Binance launches AI-powered NFT generator for KYC-verified users

    2023.07.26 | exchangesranking | 1540onlookers

    Binance launches AI-powered NFT generator for KYC-verified users

    Crypto exchange Binance’s nonfungible token (NFT) arm announced the launch of its artificial intelligence (AI) NFT generator that lets users produce custom artworks using AI technology. 

    On July 26, Binance NFT said its AI NFT generator dubbed “Bixel” is now permanently available for its users. According to the trading platform, the tool allows users to generate unique digital art and join the world of NFTs. However, those who wish to use the tool are required to complete the platform’s know your customer (KYC) identity verification process. Binance explained that: 

    “This critical measure is in place to maintain a trustworthy and secure platform for all users, aligning with best practices and regulatory requirements.”

    In addition, those who wish to mint NFTs using the tool are also required to pay a minting fee of 0.008 BNB , which is around $1.9 at the time of writing. According to Binance, the fee ensures that the NFT creation process is executed properly within the BNB smart chain.

    When it comes to generating artwork using AI, the crypto exchange said they will provide ten chances for users to produce art for free each day. 

    A test version of the artwork generator was also launched earlier this year. On March 1, Binance released a beta version of the AI NFT generator and called it “Bicasso.” The beta version of the AI tool reached its full capacity within 2.5 hours, achieving the allotted minting limit of 10,000 NFTs shortly after it went live.

    However, just days after the beta launch, the exchange was accused of stealing the AI NFT generator idea from BNB Chain hackathon winners. On March 2, community member “ggoma” alleged that Binance copied their project called "Chatcasso," which won first prize at the BNB Chain hackaton held in Seoul, South Korea back in December 2022. When asked about the issue, a Binance spokesperson denied the allegations and claimed that “Bicasso” was developed independently two weeks before the hackathon.

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    Tags: AIBinanceNFT