Coinbase Introduces AI-Generated NFT Feature to Usher User Creativity
In Brief
Coinbase announced a new feature the allows allow users to create NFTs using artificial intelligence on its marketplace.
Cryptocurrency exchange Coinbase announced the introduction of a new feature on its non-fungible token (NFT) marketplace to allow users to create NFTs using artificial intelligence(AI). The newly launched feature “Instamint” allows users to explore the potential synergy between blockchain and AI.
For a limited period, Coinbase is offering users a complimentary NFT transaction experience through Instamint. However, it’s essential to note that users will still be subject to Ethereum gas fees, covering the necessary costs associated with recording transactions on the blockchain. The platform has released Instamint as a beta version, hinting at ongoing development and potential enhancements in the future.
According to the company, users are required to upload an image of their choice to create their own NFTs and have to provide a name and description for the NFT, and set a price – starting as low as $0.01. This user-friendly approach aims to democratize the NFT creation process, making it accessible to a broader audience.
Coinbase’s foray into AI-generated NFTs aligns with a broader industry trend. In the realm of NFTs, trading volumes across the top 10 chains amounted to $11.8 billion in 2023, as per CoinGecko’s 2023 Annual Crypto Industry Report. However, this figure marked a decline, standing at less than half of the NFT trading volume in 2022, which reached $26.3 billion.
Growing Interest in NFTs
Additionally, major players like Binance have also delved into similar ventures. Binance, for instance, introduced “Binance Bicasso” last year, an AI NFT generator empowering users to craft personalized digital artworks through text or image inputs. These moves by Coinbase and others underscore the industry’s commitment to exploring and harnessing the potential of AI in the realm of NFTs.
The integration of AI into NFT platforms seems to have gained momentum in 2023, positioning the year as a turning point for the widespread impact of artificial intelligence in this space. Coinbase’s announcement comes on the heels of its initial venture into the NFT market, as the exchange announced the launch of its NFT platform back in May 2022. The Coinbase NFT platform provides users with the ability to issue, purchase, and showcase collectible digital assets.
Coinbase’s Instamint feature not only signals a strategic move towards embracing AI in NFT creation but also reflects a broader industry acknowledgement of its potential in reshaping the landscape of digital collectibles. As the Instamint tool evolves through its beta phase, it will be interesting to see how users respond to this innovative approach to NFT generation.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
