The neural network can generate a picture and a token based on an image or a text description

​Binance launches beta version of its AI service for creating NFTs

01.03.2023 - 15:30


3 min

What’s new? Binance CEO Changpeng Zhao announced the launch of a new service for the creation of non-fungible tokens (NFTs) using artificial intelligence. A beta version of the product, called Bicasso, is now available. The neural network can generate tokens based on an image or text description, a feature available in the Binance NFT section of the platform’s website. The beta version has a limit, only 10 000 generations are available to users.

Blockchain and AI. In February, the TRON blockchain allocated more than $100 million to support developers exploring the use of AI in blockchain applications through tools such as ChatGPT, an artificial intelligence chatbot. Binance said that ChatGPT could help grow the cryptocurrency user base because the bot is able to understandably answer complex questions about blockchain technology. That same month, PeckShield analysts discovered dozens of scam tokens allegedly linked to ChatGPT.

In January, ARK Invest said that digital asset rates will see a positive trend as AI technology accelerates. In contrast, Fantom blockchain developer Andre Cronje believes that AI and blockchain technologies are incompatible.

What happened before? In late February, Binance also launched a section on its website to track free coin airdrops from various projects — not only current but also completed and only being considered for support by the exchange.

In the same month, the Litecoin network launched the Ordinals protocol, which allows the creation of NFTs. Since a similar soft fork on the Bitcoin network, the number of NFTs exceeded 233 000.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy