As AI, Artificial Intelligence, and NFTs continue to grow explosively within their respective communities, it would make sense to say that the alliance of the two relatively new technologies could create a merger that could take the AI and NFTs market space to new levels.
Binance is one of the crypto exchange solutions provider that is among the first to launch such an alliance that could earn it a sizeable market share in the race for a slice of the pie.
On March 1st, Chanpeng Zhao, Binance CEO, took to his Twitter handle to break news on the new alliance that it is offering. AI generated art is set to be the next trendy technology in the NFTs market space. This art is generated by AI algorithms but the question many among the NFTs community are asking is to whether AI can be trusted to effectively give life to this new genre of art.
NFTs sales hit a record $25 billion market cap in the year 2021 indicating that the sector is among the most adopted technologies in the crypto market space. NFTsare mostly dominated by cartoons and memes that form part of the digital collectibles in the market and also one of the most successful projects to this date within the market but the new AI generated NFTs based on advanced technology is unfolding at a very fast pace.
The AI generated arts platform, Binance Bicasso , gives directions on how NFT users could use Bicasso to mint incredible AI art. The beta roll out of the project has turned out to be a match made in heaven after the crazy number of requests made that overwhelmed the network even with a market cap of only 10 000 NFT mints. After this phenomenon, Binance’s CEO said that more infrastructure needs to be put in place to handle the overwhelming requests. According to Changpeng Zhao more clones need to be deployed to effectively handle the explosive demand. The overwhelming requests have been attributed to the fact that the platform only supports single-threaded processes, addition of more clones could effectively increase the number of threads running concurrently hence effectively handling traffic. The current scheme allows only one user to run the script per unit time, a move that could possibly crash the network in case of high demand.
Despite this technical challenges, Bicasso appears to have used the scarcity of the resource and a market cap of only 10 000 NFT mints to achieve a resounding success as its beta release sold out in under 2.5 hours. This strategy has drove up attention towards the scheme forcing Binance to result to the use of a whitelist which is of now very long owing to the hungry users it has attracted.
Apart from Binance other companies have ventured into this new sector thereby giving users a frenzy in the adoption of the technology. As web3 launches a number of new technologies, it is a matter of time until we see more alliances that could foster tremendous growth in the sector. The most notable so far is the mix of Artificial Intelligence and NFTs, what new trend could this lead to? Stay awake and tuned in while we labor to bring you more.
