Binance Smart Chain-based decentralized exchange, PancakeSwap, is all set to launch its NFT marketplace. To celebrate the occasion, it will also launch a rabbit-themed PancakeSquad NFTs. The platform, along with the NFTs, will go live on September 22.
“We’re aiming to launch the first version of #PancakeSwap’s NFT marketplace and minting of the #PancakeSquad NFTs on September 22nd,” PancakeSwap said in a tweet.
PancakeSwap’s NFT marketplace
Users will require PancakeSwap’s native $CAKE token to mint NFTs on the marketplace. Furthermore, the exchange will use all the fees generated on the platform to buy back and burn the token.
On the platform, users will be able to buy and sell NFTs. However, initially, the platform will only allow the trade of its own NFTs. Once things are up and running smoothly, it will expand the marketplace to include a range of collectibles.
Furthermore, users will need Binance Coin (BNB) and Wrapped BNB (WBNB) to buy on the marketplace. This is to ensure that everyone can trade on the marketplace, not just $CAKE holders.
PancakeSquad: The new NFT collection
As soon as the NFT marketplace goes live, PancakeSwap will launch its NFT collection called PancakeSquad. While the collection will contain a total of 10,000 NFTs, 10 of these will be unique, 1 of 1 versions.
The NFTs are created by artist Chef Cecy. “Chef Cecy’s been cooking up these bunnies for a while now, and we’re pretty excited for the drop,” PancakeSwap wrote in a blog post.
Each of these NFTs is unique, with a varying set of traits to determine their rarity. In order to own these cute bunnies, you will need a PancakeSwap profile. You will have to pay the minting fee in $CAKE, which the platform will burn. The exchange is yet to release more information on the drop. They are bound to drop more hints in the upcoming days, so stay tuned to their social media accounts for all the details.
What is PancakeSwap?
PancakeSwap is an Automated Market Maker (AMM) and has become a popular decentralized exchange due to its low transaction fees. It will celebrate its first birthday this month and has already achieved some remarkable feats. For instance, at the end of August, it had a total trading volume of $23.744 billion, with an average daily volume of $766 million. Furthermore, it has seen a 29.8% month on month growth in unique traders, which reached 2.57 million last month.
The exchange offers various features like Yield Farming, Syrup Pools, Initial Farm Offering (IFO), Liquidity Pools, NFT profile system, and more. It also allows users to earn $CAKE by providing liquidity, staking, and winning via the lottery. Users can then trade these tokens on Binance, Kucoin, PancakeSwap, and various other cryptocurrency exchanges.
PancakeSwap is currently the leading decentralized exchange on Binance Smart Chain. With its upcoming NFT marketplace and NFT collectibles, it is surely going to shake up things in the market!
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