Binance AI NFT Tool, Bicasso Likely Copied From Chatcasso, Say 62%

Binance’s AI Product recently launched in the form of an NFT creation tool that utilizes AI technology to create images for NFTs called Bicasso. NFTs generated by Bicasso can also be minted on the BNB chain.

Only three hours into the launch and nearly 10,000 NFTs were minted, possibly explaining the hype surrounding Binance’s AI-based NFT creation tool.

Bicasso, however, recently came under considerable controversy when it was accused of stealing the concept for the project from several other platforms, such as Chatcasso, Steemhunt, etc. These controversies have gained multiple mixed opinions from the masses. Thus, Real Research surveyed the matter to gauge opinions from the public.

This survey insight will delve into several aspects such as the effect of AI on the NFT market, the pros, and cons, the controversies surrounding Bicasso, and more.

Key Highlights of the Survey

• 20.51% feel AI-generated NFTs will not have any significant impact on the NFT market
• 13.39% feel AI-generated NFTs will yield higher quality NFTs than NFT artists
• Regarding the controversy, 61.77% feel Binance stole the idea for Bicasso from Chatcasso

Bicasso

Back in the day, art involved sketching, painting, etc. on a canvas, with one’s set of utensils and art supplies. Presently, art has evolved into images and various multimedia forms generated by Artificial Intelligence rather than by artists or most recently, AI-generated art.

Bicasso was released on March 1, 2023, as a test version to the public with a limit of 10,000 mints. Within two and a half hours, the platform easily reached up to 10,000 minted NFTs, despite several reported hiccups along the way. The full version has yet to be released, with many NFT enthusiasts eager in anticipation.

Our survey on Binance’s AI-based NFT-generating platform – Bicasso, revealed that up to 47.15%  have registered on the waiting list for the full version. While 20.89% have tried the free trial. 18.37% have heard of the platform, and 13.59% haven’t.

While hype about such AI-powered platforms persist, there are opinions about the effect of AI on the NFT market.

Effect of AI on the NFT Market

When asked about the possible effects of AI on the NFT market, up to 20.51% believe it will not have any effect on the trading volume of the NFT market. 17.45% feel the trading volume will somewhat increase, while 14.35% feel it will massively increase. The rest, 12.64% and 11.3% say the trading volume will somewhat and massively decrease, respectively.

There is no guarantee that AI could have an impact on the NFT market per se, and it is unlikely to determine the same as it depends on various factors; market sentiment, supply, and demand dynamics, broader economic conditions, etc.

Effect on Artists

The impact of AI in the NFT market on trading volume would depend on various factors, such as the specific application of AI, the size of the market, and the behavior of market participants. Notably, the survey also asked what effects AI-generated NFTs would have on NFT artists. 38.64% feel AI would positively affect NFT artists, while 30.73% feel it will insignificantly affect NFT artists. 17.52% say it would negatively affect artists, and 13.11% are finally, unsure.

In another poll specifically, 24.53% feel AI would simply be a niche in the digital art sphere, and 16.7% feel AI would be abused by big corporations and possibly displace NFT artists.

Others say AI would be boycotted heavily (16.62%), AI would completely dominate the digital art sphere (13.59%), and finally, AI would be used to steal art from NFT artists (13.04%).

Overall Opinions on AI-generated NFTs

When asked for overall opinions about AI-generated NFTs, 13.39% say they generate higher-quality art than NFTs, while another 13.39% also say they lack emotional depth than NFT artists.

12.63% say they are more efficient than NFT artists, 11% feel they are unethical towards NFT artists, 10.88% feel they are less efficient than NFT artists, and finally, 9.64% say they are unoriginal.

Bicasso Concept Stolen from Chatcasso?

Upon Bicasso’s launch, many alleged that the concept was stolen from Chatcasso. We asked respondents’ opinions on the same; 61.77% say Bicasso was stolen from Chatcasso. 18.25% counter this to say it was not stolen from Chatcasso.

In light of the above, the respondents expressed which NFT creation tool they support. 29.22% support both. 23.07% support Bicasso, 19.98% support Chatcasso, and 27.73% support none.

Notably, Binance only released Bicasso’s trial version. A full version is yet to be released. As such, 35.73% are looking forward to the full version. 25.68% are not looking forward to it, and 22.34% have already registered for the waiting list. 16.25% are going to boycott Bicasso.