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Binance's AI-powered NFT generator generates 10,000 coins in 2.5 hours at full capacity

Binance's newly launched artificial intelligence-powered NFT generator has been producing digital art at full capacity, with a cap of 10,000 NFT mints reached in just 2.5 hours. Binance,the world's largest crypto exchange launched an AI-powered NFT generator called "Bicasso" in beta on March 1.

Binance CEO Changpeng Zhao told users "you can turn your creative visions into NFTs with AI," following it up a couple of hours later with "Bicasso’s first pilot just completed with 10K NFT minted in 2.5 hours. The Artificial Intelligence was a little tense, but it had finally caught its [breath]." A system is an image-generation tool powered by AI, similar to AI Digital art platforms such as DALL-E. Users can either upload an image for the Artificial Intelligence to work on, such as a profile picture, or type creative prompts to generate a bespoke image created with AI.

According to preliminary mint data, 9,909 owners created at least one NFT during the limited beta period. Because the images were created as part of the pilot, they are not for sale. On Crypto Twitter, users were eager to share their creations. Following the pilot launch, Binance acknowledged that there were some issues due to high demand, stating, "Our team is currently working to increase the server abilities to reduce errors and make the minting process smoother." Those who missed out on the 10K beta quota can still sign up for the full version's waitlist.

According to the platform, "Bicasso AI#10445" was the most recently minted NFT at the time of writing. Generative art is a new archetype in the art world, having been created in whole or in part by the use of an autonomous system. Taylor Hobbs' "Fidenza #724", an NFT created with a computer algorithm, was auctioned off for US$440,000 on February 28 at Christie's. Google Cloud AI turned all 10,000 Bored Ape Yacht Club NFTs into machine-made works of art in August.

Even though Bicasso was able to produce 10,000 NFTs in hours, Binance acknowledged a hiccup with the newly launched AI product due to high demand. "Our team is currently working to increase the server's abilities to reduce errors and make the minting process smoother," the exchange stated. In addition, those who missed out on the beta quota of 10,000 NFTs can still sign up for the full version waitlist. So far, the NFT market has evolved significantly as an ecosystem in many ways, with AI-powered NFTs being one of them. The NFT market cap is currently above US$615 million, with a 24-hour sales volume of US$96.7 million in the last 24 hours.

While this volume is considered high in comparison to late last year's volume of less than $80 million, it is still significantly lower than the all-time high of US$48.6 billion. Furthermore, like the global NFT sales volume, Binance coin native token BNB has been in a bullish trend over the past month, rising by more than 30% since the beginning of the year following a significant drop last year. BNB was trading at US$299, down 1.3% in the previous 24 hours.