Binance recently launched Bicasso, a new AI NFT generator that can convert text and images into NFTs. Users will be able to mint NFTs, which are generated using the power of AI on the BNB chain. This article explains the capabilities of the new AI-generated NFT generator and how Binance is joining the AI-generated NFT craze.
What is Picasso?
Bicasso is an AI NFT generator that works like a text-to-image generator leveraging AI. Users can follow the prompts to type in the image they want to generate. For example, a user might want to generate the following image:
"Changpeng Zhao wearing a blue hat and 1970s sunglasses."
The image generator will generate the required image. Bicasso works similarly to other AI image generators like Midjourney and Stable Diffusion, which have attracted a lot of attention with their high-quality AI art. In contrast to these platforms, Binance will allow users to mint images as NFTs, thereby proving their uniqueness on the blockchain. In addition, users can upload images and have the tool generate their own photos. No coding or art skills required.
Is Bicasso the only AI NFT generator?
Bicasso, like other AI image generators, allows users to unleash their imagination and express themselves in new ways. So you can use the Bicasso engine for anything from abstract art to memes to portraits. However, no other tool offers the option to create AI-generated NFTs.
Binance stands out by ensuring that every NFT generated by its AI is unique. Users can also customize their NFTs with different filters, backgrounds, stickers, and text. Due to the low fees on the BNB chain, minting is accessible and affordable to all users. Additionally, Bicasso leverages the speed and security of the BNB chain.
Bicasso is currently in Beta mode, and users can only join the waitlist. The initial 10,000 NFTs were quickly depleted, meaning users had to wait for further access.
What is an AI image generator?
AI image generators are generative models, which are artificial intelligence systems designed to create new images based on a set of input parameters or conditions. These images can be photorealistic, stylized, abstract or anything in between.
AI image generators work by learning from large image datasets (often called "training datasets"). AI models use this data set to learn about the various features and patterns that make up an image, such as color, shape, and texture. In turn, the AI learns to generate new images based on modifications and combinations of these features.
The most popular AI image generators include:
MidJourney: MidJourney creates artistic and intricate illustrations with the help of a technology called VQGAN+CLIP.
Stable Diffusion: StableDiffusion specializes in complex artistic illustrations using diffusion models.
DALL-E: DALL-E creates realistic images in minutes based on any text prompt.
Artificial Intelligence and Blockchain
Artificial intelligence and blockchain technology are two of the most disruptive technologies on the market. They are all expected to have a profound impact on many industries in the future. Many companies are currently exploring how to leverage blockchain and artificial intelligence to combine the power of both to improve products and services.
Different blockchain projects use AI for practical applications, such as powering decentralized financial products and automating investment decisions.
You can read more about this in our deep dive called “Blockchain and AI: What’s Behind the Hype.”
In 2023, several AI-themed tokens experienced strong tailwinds and outperformed the broader market. AI tokens and projects are experiencing their own mini-bull market due to the rapid adoption of traditional AI applications and interest from large tech companies, as well as the release of new AI technologies like ChatGPT.
Still, it's important to remain cautious in this market. Due to the currently booming AI narrative, the current momentum may be affected by irrational exuberance and some coins may be significantly overvalued.
Is AI-generated NFT art the future?
Artificial intelligence and blockchain are two of the most innovative technologies to emerge in the past decade. AI-generated NFT art could disrupt both the NFT and art markets. Generative art has been using algorithms to create works of art through randomness for decades. However, the power of artificial intelligence increases the limitations of generative art.
Furthermore, thanks to blockchain technology, for the first time in history it will be possible to prove that AI-generated NFT art is unique. For example, anyone can create art using one of the AI image generators and mint their unique creations on a blockchain like BNB Chain. This enables creators to monetize their skills and democratizes art in a way previously thought impossible.
However, it’s still early days for AI-generated NFT art. The Bicasso project is the first of its kind. Whether there is a market for this kind of art remains to be seen.