PancakeSwap, BakerySwap and BabySwap have showcased their ability to bring innovation to the NFT space on the BSC as well as capture huge trading volume.
NFTs on BSC
The top three Non-Fungible-Tokens (NFTs) projects currently on the Binance Smart Chain are PancakeSwap, BakerySwap, and BabySwap. It looks as if NFTs have found a comfortable new home on the Binance Smart Chain (BSC) network. In recent weeks, NFT popularity on the BSC has increased dramatically.
The three projects mentioned have not only garnered lots of attention in recent weeks, but have also brought valuable and unique NFTs to a demanding market. The projects have been largely responsible for fostering the NFT ecosystem on the Binance Smart Chain while simultaneously bringing innovation and a new understanding of what an NFT really is.
Before diving into the top three NFT projects on the BSC, a quick review on NFTs may be helpful.
What are NFTs?
An NFT is a digital asset representing a real-world object like art, music, in-game items, and videos. They are bought, sold, and traded online, typically with cryptocurrency.
NFTs have gained notoriety because they are becoming an increasingly popular way to buy and sell digital artwork. NFTs are also generally one of a kind, or at least one of a minimal run, and have unique identifying codes.
PancakeSwap Takes the Top Spot
PancakeSwap deservingly takes #1 on the list for two reasons. The first reason is that PancakeSwap, according to Treasureland’s recent Twitter post, has the highest total trading volume for their NFT Bunnies collection to date on the BSC network.
The cute rabbit themed NFTs shown below have been hugely popular with the BSC NFT crowd.
NFTs for quite some time have singularly been thought of as a collectible art piece or digital asset. Here is where PancakeSwap innovates and thus the second reason they are number 1 on the list. PancakeSwap, along with selling cute rabbit themed NFTs, has also introduced a new function for the NFT, a lottery ticket.
If one has ever played PancakeSwap’s lottery, the ticket purchased when playing said lottery is in fact an NFT. PancakeSwap recently launched their V2 Lottery, which has hosted millions of dollars in $CAKE prizes. Next time one plays and purchases a lottery ticket on PancakeSwap, just know that said ticket is also an NFT. This is another powerful example of innovation in the NFT space and thus rightfully puts PancakeSwap in the #1 position.
BakerySwap Is Second on the List
NFTs are fun, unique digital collectibles. BakerySwap has become one of the largest NFT exchanges in total NFT trading volume. Besides the massive action the platform has, BakerySwap has also introduced a powerful and unique addition to what NFTs can do.
The value of NFTs is usually focused on collectability, and then utility. However, BakerySwap now lets users stake their NFTs to earn $BAKE, BakerySwap’s native token. In other words, users can buy an NFT, stake it, and earn financial rewards for doing so. The staked NFT can always be withdrawn and sold if needed.
In an exclusive interview with “Mr. Bake” who is the manager of BakerySwap’s marketing operations, he told the BSC News team that BakerySwap has crossed 500,000 NFT transactions on the platform and looks to create further use cases for NFTs through gamification and linking NFTs to real-world items. If BakerySwap can accomplish that, this list will need a revision.
BabySwap Shoots to the Third Spot on the Podium
BabySwap is an up-and-coming NFT exchange platform that finds themselves in #3 place on the list for a couple of reasons. The first reason is the platform has seen tremendous growth in just a short amount of time. In their first 7 days the platform exploded in trading volume taking the #1 spot as most traded NFT collectible, which BabySwap calls NFB which stands for Non-fungible baby.
Besides the tremendous growth, the second reason BabySwap finds themselves on the list is their innovation with their NFTs. BabySwap looks to use NFTs for staking, VIP membership, trading and real life collectibles which will be purchased from retail stores. BabySwap looks to bridge their NFTs with the real world in an affordable and easy way. As time goes on, it should be interesting to see if they can maintain their growth.
Concluding Thoughts
BSC Decentralized Finance (DeFi) protocols as well as Decentralized Exchanges (DEXes) are embracing NFTs and coming up with new fun ways to bring further utilization and value.
Building on the BSC network has become a popular practice for developers. Now with NFTs growing in popularity on the Binance Smart Chain network, it would seem the race is on to create valuable, efficient, and user-friendly platforms to host NFT implementation and exchange.
The three major NFT platforms have captured massive attention in recent weeks. Their growth and innovation signals to skeptics that NFTs are here to stay on the BSC network.
Source : bsc.news
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