• On September 22, PancakeSwap will launch NFT MarketPlace and PancakeSquad Collection

  • On September 22, PancakeSwap will launch an NFT marketplace alongside a collection of PancakeSquad NFTs.

    PancakeSwap, a Binance Smart Chain-based Automated Market Maker, has announced the launch of a non-fungible token (NFT) marketplace on September 22. This will be the first version of the marketplace, and it will be accompanied by the PancakeSquad NFT collection.

    PancakeSwap enters the NFT market

    Fees from the NFT marketplace and PancakeSquad NFTs will be used to buy back and burn CAKE. To mint the PancakeSquad NFTs, users will need CAKE.

    Uniswap is a notable competitor to PancakeSwap, but the latter is still by far the most popular decentralized exchange. The former has the advantage of running on the Binance Smart Chain, which has significantly faster transaction speeds and near-zero costs.

    It remains to be seen how much of this influences the success of its NFTs, but it will almost certainly help. The AMM has performed well, with one million unique wallets recorded in June 2021, while other NFT platforms have also launched their tokens on PancakeSwap.

    NFTs are becoming increasingly popular.

    NFTs have been around for a long time, but only in the last 18 months or so have they seen such a surge in sales and usability. These unique assets have multiple lucrative use cases, led by sales of digital art, celebrity involvement and auctions, and blockchain-based games. Eminem and Elon Musk are two celebrities who have sold NFTs.

    NFTs may appear to have peaked, but there is little evidence to support this. In terms of applications in art, real estate, brand awareness, and gaming, NFTs have only penetrated a small portion of those markets. In the coming years, more companies, individuals, and games may capitalize on their uniqueness to increase engagement.

    It will continue to be reliant on regulation, though few countries have targeted the NFT market. Thailand’s SEC recently banned NFTs, but whether other countries will follow suit is unknown. It may even be too late in the adoption process for governments to take harsh action. As a result, they may choose control over outright prohibition.

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