The PancakeSwap (PCS) team has just announced on Twitter that the platform will be ready to launch its long-awaited NFT marketplace very soon. The PCS ecosystem is growing, and the Dapp doesn’t want to miss the hype around NFTs. Good news for the CAKE token?
The rabbit puts on yet another hat.
It is the most used and best known Dapp in the Binance Smart Chain (BSC). The DeFi PancakeSwap platform is a decentralized exchange (DEX) using an AMM (Automated Market Maker). There is also the possibility to Farmer and Stacker, as well as to participate in ICOs or to play the lottery with CAKE and BNB.
The only thing missing from the platform was an NFT marketplace, and this will be done in a very short time:
“We aim to launch the first version of the #PancakeSwap NFT marketplace and the #PancakeSquad NFTs on September 22. All fees from the NFT marketplace and #PancakeSquad will be used to redeem and burn $CAKE. I’m not going to lie, I’m very excited. Are you too?”Official PancakeSwap Twitter account
YES! It’s going to take CAKE to MINT some NFT!
For those who haven’t yet entered the incredible world of NFTs, “MINT” means “to strike” just like we would say in French “Frapper la monnaie”. It is the process by which a digital artifact (photo, music, video, .GIF etc.) becomes part of the blockchain. In this case the blockchain initiated by Binance, the Binance Smart Chain.
It is important to understand that each NFT has a signature that can not be spoofed, so it is impossible to duplicate.
This is a very popular feature for BSC users, which does not yet have a proper NFT marketplace. Indeed, there are a few applications allowing to exchange NFTs, but nothing comparable to the incredible OpenSea marketplace on Ethereum, which is a global secondary market for all NFT resellers.
Indeed, you will have to pay a fee in CAKE tokens (the governance token of the platform) to be able to mine your NFTs on the marketplace (the exact price is not yet disclosed). Moreover, PancakeSwap has already announced that all CAKE tokens, used to mine NFTs, will be burned and removed from circulation, the objective being to mechanically limit the supply in circulation.
This is great news for all NFT collectors around the world, but especially for CAKE holders.
We still know very little about this new feature, but it will undoubtedly be a great success considering the daily volume of the application, which far exceeds all its competitors on the BSC. Moreover, PancakeSwap is not the only one trying to take advantage of the hype around NFTs. Recently the ICP crypto project offered 10,000 free NFTs!