Binance’s AI-powered NFT generator hits 10K mints in 2.5 hours

March 2, 2023 Coin Telegraph

In the limited beta, Bicasso was taking user-submitted profile pictures and turning them into a work of digital art in seconds.

Binance’s newly launched artificial intelligence-powered nonfungible token (NFT) generator has been churning out digital art at full capacity, reaching a cap of 10,000 NFT mints in just 2.5 hours after launch.

On Mar. 1, the world’s largest crypto exchange Binance launched an AI-powered NFT generator called “Bicasso” in beta.

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 first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out, but caught its [breath] now.”

BICASSO first pilot just completed with 10K NFT minted in 2.5 hours. The AI was a little stressed out, but caught its breathe now. https://t.co/BBRevAdIUc
— CZ Binance (@cz_binance) March 1, 2023

The system is an AI-powered image-generation tool similar to AI-art platforms such as DALL-E. Users can either upload an image such as a profile picture for the AI to work on, or can type in creative prompts that will generate a bespoke image created with AI.

According to initial mint data, 9,909 owners created at least one NFT as part of the limited beta. The images were part of the pilot so are not available for resale.

Users were eager to share their creations on crypto Twitter.

#Bicasso is a new AI-powered NFT generator that Binance released in beta on Wednesday. It allows users to create NFTs by typing in a creative prompt or uploading an image. Users can then mint their images as NFTs on Binance’s native BNBchain. Do you want to try it out? pic.twitter.com/3hDy2Ife5Z
— Yuki Eliot (@yuki_binance) March 1, 2023

Following the pilot launch Binance acknowledged there were a few glitches due to demand, stating:

“Our team is currently working to increase the server abilities to reduce errors and to make the minting process smoother.”

It added that those that missed out on the 10K beta quota can still sign up for the waitlist for the full version.

The most recent NFT, “Bicasso AI#10445” was minted just an hour ago, according to the platform.

The most recent NFT mint - Bicasso AI#10445

One of the early NFT mints - Bicasso AI#17931

Generative art is a new archetype in the art world that in whole or in part has been created with the use of an autonomous system. On Feb. 28, renowned auction house Christie’s auctioned Taylor Hobbs’ “Fidenza #724”, an NFT created with a computer algorithm, for $440,000.

In August, Google Cloud AI transformed all 10,000 Bored Ape Yacht Club NFTs into machine-made works of art.

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Bitcoin core dev calls out ‘misleading’ auction selling his code as an NFT

February 28, 2023 Coin Telegraph

Bitcoin Core developer

Bitcoin core developer Luke Dashjr has called out the sellers behind an NFT auction for using his name and code without his knowledge or consent.

One of the original core developers behind Bitcoin (BTC), Luke Dashjr, has taken to social media to call out an auction site that has used his name and code without his consent to create and sell a “misleading” NFT.

The core developer said he hasn't been the first Bitcoin developer to have his name or his work used in this way.

In a Feb. 27 post on Twitter, the developer revealed a nonfungible token featuring a picture of code he wrote was sold at an auction site for 0.41 Bitcoin (BTC), or roughly $9,500 at the time of writing.

I want to make public my concern about "NFTs" which are being sold utilizing my name. Recently, a picture of code I wrote was sold at auction for .41 BTC. It was advertised as my code in the listing and presented to the public for sale and profit. 1/9 pic.twitter.com/5TcEJu4p5e
— Luke Dashjr (@LukeDashjr) February 27, 2023

“It was advertised as my code in the listing and presented to the public for sale and profit,” Dashjr explained.

“Let me be clear – I was not involved with the creation and sale of this or any other NFTs. I have not consented to the use of my code or my name for this purpose. Instead, 3rd parties are marketing my name and my code for their own monetary gain,” he added.

Dashjr revealed that the winner of the auction eventually contacted him and he had to inform them he was not involved with the sale.

*The auction winner reportedly contacted Luke Dashir, only to discover he was not involved with the sale. Source: Luke Dashir*

Dashjr claims that an individual — either the seller or the auction site — had reached out and offered him “a donation of 90% of the auction proceeds,” which he declined.

“The public should also be aware that the seller and/or auction site offered me a donation of 90% of the auction proceeds ‘should I choose to accept’ it. I feel this is a clear attempt to: (1) bribe me into silence; and/or (2) obtain my consent after the fact,” he explained, adding:

“I will not accept such payment at the expense of the public who are being misled. I will not accept any such ‘donation’.”

“Due to the misrepresentation involved and actual buyer confusion, I strongly insist upon 100% of the auction proceeds to be refunded to the buyer,” Dashjr said.

According to Dashjr, “other Bitcoin devs” have been placed in similar situations and been offered "considerable” donations for their cooperation; however, he did not provide any specific details.

*A message from a purported seller of the NFT offering Luke Dashjr a “donation” from the auction. Source: Luke Dashjr*

“Stop using my name to mislead the public so you can make a quick buck. It’s wrong,” Dashjr said.

“I do not consent to the use of my name or code for this grift. I want the public to be aware of where I stand,” he added.

Early last year, decentralized marketplace OpenSea reported that over 80% of NFTs minted using its tool were “plagiarized works, fake collections, and spam.”

Dashjr was reportedly the unfortunate victim of a hack on the last day of 2022 that lost him “basically” all his BTC.

Hackers gained access to his PGP (Pretty Good Privacy) key, a common security method that uses two keys to gain access to encrypted information.

The news ignited a debate around self-custody, which became a hot topic after the collapse of crypto exchange FTX.

Car makers, fashion giants and pet food brands seek Web3 trademarks as 2023 rolls on

February 28, 2023 Coin Telegraph

The first two months of 2023 haven't seen a slowdown in trademark filings, with recent filings covering automotive, clothing and fast-moving consumer goods.

Despite a broader downturn in related markets, multinational corporations don’t appear to have slowed down on their trademark applications covering Web3, crypto, nonfungible tokens (NFTs), and the Metaverse.

The month of February — now drawing to a close — saw the likes of General Motors and Lacoste, and Walmart making their territory with Web3-related trademark applications. January was an even busier month.

One of the latest NFT-related filings involved automotive giant General Motors, which filed for two new trademark applications on Feb. 16 covering its Chevrolet and Cadillac brands.

According to the filing, the firm is interested in downloadable digital media files containing collectible artwork, text, audio, and video, authenticated as non-fungible tokens (NFTs).

GM has filed a pair of new applications to trademark:
Chevrolet
Cadillac

The applications cover NFT-authenticated media files.#NFTs #Web3 #GM #Chevy #Cadillac pic.twitter.com/otf2PNH3fP
— Mike Kondoudis (@KondoudisLaw) February 21, 2023

A day later on Feb. 17, French clothing giant, Lacoste filed five trademark applications for “CHAMPS-ELYSEES”. The applications detail plans for NFTs, crypto transaction software, virtual clothing, stores for virtual goods, and virtual real estate services.

In early February, USPTO licensed trademark attorney Mike Kondoudis shared on Twitter that American multinational retail corporation Walmart had filed trademark applications for the “SamsClub” name and logo.

The retail giant claimed plans for NFTs, blockchain software, virtual reality healthcare, cryptocurrency trading, brokerage, and financial services.

January was no different with Web3, NFT, Metaverse and crypto-related trademark applications filed by pet food firm Pedigree, Nationwide insurance company, Irish distillers Jameson, French fashion giant Yves Saint-Laurent, and even the National Geographic Society, among others.

Speaking to Cointelegraph last month, Kondoudis said that trademark filings are “reliable signals of future plans to use marks for the products and services listed in the applications.”

Furthermore, despite the bear market, there were record numbers of trademark applications for NFTs, Metaverse, and crypto-related patents in 2022, the intellectual property lawyer noted.

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Titanic artifacts to be tokenized as NFT with new partnership

February 22, 2023 Coin Telegraph

Artifacts

Real-world artifacts from the famous Titanic wreckage are set to be tokenized as NFTs through a new partnership using blockchain technology.

Artifacts recovered from the wreckage of the Titanic are set to be tokenized using blockchain technology through a partnership driven by the company that acts as the steward of the sunken vessel.

A three-way partnership involving RMS Titanic Inc. (RMST), Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenizing precious artifacts from the Titanic to unlock a myriad of Web3 functionalities.

Select artifacts from the sunken Titanic will be preserved as nonfungible tokens (NFTs), which is aimed to open up shared ownership to the wider general public. RMST holds the exclusive rights to recover artifacts from the Titanic and its wider debris field from the bottom of the North Atlantic Ocean.

Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property linked to these artifacts. The tokenized instruments are intended to be offered to accredited investors, with the aim of creating an avenue for ‘compliant capital raising’ to fund ongoing research, recovery, preservation, exhibition, and licensing of RMST's assets.

Artifact Labs will create NFTs for 5,500 recovered artifacts from the sunken ship using its inhouse NFT blockchain system. Future artifacts recovered from the resting place of the Titanic are also set to be minted as NFTs.

These NFTs are touted to offer exclusive benefits to collectors, including VIP events and exhibitions, seminars with historians and other exclusive experiences. The NFTs are also meant to create a digital means to interact with RMST content away from physical exhibitions in Atlanta and Las Vegas.

According to the announcement, the debut collection of Titanic NFTs will feature an ultra-limited edition of digital collectibles, laying the foundation for the Titanic’s Web3 community.

Artifact Labs is also planning to create the Titanic DAO (Decentralized Autonomous Organization), which will allow members to participate in various initiatives as well as proposals for future exhibitions to the Titanic site.

The DAO will also facilitate the development of educational programmes, digital content and documentaries, research, partnerships and events. DAO members are also expected to have a say in the preservation and exhibition of recovered artifacts from the wreckage.

The Titanic DAO treasury will also be managed by members using governance tokens and funded through proceeds of NFT sales.

A statement from RMST president Jessica Sanders highlighted the initiative’s intent to preserve the Titanic’s legacy and artifacts through digital innovations like NFTs and blockchain technology:

“As the salvor-in-possession of the Titanic wreck site, we are determined to ensure that the Ship's artifacts are preserved in perpetuity and accessible to future generations. We believe that moving into the digital space allows us to reach a broader audience with quality programming that educates and inspires.”

Cointelegraph has reached out to RMST and Artifacts Labs to ascertain how ownership and management of Titanic artifacts have been handled in the past and how the use of blockchain technology and tokenization will empower shared ownership of these heirloom items.

NFT

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