The interest in NFTs has exploded. While many NFT projects had a small community of enthusiasts since their early existence, 2021 has brought forth a bit of an NFT mooning.
Many thought DeFi would bring mainstream adoption to the crypto space. However, it seems like the value proposition of NFTs is much easier to grasp for people not involved with blockchain technology with new stories everyday about how a new celebrity or artist are joining the NFT craze.
In short, NFTs are unique digital items secured by cryptography. They can represent digital collectibles, game items, pets, memes, even liquidity provider (LP) positions in DeFi.
Some less explored use cases include representing ownership of real-world assets, such as real estate or art. It will likely also be possible to tokenize high-value items like a vintage car and split its ownership between multiple people. In such a case, each of them would own a fraction of the car.
However, most of the popular uses of NFTs have been for digital items so far. Some of the most popular being on the ETH platform, but with the rise of Binance Smart Chain (BSC) NFT market is really starting to pick up.
You’ve probably already heard about this NFT sale. It’s one of the rare cases when an event in the crypto universe breaches into the mainstream. Digital artist Mike Winkelmann, better known as Beeple, has swept the art world by selling an NFT for $69M worth of ETH. The sale was facilitated by auction house Christie’s. Beeple had previously not sold a print for more than $100 and overnight became one of the highest-valued living artists in the world.
What could be the reason behind his work being so highly valued? Well, Beeple has already had a large fanbase thanks to his series, where he creates and uploads an artwork every day. Apparently, he hasn’t missed a single day in the last 14 years. The piece itself is titled “Everydays – The First 5000 Days”, and it’s a collage of his artworks from the first 5000 days of the project.
Beeple’s sale is a huge milestone in this next chapter of digital art and shows that NFTs aren’t simply a gimmick that will fade away. While Beeple NFTs are not sold on BSC yet, lets check out some NFT marketplaces on BSC.
Where’s the best place to get your hand on some NFTs within the BSC ecosystem?
Depending on the type of NFT you’re looking for, there are already quite a few DeFi and more traditional collectible projects ready for you to explore.
JuggerWORLD is one of the first NFT dedicated marketplaces on BSC, brought to you from the DeFi team behind Juggernaut. You can even get your 1 and only CZ NFT for the low price of 2061.42 BNB ($1110981.69 USD)!
The platform has been made as a direct answer to the BSC community’s requests to begin trading NFTs outside of Ethereum.
While only its marketplace is currently open, the team is actively developing: NFT Creation that allows anyone to create a variety of different BSC-based NFTs, This includes one-offs and running sets, and Stores to allow creators and artists their own marketplace for selling their artwork represented as NFTs.
JuggerWorld has released a quick guide to getting yourself set up with the platform that’s worth taking a look at.
One of the best BSC DeFi liquidity pool platforms has now begun to dip its toe into NFTs. And we’re talking the cuddly kind here… rabbits to be specific. It’s not PancakeSwap’s first time using BSC-based protocols for collectible tokens either. They already run their regular lotteries to burn their native token CAKE using BEP-721 tokens.
With names like Swapsies, Drizzle, and Churro what’s not to love?
You’ve got to hand it to the PancakeSwap team, they do have a knack for names. These critters were able to be snapped up by entering into a competition on the PancakeSwap website.
Winners were randomly given out the collectibles, which could then be either swapped for CAKE or kept purely for fun.
Treasureland is another NFT exchange platform that allows for the buying and selling of BSC NFT tokens. It’s a spinoff from the developers behind DEGO, a hybrid platform mixing the world of DeFi and NFTs.
While Treasureland is a more traditional NFT marketplace, DEGO explores further applications of NFT technology. Their unique blend offers:
A stand-alone but open NFT ecosystem… where anyone could issue NFT, initiate mining, auction, trading, etc., taking care of the lifecycle of an NFT.
An NFT Protocol as a cross-chain Layer 2 Infrastructure to Blockchain projects for user acquisition, token distribution, and more diverse NFT applications.
Getting your hands on some NFTs is pretty simple on the Treasureland platform. It allows for listings and auctions payable in a few different cryptos. You can also switch to DEGO to get involved in mining NFTs too, which is quite uncommon in the collectibles world.
Since the launch of DEGO and Treasureland on BSC, there have been a few different ways that you can acquire BSC NFTs:
- The BSC NFT airdrop held at the launch
- BSC-NFT mining
- Trading BSC NFT tokens on Treasureland
Once again, the decision to start working with BSC was made due to the high gas fees payable when sending tokens and interacting with Ethereum.
More Collectibles on the Horizon
We’re really only just getting started when it comes to more mainstream adoption, trading, and storage of NFTs on BSC.
The real development most interesting here is the new combination of DeFi and collectibles that has appeared. NFT economies have become much more advanced, even allowing for the mining of NFTs. With the benefits of BSC in hand, we can only look forward to more use cases and applications in the crypto collectibles world.