In response to the release of Bicasso, an AI-based nonfungible token (NFT) creation tool, the cryptocurrency exchange Binance has been accused of “blatantly” copying the BNB Chain hackathon winner. Just two months after presenting Chatcasso with the top prize at the BNB Chain hackathon held in Seoul from December 17–19, 2022, Binance is accused of stealing a tool made by Chatcasso.

Bicasso, an artificial intelligence (AI) product that can be used to “turn your creative visions into NFTs with AI,” was introduced on March 1 by Binance CEO Changpeng “CZ” Zhao. Community member “ggoma” asserts that Binance plagiarized and marketed the Chatcasso project as its own, though.

On the other hand, Binance rejected the allegations of plagiarism. A spokesperson for Binance told Cointelegraph that Bicasso was created by a small team there as a test and that NFTs and AI are common ideas that many players in the market are working on.

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For developing an AI-powered tool for creating NFTs, Chatcasso took home the top prize at the BNB Chain hackathon, earning $5,000 in Binance USD.

BNB Chain hackathon

However, ggoma expressed surprise at Binance’s two-month launch of a comparable platform, saying:

“A big company like Binance copying everything down to the name? 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.”

Additionally, ggoma provided screenshots of the two projects to highlight how similar their user interfaces and functionalities are.

According to Binance, the similarities do not indicate intellectual property theft. A spokesperson for the exchange told us:

“Despite the similarities, after conducting an internal review, we’re confident that Bicasso was designed and developed independently more than two weeks before the BNB hackathon.”

Furthermore, according to the spokesperson, Binance and BNB Chain are independent, and the Binance development team is not involved in BNB Chain hackathons.

The OpenAI tool “Dall-E,” which alludes to the artist Salvador Dali, was the source of inspiration for the Bicasso name, according to Binance, who added, “our team loved this concept.”

Ggoma is now hesitant to participate in hackathons in the future because of the entire incident because he fears that a market leader may later rebrand creative ideas. Builders should be aware that “there are companies out there who will try to take advantage of your hard work,” ggoma cautioned, adding, “We hope that Binance realizes the impact of their actions and takes steps to right their wrongs.”

NFT investors took an immediate liking to Binance’s Bicasso after learning that the AI-powered NFT generator produced 10,000 mints in just 2.5 hours.

CZ recently issued a warning to investors about a fake photo that was going around on the Chinese social media site WeChat.

CZ emphasized the significance of ignoring fear, uncertainty, and doubt further and advised investors to disregard erroneous claims that occasionally surface.