TL;DR
The demand for non-fungible tokens (NFTs) keeps growing on Binance Smart Chain (BSC). The blockchain’s speed and low transaction fees make it very attractive for both users and developers.
On BSC, Battle Pets, PancakeSwap, and BakerySwap have all pushed further the limits of what an NFT can do. Both Battle Pets and BakerySwap combine collectibles with Decentralized Finance (DeFi) staking for their tokens. PancakeSwap is also experimenting with NFTs that merge collectability, financial utility, and gamification.
We’ve come a long way from CryptoKitties, and BSC is the place where projects can leverage high performance and low fees to create NFT innovations.
There’s a vast amount of NFTs out there to buy and trade, from the art world’s CryptoPunks to collectible creatures in Axie Infinity. So far, most of this activity has been on Ethereum, but thousands of users and projects are now migrating to Binance Smart Chain due to its high performance and low fees.
Whether it’s NFT exchanges, games, or finance, BSC has projects breaking new ground in what NFTs can do. Let’s dive into the top Decentralized Applications (DApps) in each area and explore why NFT projects have so much success on BSC.
NFT marketplaces have always been around to allow people to trade their crypto art and collectibles. After storing your NFTs in a compatible wallet like
Trust Wallet, it’s as easy as setting a price and waiting for buyers to come.
Most exchanges are user-friendly but don’t push the boat out when it comes to exciting NFT developments. BakerySwap, on the other hand, does things a little bit differently.
Just as you would expect, the DApp’s marketplace contains the usual collection of art and furry crypto monsters. The value placed on these NFTs depends on their collectibility and possible utility. A powerful monster sells for more than a weak one. Rare and in-demand art also fetches a much higher price. Below is an example of a BakerySwap art NFT.
If you browse through the NFT categories on BakerySwap carefully enough, you’ll find some interesting NFTs on offer. These tokens give you much more than just the rights to a PNG image or song.
In addition, BakerySwap allows for the creation of
NFT Bakery Combos. These yummy, snack-based NFTs are not only collectible items but can also be used as tools to farm BAKE, the platform’s native token. While they do have a cute picture attached, their real value comes from their financial benefits.
Each NFT combo provides staking power and can be staked to earn BAKE tokens. There’s some randomness to each combo’s amount of staking power. There’s a lot more to this NFT Supermarket now than just a few paintings for sale.
The combination of NFTs and gaming is another classic NFT use case. Right from the early days of CryptoKitties, gamification has been a winner in NFT adoption. BSC now boasts a large share of fighting, furry NFT creatures that you can do more with than just trade and battle.
Battle Pets provides a pokemon-style experience with tradable NFT animals. It’s a tried and tested formula, but with added elements of finance and gamification.
Battle Pets starts to break the mold when we get to its battling mechanics. Tournament and Siege involve directly staking your NFT pet for farming rewards in FRUIT, one of its native cryptocurrencies.
You can also forge weapons that provide actual staking power, giving you financial benefits rather than just improved game stats.
It’s simple to
sell your forged weapons and
pets on NFT marketplaces like BakerySwap, improving the diversity of NFTs available. The NFTs are also redeemable for a certain amount of tokens, but you must destroy the item in the process.
DeFi platforms on Binance Smart Chain owe part of their success to clever NFT implementation. NFTs with a financial twist rather than pure, creative collectibility are now driving NFT sales.
BSC’s most cuddly, rabbit-themed DeFi project, PancakeSwap, have created their own line of
NFT characters to collect. Each rabbit has a redeemable value for CAKE, the project’s native token. Similar to other tradable assets, collectors speculate on the value of these NFTs as the price of CAKE fluctuates.
As mentioned, collectibles on BSC are maturing in what they can offer to investors apart from their artistic value. If you’ve ever taken part in the PancakeSwap lottery, your
ticket was also, in fact, a BEP-721 NFT.
Users buy their lottery tickets with CAKE which is pooled together as the prize fund. Each NFT ticket contains four numbers that need to match the draw in the correct order. A portion of the prize fund is burned, and the rest is divided between the winners. It’s a perfect example of how NFTs don’t just have to be collectibles.
There are a lot of projects that use, create, and trade NFTs on BSC rather than Ethereum. The scalability and low transaction fees of the network make BSC an attractive alternative to other blockchains. Developers can also easily port over their DApps created on Ethereum, as BSC is compatible with the Ethereum Virtual Machine (EVM).
From a user perspective, buying and selling NFTs using BSC is more affordable. High fees for Ethereum transactions make trading NFTs too expensive for smaller investors and collectors.
In the past months, there have been so many developments and innovations in the world of non-fungible tokens and smart contracts, especially on the Binance Smart Chain and Ethereum blockchain. NFTs now have more to offer than digital art and ownership rights and are being used widely in other applications.
Binance Smart Chain is quickly growing up its NFT ecosystem as more projects continue to take advantage of its speed and affordability. If you want to get involved with this new wave of NFTs or simply trade your collectibles, you can find it all on Binance Smart Chain.
