PancakeSwap will launch an NFT marketplace on September 22, along with a collection of PancakeSquad NFTs.
PancakeSwap, an automated market maker based on the Binance smartchain, announced that it will launch a marketplace for non-forgeable tokens (NFT) on September 22. This will be the first version of that marketplace, and the PancakeSquad NFT collection will be released alongside it.
PancakeSwap Launches NFT Marketplace
Fees generated by the NFT Marketplace and PancakeSquad NFTs will be used to buy back and burn CAKEs. users will need CAKEs to cast PancakeSquad NFTs.
PancakeSwap is an obvious competitor to Uniswap, although, the latter is still by far the more commonly used decentralized exchange. The former has the benefit of running on the Binance smartchain, where its transactions are faster and cost close to zero.
How much of an impact this will have on the success of its NFT remains to be seen, but it will likely help.AMM itself has been performing well, recording 1 million unique wallets in June 2021, while other NFT platforms have launched their tokens on PancakeSwap.
NFTs will only grow in popularity
NFTs have been around for years, but it’s only in the last 18 months or so that they’ve seen such tremendous growth in purchase volume and utility. Driven by digital art sales, celebrity and auction participation, and blockchain-based gaming, there are multiple lucrative use cases for these unique assets. Some of the celebrities who have sold NFTs include Eminem and Elon Musk.
One might think that NFTs have peaked, but there is little evidence to suggest this. In terms of applications in art, real estate, brand awareness, and gaming, NFTs only touch a tiny segment of these respective markets. The next few years will likely see more companies, individuals and games leveraging their uniqueness to increase engagement.
This will still depend on regulation, although not many countries single out the NFT market. The Thai Securities Commission recently banned NFTs, but whether other countries will follow suit is anyone’s guess. For the government, it may even go too far in adoption to take strict action. Thus, they may take a control rather than an outright ban approach.