A new AI-generated NFT functionality has been introduced by Coinbase, the cryptocurrency exchange, in its non-fungible token (NFT) marketplace.
An X post from January 18 claims that Coinbase is launching a new feature on the marketplace called “Instamint” that will enable users to employ artificial intelligence (AI) to manufacture NFTs.
Coinbase provides a free NFT transaction experience for a certain time, but customers will still have to pay Ethereum gas fees to cover the expense of keeping track of transactions on the blockchain.
A beta version of the new tool is presently accessible. Users need to upload an image from which the token will be formed in order to generate their own NFT. The NFT’s name, description, and price—which can be set at the user’s choice and starts at $0.01—must also be specified.
Coinbase has emerged as an additional cryptocurrency that has endorsed artificial intelligence innovations. Most notably, prominent cryptocurrency exchange Binance debuted Binance Bicasso, an AI NFT generator that enables users to submit text or images to create customized digital artwork, last year.
By taking this calculated risk, the industry is showing that it is committed to realizing AI’s potential and paving the way for its mainstream adoption on NFT platforms in 2023.
In May 2022, the Coinbase exchange announced the opening of a non-fungible token platform. The website states that users can issue, buy, and exhibit collectible digital assets with Coinbase NFT.
