PancakeSwap Announces New NFT Marketplace and Collection

After a year of success, PancakeSwap has turned its attention to the NFT space with a brand new collection and marketplace.

By
Dardania Havolli
on
August 22, 2021
Category:
BSC News

PancakeSwapShop

The move is an ambitious one and signals PancakeSwap’s intent to expand its role in the market. The summer of Non-Fungible Tokens (NFT) is spreading like ivy across all platforms. PancakeSwap’s team shared sparse details such as how trades will be carried out and evaded putting forward a specific timeline. 

The announcement from Binance Smart Chain (BSC)’s top Decentralized Exchange (DEX) was initially made on the 20th of August via the official Medium page. The move shows again that PancakeSwap has an ear out to their community in a constant effort to improve and diversify their platform. 

“We’ve heard your cries. We’ve seen the tweets. We’ve even seen you explode with rage. Well, we’re hopping with joy to announce: we’re working on it.” The team explained via Medium, ”As usual, we won’t be sharing the timeline, but we’re working to deliver the simplest version possible ASAP, which we’ll then iterate on and improve.”

Many feel PancakeSwap can’t do much wrong this year, and this latest announcement comes in response to many calling out for a BSC equivalent of OpenSea. As one of the largest DEXes in all of Decentralized Finance (DeFi), the weight of both their market share and the power of the $CAKE token give credence to a successful launch.

Source

Features

The marketplace will initially begin as a ‘Minimum Viable Product (MVP), meaning this is an early version of a product with just enough features for quick execution and users to get a feel. 

In its initial form, users will only be able to trade PancakeSwap’s NFTs. After the MVP is established, the team will expand the marketplace to a broader range of collectibles. Interestingly, you will not be able to purchase NFTs via CAKE.

Initial features are as follows:

  • Users will be able to buy and sell NFTs
  • Trades will be conducted in BNB/WBNB
  • Fees earned in the marketplace will be used to buyback and burn CAKE
  • Initial tradeable NFTs will be from PancakeSwap and a part of the first-ever collection.
Source


First Collection

PancakeSwap’s ‘Chef Cecy will drop the initial collection.’ The team stated that the mint numbers are still yet to be confirmed, but the overall number of the collection will be limited. They also explain that each NFT will be unique according to a set of traits that designates rarity. 

“Chef Cecy’s been cooking up these bunnies for a while now, and we’re pretty excited for the drop,”  the announcement excitedly explained. 

The team confirmed that to take part, users are required to have a PancakeSwap profile and will need to pay a minting fee (in CAKE). All CAKE contributions will be burned, adding more to the emissions of CAKE. 

As PancakeSwap embarks on this new step in their journey, we’ll be keeping you up to date with the latest developments.


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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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