NFT sales volume surged to $10.7 billion in the third quarter of 2021, rising by more than eightfold from the previous quarter, as the demand for crypto assets reached new all-time highs. The sales volumes have been soaring exponentially every single month!
With a desire to be the market leader, the Binance Smart chain has always been quite the disruptor in the crypto space, with lower transaction fees and has the ability to push PancakeSwap right to the top of the charts, in this current DeFi craze!
“The moon is made of Pancakes”- tweeted by PancakeSwap #BSC on Twitter, and apparently, with their latest launch, it sure seems like it.
Quite recently, PancakeSwap debuted its NON-FUNGIBLE TOKEN marketplace, which has already seen a lot of success. In its first 24 hours, the marketplace placed fifth in sales volume, breaking a record since day one and establishing Pancake Swap as an early participant in the NFT field.
PancakeSwap has an astounding amount of built-in traffic as the main decentralized application on Binance Smart Chain, suggesting PancakeSwap as an NFT heavyweight is somewhat a foregone conclusion.
The PancakeSwap NFT marketplace plans to launch in two phases: the first will feature their own NFT collection, while the second will showcase third-party collections.
NFT Marketplace listing on PancakeSwap
To simplify the listing process, the PancakeSwap team created a set of guidelines that established ERC721 as the preferred token standard. Afterwards, the projects can fill in their details and contract information.
As the NFT space evolves, the team actively incorporates more NFT utilities into its current platform to increase the value.
Round 1
The first phase released collectables from their collection Pancake Bunnies and Pancake Squad! An edition of 10,000 unique NFT’s each. PancakeSquad has cleared all the initial stages of minting and is now ready for sale. With a floor price of 9 BNB, the collection exceeded at one point a total sales volume of 60,000 BNB!
Round 2
After a smashing success of Phase 1, Phase 2 is coming to PancakeSwap’s NFT Marketplace with 100% minted collections! Collections must be whitelisted before the listing in Phase 2 of the NFT Marketplace. The second phase is expected to launch in the fourth quarter of 2021.
PancakeSwap is in an excellent position to lead the way into 2022 when the entire NFT market on BSC heats up. New NFT-BSC collections, such as CactiClub, one of the first third-party collections to be listed on the marketplace. The collection is currently conquering other sp
Fees associated
PancakeSwap uses 100% of all platform fees collected from sales to purchase back and burn cake on their weekly burning.
Platform fees are deducted from NFT sales on the market by 2%. Once collections are live, collection producers may charge additional fees.
That doesn’t end the PancakeSwap NFT marketplace supremacy! There’s so many NFT’s to be bought and sold on this cute little market; looking forward to what PCS has in store for them.
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