CoinMarketCap takes a deep dive into Binance Bicasso - an AI NFT generator that offers a low-barrier entry point to the world of NFT.
Binance recently launched Bicasso, a new AI NFT generator that turns words 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 functionality of the new AI NFT generator and how Binance is joining the AI-generated NFT boom.
What Is Bicasso?
Bicasso is an AI NFT generator that works similarly to text-to-image generators leveraging AI. Users can type the image they would like to generate with a prompt. For instance, a user may want to generate the following image:
“Changpeng Zhao wearing a blue hat and 1970s sunglasses.”
The image generator will generate the desired image. Bicasso works similarly to other AI image generators like Midjourney and Stable Diffusion, which have generated a lot of attention with high-quality AI art. In comparison to these platforms, Binance will allow users to mint the image as an NFT, thus proving its uniqueness on the blockchain. Moreover, users can also upload an image for the tool to produce an exclusive photo. No coding or artistic skills are required.
Is Bicasso the Only AI NFT Generator?
Bicasso is similar to other AI image generators by allowing users to unleash their imagination and express themselves in new ways. Thus, you can anything from abstract art to memes to portraits with the Bicasso engine. However, none of the other tools offers the option to create an AI-generated NFT.
Binance stands out by ensuring that every NFT generated by its AI is unique and one-of-a-kind. Users can also customize their NFTs with different filters, backgrounds, stickers, and text. Thanks to the low fees on the BNB Chain, minting will be accessible and affordable to all users. In addition, Bicasso leverages the speed and security of the BNB chain.
Bicasso is currently in Beta mode and users can only join a waitlist. The initial 10,000 NFTs were exhausted quickly, which means users have to wait for further access.
What Are AI Image Generators?
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 a large dataset of images, often called a “training dataset.” The AI model uses this dataset to learn about the various features and patterns that make up images, such as colors, shapes, and textures. 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 complex illustrations thanks to a technique called VQGAN+CLIP.
- Stable Diffusion: StableDiffusion is great at complex artistic illustrations by using diffusion models.
- DALL-E: DALL-E can create realistic images in a matter of minutes from any text prompt.
AI and Blockchain
AI and blockchain technology are two of the most disruptive technologies on the market. They are both expected to have a profound effect on many industries in the future. Many companies are currently exploring how they can leverage both blockchain and artificial intelligence to combine the power of the two 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 these in our deep dive titled Blockchain and AI: What’s Behind the Hype.
In 2023, several AI-themed tokens have experienced strong tailwinds and outperformed the broader market. Thanks to the rapid adoption of traditional AI applications and interest from big tech, as well as the release of new AI technology like ChatGPT, AI tokens and projects are experiencing a mini-bull run of their own.
Still, it is important to remain careful in this market. The current momentum may be shaped by irrational exuberance and several tokens can be severely overvalued, thanks to the currently booming AI narrative.
Is AI-Generated NFT Art the Future?
AI and blockchain are two of the most innovative technologies that have emerged in the last decade. AI-generated NFT art could disrupt the NFT and art markets at the same time. Generative art has been using algorithms to create art pieces through randomness for several decades. However, the power of AI has increased the limits of generative art.
Furthermore, thanks to blockchain technology, it is, for the first time in history, possible to prove that AI-generated NFT art is unique. For instance, anyone can create art with one of the AI image generators and mint their unique creations on a blockchain, like BNB Chain. This allows creators to monetize their skill sets and democratizes art in a way previously thought impossible.
However, it is still very early for AI-generated NFT art. The Bicasso project is the first of its kind. It remains to be seen whether there is a market for this kind of art.
Read also: Deep Dive Into Generative Art — A Future Hype?
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