April 19, 2024
Coinbase Launches AI-Generated NFTs with New 'Instamint' Feature

Coinbase Launches AI-Generated NFTs with New ‘Instamint’ Feature

In a recent announcement on January 18, Coinbase, a prominent player in the cryptocurrency space, revealed the introduction of a groundbreaking feature on its platform called “Instamint.” This innovative tool enables users to effortlessly create Non-Fungible Tokens (NFTs) through the power of artificial intelligence (AI).

For a limited time, Coinbase is offering users a complimentary NFT transaction experience as part of the launch of the Instamint feature. It’s worth noting that while the NFT creation is free, users will still incur Ethereum gas fees, covering the cost of recording transactions on the blockchain. Currently, the new tool is available in its beta version, allowing users to explore and engage with cutting-edge technology.

To generate their personalized NFT, users are required to upload an image that will serve as the foundation for the token. Additionally, users must provide a name and description for the NFT, along with setting a price, starting from a minimum of $0.01, at their discretion.

Coinbase’s move into AI-supported technologies follows the industry trend, with major cryptocurrency exchange Binance introducing Binance Bicasso last year. Binance Bicasso is an AI-powered NFT generator that empowers users to craft unique digital artworks by submitting text or images. This strategic adoption of AI showcases the industry’s commitment to exploring and leveraging the potential of artificial intelligence, positioning 2023 as the year when AI’s impact on NFT platforms becomes widespread.

Coinbase had previously signalled its interest in the NFT space by announcing the launch of a dedicated platform for non-fungible tokens in May 2022. Known as Coinbase NFT, the platform aims to provide users with the capability to issue, purchase, and display collectable digital assets. With the introduction of Instamint, Coinbase continues to bolster its position in the NFT market, offering users an intuitive and AI-driven tool for NFT creation.

As the cryptocurrency industry evolves, Coinbase’s move to integrate AI into its platform not only aligns with technological advancements but also reflects a broader industry shift towards enhancing user experiences and expanding the creative possibilities within the NFT space. The unveiling of Instamint marks another milestone in Coinbase’s journey to provide innovative solutions to its user base.

Image: Wallpaper Flare

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