The recent increase in popularity of NFT and subsequent community interest has left many existing blockchains unprepared to handle the increased user and activity. Many NFT projects built on established blockchains suffer from high transaction fees and long transaction times that make it impossible for their users to grow and transact, making it difficult for both users and NFT projects and Developers are not accessible. This led to BSC quickly becoming one of the leading blockchains for NFT and DeFi.
Overview of the NFT project in Binance Smart Chain
Present, Binance Smart Chain is the ecosystem with the most potential to attract the cash flow of the NFT sector from the Ethereum ecosystem. That coincidentally, behind the strong growth of NFT in the BSC system is a huge investment from Binance.
Binance Smart Chain will focus on the following areas in NFT:
- Digital Arts – Digital artwork.
- Gaming – DeFi matching game that monetizes items.
- Metaverse – Integrating NFT into virtual reality technology.
- Social Media – NFT incorporates a decentralized social network, such as Creator coin.
- NFT & DeFi – Incorporating the power of DeFi into the field of NFT.
- Infrastructure – Infrastructure platform for NFT similar to Theta, Flow,…
This shows that Binance is having a very long vision for NFT, they do not let projects operate alone and will combine the same power as DeFi Stack, making it possible for projects to work with solid Infrastructure and Multi-Application multi-user format.
Details of NFTs in Binance Smart Chain
BakerySwap is the leading NFT Station of the Binance Smart Chain ecosystem. Recently, the project successfully announced the 111,111th NFT minting of the platform. BakerySwap has claimed this to be the top number in the BSC system and most of the NFTs Mint in the BSC system are from the BakerySwap lab.
In addition, BakerySwap collaborated with artists to release the game TOKAU NFT and partnered with Bondly Finance to expand the NFT product.
Dego launches INO
INO (Initial Non-fungible Offering) launching new projects similar to IFO of PancakeSwap. The project launched this time will be Onion Mixer – an anonymous trading platform.
This shows that in the future, Dego Finance will also have a vision of becoming a DeFi Station on the Binance Smart Chain ecosystem.
Binance Smart Chain x NFT
Low fees and fast transaction times
BSC is designed to be the most comprehensive blockchain that allows anyone and everyone to participate. The default BSC fee for a transaction is only $0.10 and the transaction speed is only 3 seconds, making BSC possibly the cheapest and fastest blockchain with full NFT functionality. Compared to Ethereum, BSC handles about 260% of daily active users and more than 600% of daily transactions.
Binance Smart Chain daily trading chart since BSC Mainnet launch.
NFT . Ecosystem
The BSC ecosystem is more than just DeFi; NFT also plays a big role. With projects like BakerySwap, Treasureland, Bounce or Refinable, the BSC NFT ecosystem attracts millions of users, artists and creators who don’t want to miss out.
Overview of the Binance Smart Chain NFT ecosystem. The source: BscProject.org
Extended wallet support
The ERC721 standard has been implemented by dozens of long-established wallets with an excellent security track record — namely Trust Wallet, MetaMask, Math Wallet, SafePal, or the Binance Extended Wallet.
NFT Bridges, APIs, and Security
A large part of the BSC ecosystem includes infrastructure projects and tools, bridges that enable cross-chain interoperability, APIs for seamless data sharing and processing, and security projects. analyze the network and provide risk assessment. Established projects like Poly.network, pNetwork and CurveGrid are just a few of the many.
Fiat onramp and payment
In collaboration with Transak, BSC now has a program that allows users to purchase BEP-20 assets with fiat currency without going through an exchange. BSC is also compatible with payment products such as Binance Pay and Binance Card allowing investors and traders to receive and use supported tokens.
Development Support Programs
Currently, there are many programs to encourage and support projects to develop on BSC and develop unique and innovative features for users. Most of the successful BSC projects have also increased their chances of partnering with Binance.com.
Marketing and technical support
The best projects on BSC receive direct advertising and technical support from the team that built the BSC network. In addition to helping the team grow more in the Crypto market.
Talent Search Event
In addition to live support, BSC also comes with regular events and community initiatives. BSC is currently organizing events to find new and talented projects to join the ecosystem, run AMAs to introduce new and emerging projects to the community, organize and attend events and global conference.
Binance is trying to expand and influence more potential regions like Southeast Asia and Africa with contests with prizes up to $30,000.
New projects are still being released regularly, but there are no projects with outstanding features. NFT is still the area that shines the most recently to welcome the Binance NFT Marketplace. The most prominent are the two projects BakerySwap and DEGO Finance. Through the above moves, the BSC ecosystem will probably focus the most on the NFT segment in the next 1 month to prepare for the NFT Marketplace.
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