The third quarter 2021 NFT sales volume soared to $10.7 million, an eightfold increase over the previous quarter. This was due to increased demand for crypto assets, which reached all-time highs. Every month, the sales volumes are increasing exponentially!
The Binance Smart Chain is determined to be the market leader in crypto. It has lower transaction fees and can push PancakeSwap to the top of charts in this DeFi craze.
PancakeSwap #BSC tweeted “The moon is made from Pancakes”. It sure does seem like it with their recent launch.
PancakeSwap recently launched its NON FUNGIBLE TOKEN marketplace. It has been a huge success. The marketplace ranked fifth in terms of sales volume in its first 24 hours. This is a new record and establishes Pancake Swap as an early player in the NFT market.
PancakeSwap is an NFT heavyweight with an impressive amount of traffic built-in as the main decentralized app on Binance Smart Chain.
PancakeSwap NFT marketplace will launch in two phases. The first phase will feature their own NFT collection while the second will highlight third-party collections.
PancakeSwap listing for NFT Marketplace
The PancakeSwap team developed a set guidelines to simplify the listing process. They established ERC721 the preferred token standard. The projects will then be able to fill out their details and provide contract information.
To increase its value, the team is actively incorporating more NFT utilities into the current platform as the NFT market evolves.
From their Pancake Bunnies collection, the first phase was released collectables Pancake Squad and Pancake Bunnies! Each edition contains 10,000 NFT’s. PancakeSquad is now available for sale after passing all stages of minting. The collection sold more than 60,000 BNB at one time, with a floor price of just 9 BNB.
PancakeSwap’s NFT marketplace will soon have Phase 2, which is a 100% mint collection, after Phase 1. Before being listed in Phase 2 of NFT Marketplace, collections must be whitelisted. The launch of the second phase is anticipated to take place in the fourth quarter 2021.
PancakeSwap will be a leader in 2022 as the NFT market for BSC heats. CactiClub is one of the first third party collections to be listed on this marketplace. This collection is currently dominating other sp.
There are fees associated
PancakeSwap makes sure that 100% of the platform fees from sales are used to buy back cake and use it for their weekly burning.
NFT sales are subject to platform fees of 2%. Additional fees may be charged by collection producers once collections have been made live.
This doesn’t mean PancakeSwap NFT market supremacy is over! This cute little market has so many NFT’s that you can buy and sell. We look forward to seeing what PCS has in the future.
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