BSC will overtake Ethereum in NFT market share, trading platform predicts

By April 6, 2021DApps
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A DeFi protocol says it has become the largest trading platform for nonfungible tokens on Binance Smart Chain — with users benefiting from lower gas fees than on Ethereum.

BakerySwap claims the expensiveness of making purchases on ETH has meant that transaction costs can often outweigh the value of an artwork, shutting out small artists who are hoping to experiment and establish a reputation by sharing their creations with the world. This platform gives them the freedom to sell their works for just $4, something that is almost impossible to do on rival blockchains.

According to the project’s founders, continuous upgrades have been instrumental in helping BakerySwap become a big player on BSC — and right now, the NFT sector is growing much faster than expected. The marketplace has now diversified beyond artwork, meaning visitors can snap up tokenized game equipment, digital pets, and much more.

Recent figures provided by the project show that more than 57,000 NFTs have been minted through its platform, and over 184,000 transactions have taken place. All of this has resulted in healthy NFT trading volumes of $27.2 million, delivering high levels of liquidity.

Collaborations and new features

BakerySwap believes rapid innovation in its offering is crucial for maintaining market dominance, leaving rival projects with little choice but to catch up. A new NFT voting feature has just launched that enables users to throw support behind their favorite artworks — ensuring that popular pieces are showcased to the world. One recent eye-catching example included a Valentine’s Day-themed NFT that starred Binance CEO Changpeng Zhao.

Other novel twists included the creation of 1,000 Bakery-themed soccer balls, championing a concept known as NFT realization. Each of these exclusive tokens can be redeemed for a football in the real world, meaning the proud owners can get their hands on a precious memento. BakerySwap has also been exploring the relationship between NFTs and DeFi, adding that BSC’s smart contract functionality and low cost creates “infinite possibilities.”

Collaborations have now commenced with well-known projects including 1inch and Basic Attention Token, and BakerySwap has partnered with a host of brands to deliver liquidity, farming, staking, meme contests and an IDO launchpad to the masses.

And there are further features in the pipeline. An NFT and VR art exhibition is in the works, with plans to onboard a diverse range of artists and musicians for the community to enjoy. An exclusive 3D event is also set to host top artists from across the globe — and the team believe improving the quality of the Bakery gallery will attract more sophisticated collectors to the platform.

More insights from BakerySwap here

The power of NFTs

As debate among critics raged on about NFTs, the market continued to break records, pairs of Unisocks were sold for $92,000, Beeple’s artwork sold for a cool $69.3 million at auction, and Dapper Labs has raced to a staggering valuation of $2.6 billion after a star-studded funding round featuring the likes of Michael Jordan and Will Smith.

“A traditional art collection can be destroyed, stolen, or even forged, making it impossible for people to know that what you are holding is the genuine one, and the cost of authenticity is also expensive,” the BakerySwap team explained. “NFTs provide a cryptographic level of security protection, and can even be permanently distinguished from other copies by the author's signature.”

BakerySwap believes that the NFT sector has many more milestones ahead — and has predicted that Binance Smart Chain will leapfrog Ethereum in terms of dominance in this bustling sector. And with this platform set to offer tokenized music and videos along with artwork, there will be plenty more content for crypto enthusiasts to explore in the coming months.

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