Nicol Bolas enters the battlefield with five loyalty counters due to Lae'zel.
Activate Nicol Bolas using Jace's third loyalty ability by removing five loyalty counters from it.
Nicol Bolas dies as a state-based action due to having zero loyalty.
Resolve the Nicol Bolas ability, creating two non-legendary copies of Nicol Bolas, which enter with five loyalty counters each due to Lae'zel.
Repeat from step 3 using a Nicol Bolas token.
Once you have infinite Nicol Bolas tokens, you may activate them using Jace's second loyalty ability by removing two loyalty counters from them, creating infinite 2/2 Illusion creature tokens.
You may also use Nicol Bolas' first ability to draw infinite cards, and exile all permanents your opponent control.