Amidst all these accusations, the fact remains that for every Ethereum-based application, there is a similar one in the BSC network waiting to pounce in the long run. Ethereum native Twitter influencers have also gotten involved in the fun; the “Crypto Dog” recently tweeted about Bunks.
Introduction to NFTs
NFTs are a pathway to the creation of digital goods. Reports claim that they are a traditional way of making technology available on the internet. Presently, they are widely used in the world of art, notably by some rock musicians. Also, NFTs are implemented in the NBA as virtual trading cards, making them a great income source for many individuals.
What are NFTs
Non-fungible tokens are digital certificates that can either be transferred or sold with authentication of ownership to a particular asset. Just like Bitcoin and other cryptocurrencies, these certificates are secured under blockchain technology.
Now, if you are new to the crypto market, you may be wondering what a blockchain is. A blockchain is simply a decentralized database. They are handy in that they store credible information in the form of encryption. This makes it very difficult to hack and also a great source of holding important information.
Both NFTs and cryptocurrencies are built under a secured network. However, there is a key difference between both of them. For cryptocurrencies like Ethereum, Bitcoin, and the likes, fungible trades occur. A fungible token can be interchanged with another asset of the same type. I.e I can create my cryptocurrency and call it HOPECOIN, and people can trade HOPECOIN for another HOPECOIN. But NFTs, by definition, are non-fungible. Non-fungible tokens are built in such a way that they are a collectible. They are uniquely designed to represent a particular asset.
Now, this is the interesting part. Most times, NFTs are deliberately used to claim ownership of anything that can be copied, shared, or pasted. Examples include images in all formats, movies, songs, etc.
Popular NFT Projects and Marketplace
Presently, there are a lot of NFTs in the world today. There is no estimate for now, but analysis shows that the NFT marketplaces have grown to hundreds of thousands in the past few years. Notwithstanding, almost all non-fungible token marketplaces may not have the capacity to accept all NFTs.
Ethereum was the first blockchain to create a non-fungible token — ERC-721. Shortly after this, another non-fungible token was built under the Ethereum blockchain. The ERC-1155 token standard is often called a lot better than the previous creation because it allows many NFTs to be transacted together. This ERC-1155 token standard is implemented in the gaming industry for substituting armored pieces between in-game characters.
In the latter part of 2020, Binance Smart Chain (BSC) unveiled its native NFT token standard — BEP-721 and subsequently, the BEP-1155 standard in 2021. With the growing interest in NFTs, a lot of NFT marketplaces have been showing up. Some of the most prominent native Ethereum NFT’s include, Hashmasks, Cryptopunks, and OpenSea. These marketplaces/NFTS mentioned above have been copied identically on the BSC, coined BopenSea, Bunks, and Bashmasks on the BSC.
BOpenSea, Bunks, and Bashmasks Plagiarism of Ethereum NFT’s?
Presently, both the Ethereum network and the BSC network have similar NFTs. BSC’s BopenSea, Bunks, and Bashmasks are carbon copies of Ethereum’s Hashmasks, Crypto Punks, and OpenSea, respectively.
Last month, Hashmasks’ major competition on the BSC network, Bashmasks made a huge profit. They sold digital collectibles for more than a million U.S Dollars. Subsequently, the BSC version of OpenSea, BopenSea, was opened on the 2nd of March. Along with its opening, the BSC NFT dropped a Tweet that disclosed, “Art should be for everybody, not gatekept behind $50 minting costs!”
These NFTs on the BSC network pose new threats to the Ethereum blockchain that already lingers from its network congestion and high transaction fees — gas fees. Now is the perfect time for the Binance Smart Chain to take full advantage of the NFT growing population amid the shortcomings of the Ethereum network, and unsurprisingly, they are doing well!
While this is true, these NFTs raise legitimate concerns of plagiarism. Due to a direct fork of code, the same art has been produced, but original artists arent compensated. This raises some concerns as NFT’s are meant to be unique. If users speculate on the plagiarized NFTs, they will hold value. These NFT’s allows users to participate in the space without the Ethereum network fees is, but ideally, the BSC wants to see unique NFT’s.
The controversial inclusion of Bashmasks, Bunks, and BopenSea to the BSC network is a threat to the rise of Ethereum NFTs. Most recently, developers of the second-most sought-after cryptocurrency accused BSC of trying to copy its native NFT project, Eulerbeats. This came after Binance Smart Chain launched its native NFT similar to Eulerbeats called Musical Beats. However, the creation was short-lived as the new NFT project was eventually brought down after a couple of days.
The general counsel of ConsenSys, an Ethereum-based software company, has recently threatened to take legal action against BSC following these recent escapades. In a statement with GC, Matt Corva was critical of Binance CEO Changpeng Zhao. He said that Zhao is guilty of telling people to stay off Ethereum, using high gas fees as a reference frame.
Amidst all these accusations, the fact remains that for every Ethereum-based application, there is a similar one in the BSC network waiting to pounce in the long run. As for now, the NFT’s dont look like they are going anywhere, and they continue to build a community. Some Ethereum native Twitter influencers have also gotten involved in the fun, such as the “TheCryptoDog” who tweeted about Bunks.
Source : bsc.news
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