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Assessing BNB’s move following Binance’s launch of AI-infused NFT platform



Assessing BNB's move following Binance's launch of AI-infused NFT platform
Source: Unsplash

  • Binance NFT trade volume remains low despite the announcement of Bicasso.
  • Binance (BNB) also remains below the neutral line as the price drops.

In its most recent NFT services, Binance looks to have tapped into artificial intelligence (AI), which has lately made its way into the cryptocurrency sector.

It recently announced the launch of a platform that integrates AI with NFT. Was there any response from its native token, BNB, regarding this recent development?

 Read Binance Coin [BNB] Price Prediction 2023-24

CZ announces the launch of Bicassso

Binance CEO Chanpeng Zhao (CZ) unveiled the debut of a brand-new platform on 1 March, named Bicassso. CZ claims it’s a brand-new platform combining artificial intelligence (AI) and non-fungible token (NFT) technology.

To generate an original image, users can fill in a creative prompt or submit an existing image for the program to modify. Minting photos as NFTs on Binance’s native BNB chain is an option for users. At the time of this writing, the initial free mint limit of 10,000 NFTs had almost been reached.

Binance NFT marketplace still far behind

Binance’s NFT marketplace has yet to be as successful as other, more well-known NFT marketplaces despite the company’s best efforts.

This is in spite of Binance being the biggest exchange, and its marketplace lists prominent NFTs like Bored Ape Yacht Club (BAYC) and Doodles.

DappRadar’s data shows that OpenSea is, by far, the most dominant exchange right now, with Blur coming in at number five and Binance not even into the top twenty.

NFT trading volume and active address see slow movements

The NFT trade volume measure of Binance has not shown any significant activity, according to data collected on Santiment.

The volume was approximately $115,000 as of the time of writing, compared to nearly $632,000 on 1 March. Yet, no increase was visible on the chart, indicating a typical activity level on Binance’s NFT front.

Binance (BNB) NFT volume

Source: Santiment

The seven-day active address of Binance (BNB) did not indicate a response to the most recent event either.

Yet, a closer examination of the statistic revealed a very tiny improvement. There were about 25,000 active addresses as of the time of writing.

Binance (BNB) Active Address

Source: Santiment

BNB continues to drop on RSI

It appeared that BNB had yet to respond to the latest development on a daily period chart. It was trading at about $299, at the time of writing and had dropped in value by more than 1%.

Although it had gained 0.46% the day before, the loss during the current trading period erased the gains.

BNB price move

Source: TradingView

How much are 1,10,100 BNBs worth today?

Additionally, it appeared like BNB was maintaining its bear trend. The recent price decline pushes the Relative Strength Index (RSI) line even lower after falling below the neutral line.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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