South Korean company Steemhunt accuses Binance of intellectual theft
- South Korean blockchain-based community platform Steemhunt has accused Binance of stealing its AI-based NFT product.
- A Steemhunt representative was dissatisfied with Binance’s move, claiming that the similarity in product names and features would confuse users and stifle the growth of their innovation.
South Korean blockchain-based community platform Steemhunt has accused Binance of intellectual theft. Steemhunt claims that Binance stole its Chatcasso product idea in order to launch the exchange’s AI-based NFT product, Bicasso.
Binance CEO Changpeng Zhao recently announced the beta release of Bicasso, its AI-backed NFT generator, in a Twitter feed, touting it as a new generative AI-powered NFT platform that allows creative images to be automatically transformed into NFTs.
Immediately thereafter, ggoma, a Steemhunt representative, tweeted that his company pitched the idea for Chatcasso at the BNB Chain hackathon in Seoul in December of last year. Chatcasso took first place in the BNB hackathon and received prize money worth $5,000.
Steemhunt is the core team of Hunt Town, a Web3 firm formed to expand Web3 culture and products with a particular focus on DApp development.
Chatcasso was promoted as a tool that “You can turn your creative visions into NFTs with AI.” The Bicasso tool, launched by Binance, is also being promoted as a tool that “You can turn your creative visions into NFTs with AI.”
Steemhunt calls Binance’s action unethical
“It’s not only unethical, but it’s also confusing for users. The names are so similar that it’s hard to tell them apart. It’s disheartening to see a company that claims to support innovation and development steal from the very people who are working hard to build the ecosystem,” added ggoma.
Ggoma is expecting that Binance will recognize the consequences of its actions and take appropriate action to address the issue.
Ggoma was dissatisfied with Binance’s move, claiming that the similarity in product names and features would confuse users and stifle the growth of their innovation.
The Steemhunt team has urged Binance and its CEO Chengpeng Zhao to make the necessary corrections.