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

0
171
Binance launches AI-powered NFT generator for KYC-verified users



crypto

Crypto exchange Binance’s nonfungible token 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: 

“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 (BNB), which is around $1.90 at the time of writing. According to Binance, the fee ensures that the NFT creation process is executed properly on BNB Smart Chain.

Binance said it will provide users with 10 chances to produce art for free each day. 

Related: Google, OpenAI, Microsoft form ‘Frontier Model Forum’ to regulate AI development

On March 1, Binance released a beta version of the AI NFT generator and called it “Bicasso.” The test version reached its full capacity within just 2.5 hours, achieving the allotted minting limit of 10,000 NFTs.

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 hackathon 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.

Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here