Coinbase introduces creation of AI-generated NFTs

The non-fungible token (NFT) marketplace from cryptocurrency exchange Coinbase has launched a new AI-generated NFT feature.

According to an X post on Jan. 18, Coinbase is introducing a new “Instamint” feature on the marketplace that allows users to create NFTs using artificial intelligence (AI).

For a limited period, Coinbase offers a free NFT transaction experience, although users will still incur Ethereum gas fees that cover the cost of recording transactions on the blockchain. The new tool is currently available in beta version.

To generate their own NFT, users must upload an image from which the token will be created. It is also necessary to indicate the name and description of the NFT, as well as its price (at the user’s discretion) starting from $0.01.

Coinbase has become another exchange that has supported artificial intelligence technologies. Most notably, major cryptocurrency exchange Binance introduced Binance Bicasso last year, an AI NFT generator that allows users to create personalized digital works of art by sending text or images. This strategic move demonstrates the industry’s commitment to harnessing the potential of AI, making 2023 the year of AI’s widespread impact on NFT platforms.

The Coinbase exchange announced the launch of a platform for non-fungible tokens in May 2022. According to the platform, Coinbase NFT will give users the ability to issue, purchase and display collectible digital assets.