Trusted

PancakeSwap to Launch NFT MarketPlace and PancakeSquad Collection on Sept 22

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • PancakeSwp to launch an NFT marketplace on Sept 22.
  • PancakeSquad NFT collection will roll out on the same date.
  • PancakeSwap is a notable competitor to Uniswap, though the latter is still by far the more used DEX.
  • promo

PancakeSwap will launch an NFT marketplace alongside a collection of PancakeSquad NFTs on Sept 22.

Binance Smart Chain-based Automated Market Maker, PancakeSwap, has announced that it will launch a non-fungible token (NFT) marketplace on Sept 22. This will be the first version of the marketplace, and the PancakeSquad NFT collection will be released alongside it.

PancakeSwap launching NFT market

The fees generated by the NFT marketplace and the PancakeSquad NFTs will be used to buy back and burn CAKE. Users will need CAKE to mint the PancakeSquad NFTs.

PancakeSwap is a notable competitor to Uniswap, though, the latter is still by far the more used decentralized exchange. The former has the benefits of running on the Binance Smart Chain, which has much faster transaction speeds and near-zero costs.

How much that factors into the success of its NFTs remains to be seen, but it will likely help. The AMM itself has been doing well, recording one million unique wallets in June 2021 while other NFT platforms have also launched their tokens on PancakeSwap.

NFTs have been around for many years, but only in the past 18 months or so have they seen such a tremendous increase in purchases and usability. Led by sales of digital art, the involvement of celebrities and auctions, and blockchain-based games, these unique assets have multiple lucrative use cases. Some celebrities who have sold NFTs include Eminem and Elon Musk.

One might think that NFTs have peaked, but there is little evidence to suggest that. In terms of applications in art, real estate, brand awareness, and gaming, NFTs have only touched a minute area of those respective markets. The following years may see even more companies, individuals, and games tapping into their uniqueness to increase engagement.

It’s still going to be dependent on regulation, though not many countries have singled out the NFT market. Thailand’s SEC recently banned NFTs, but it’s anyone’s guess as to whether other countries will follow suit. It may even be too far along in terms of adoption for governments to pursue stringent action. Consequently, they may resort to control over outright banning.

🎄Best crypto platforms in Europe | December 2024
eToro eToro Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
3Commas 3Commas Explore
🎄Best crypto platforms in Europe | December 2024
eToro eToro Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
3Commas 3Commas Explore
🎄Best crypto platforms in Europe | December 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored