Binance has taken a major leap into the world of AI with the official launch of its AI NFT generator, Bixel – but there’s an important caveat for users. You must upload pictures of your face and proof of residence to Binance’s system! Yes, in simple terms, you must complete KYC on their platform.
What is Binance Bixel?
Bixel was initially launched as a beta test for select European users under the name “Bicasso.” The tool garnered high demand, generating over 10,000 NFTs within it’s first few hours of going live. After some refinement and rebranding, Binance re-launched it globally as “Bixel” for a limited period, minting an impressive 100,000 NFTs on March 29th. Now, with widespread public availability, Binance is aiming for Bixel to become a main player in the NFT landscape.
Bixel offers nine distinct styles such as realistic, anime, painting, fantasy, and cyberpunk, allowing for a range of personalization on images. Moreover, the “Upscale” feature enhances image resolution without consuming daily generation chances.
KYC Identity Verifcation
This is the bit which will conceivably put a lot of people off. To access Bixel, users must sign up and complete the mandatory KYC identity verification process.
There are two sides to this, though. On one hand, KYC has become a standard procedure for CEXs, especially major platforms like Binance, so many users may already be KYC’d. For those who aren’t, completing the process may not be too much of an issue. On the other hand, there’s something slightly dystopian about uploading pictures of your face just to access an AI-driven art generator. It does make you stop and think for a moment. It’s a bit odd, right?
However, it’s clear that Binance has regulatory commitments to meet, and this KYC requirement is a smart way to ensure compliance. Users are, at the very least, getting something in return for their cooperation.
The Bixel Challenge
From July 26 to August 10, Binance has invited users to participate in the Bixel Challenge. Any Bixel NFT created during this period will be featured on a dedicated page for community viewing and voting. The top ten creators with the most votes will each receive 1 BNB as a reward for their creative efforts. Users can also increase their voting power by referring friends to sign up with Binance during the challenge period.
Unsurprisingly, Binance’s requirement for KYC identity verification has sparked debate among onlookers. While it’s almost become a norm for using a CEX, some may have concerns about privacy and data handling, especially newcomers to Web3 who might already be wary of the industry. To add some context, it’s said that over 80% of users of UK gambling platforms refuse to provide documentation when asked to do so, opting to have their accounts closed instead. There may be some crossover with those numbers across industries.
In regards to AI technology on the whole, it will be interesting to see how it shapes the future of NFT art. While potential downsides like oversaturation and a loss of human touch exist, these challenges can be addressed through innovative solutions by the user. I have often likened AI to being a vehicle that performs to different standards according to the skill level of the driver.
Either way, exciting times lie ahead! We’re witnessing an artistic transformation in the world of NFTs. Just imagine what this technology will look like in a years time – now is the moment to get acquainted with it yourself!
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