How BakerySwap Is Pioneering NFTs on Binance Smart Chain

BakerySwap, one of the leading exchanges on Binance Smart Chain, is placing increased focus on NFTs - making moves to become a major innovator in the sector.

By
Robert D. Knight
on
June 29, 2021
Category:
BSC News

An Exclusive Interview

On Monday, June 28th, BSCNews sat down with the pseudonymous ‘Mr. Bake’, manager of BakerySwap’s marketing operations. Mr. Bake has 10 years experience in finance marketing, 5 years experience in the cryptocurrency sector, and has for the last year been focused on DeFi.

In our exclusive interview with the knowledgeable marketer, we covered a range of topics from company philosophy to growth, from product and tools to the current state of the market, and what to expect next from BakerySwap. We also heavily covered the Non-Fungible Token (NFT) sector and why BakerySwap is placing additional focus in this area.

BakerySwap

As Mr. Bake explained to us, BakerySwap considers itself to be ‘the Facebook of DeFi’, a reference or meeting point for all DeFi services on Binance Smart Chain. Within that paradigm, the company does see specific areas of focus moving forward, specifically within the NFT market. NFTs go hand in hand with BakerySwap; just two weeks after its launch in September last year, the first NFT was launched on the platform. The company has now hit a significant milestone, reaching 500,000 NFT transactions on the platform.

As an NFT first-mover on BSC, BakerySwap has worked hard to maintain its status as a pioneer in the sector. One of the ways that BakerySwap is setting itself apart from the rest is by taking a broader view of the NFT market, for instance through gamification and linking NFTs to real-world items.

BakerySwap actually has two main NFT markets, there is Bakery marketplace which is open to all-comers, and then there is the Bakery Gallery. Bakery Gallery is a curated list of selected works, premier artists, and celebrity drops.

Crypto Doggies

One of the great success stories of BakerySwap’s NFT charge is the Crypto Doggies concept.  Crypto Doggies is the dog-themed NFT project with the supporting $DOGGY memecoin. There is also a $DOGGY staking pool and the ‘Doggy Shop’ NFT market.

As Mr. Bake was swift to point out, Crypto Doggies is not a mere memecoin - it is an entire ‘meme ecosystem.’ It is of great importance to the BakerySwap team that their services and systems tie in together, so, for instance, users can use both tokens for staking as well as NFTs. It’s a strategy that is bearing fruit for BakerySwap. One example of the success of the Crypto Doggies ecosystem is that the company recently sold 3 rare Collie Crypto Doggies NFTs for a combined sum of $100,000. 

Crypto Doggies has also been gamified, with users able to battle one dog against another. The game mechanics are being improved by the BakerySwap team all the time, including with defense and attack stats.

Challenges

Mr. Bake explained that one of the biggest challenges for BakerSwap and other projects operating in crypto is that a couple of days in this sector is like a couple of months in some other industry. The pace of development and of change is unrelenting. 

Another area in which crypto projects struggle is in finding the right team members and staff. Finding experienced people in the industry is difficult. BakerSwap has recently been on a recruitment drive, seeking to hire both a “NFT Project Manager” and “Content Manager”. As Mr. Bake says that sometimes hiring people on a short-term freelance basis can work - those who prove themselves over time can be offered better contracts or a permanent role.

The last big challenge we spoke about was the current state of the market. Mr. Bake acknowledged that “the market right now is not very happy”. However, he believes that this is just a temporary blip.

The Future

One of the last issues we touched upon with Mr. Bake was the plans which the exchange and NFT market have for the future, in particular, the concept of the BakerySwap Metaverse. Here Mr. Bake was keen not to reveal too much information but suggested that the BakerySwap marketplace could eventually become an entire environment that users could explore in virtual reality.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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