The nonfungible token (NFT) division of cryptocurrency exchange Binance has announced the availability of a tool that allows users to create original pieces of art using artificial intelligence (AI).
The AI NFT generator known as “Bixel” from Binance NFT is now always accessible to users, the company announced on July 26. The technology enables users to create original digital art and enter the NFT market, according to the trading site.
The platform’s know your customer (KYC) identity verification procedure must be completed by anyone wishing to use the tool. According to Binance:
This important step is taken to uphold a reliable and secure platform for all users, in compliance with industry standards and legal obligations.
Also, there is a minting cost of 0.008 BNB, or roughly $1.9 at the time of writing, that must be paid by individuals who want to mint NFTs using the program. Binance claims that by charging the fee, the BNB smart chain’s NFT formation procedure is appropriately carried out.
The cryptocurrency exchange announced they will give customers 10 chances every day to create art for free using AI.Also, earlier this year, a trial version of the artwork generator was made available. The AI NFT generator, known as “Bicasso,” was first made available by Binance on March 1. The allocated minting limit of 10,000 NFTs was achieved by the beta version of the AI tool within 2.5 hours of its launch.
Days after the beta’s release, however, the exchange was charged with copying the AI NFT generating concept from BNB Chain hackathon winners. On March 2, ggoma, a community member, claimed that Binance had plagiarized their “Chatcasso” concept, which had earned first place in the BNB Chain hackaton in Seoul, South Korea, in December 2022. Chatcasso won the competition. A spokeswoman for Binance disputed the claims and stated that “Bicasso” was created independently two weeks prior to the hackathon when questioned about the situation.