Over the last few years, the demand for NFTs has been consistently rising within the crypto sphere. As more and more users create and auction higher quality NFTs, different use-cases are innovated, and the possibilities of NFT technology continue to expand.
In 2021, Binance Smart Chain is the most widely used blockchain on which non-fungible tokens (NFTs) are created. The transaction speed of the blockchain, low minting fees, and high compatibility with the Ethereum Virtual Machine make the Binance Smart Chain a highly democratic and user-friendly space on which to create, auction, buy, and sell NFT-based projects and tokens.
While there are many innovative and popular NFT projects available on the Binance Smart Chain, there are three that are the most popular in the year 2021. These are Battle Pets, Pancake Swap, and Bakery Swap. In this article, we will introduce you to these three NFT projects, outlining what they are, how they work, and what makes them such popular use-cases of NFTs.
1. Battle Pets – Gaming NFT
Some of the most classic use-cases that brought a lot of attention to the NFT landscape are those which combine blockchain technology with gaming. One of the earliest examples of this kind of NFT project was CryptoKitties which gained a lot of traction on the Ethereum Virtual Machine.
It seems that from the very early days of NFT technology, gamification has been a popular use-case. This year, the most popular gaming NFT on the Binance Smart Chain is Battle Pets, which goes well beyond the scope of trading and breeding pets that was the basis of the popular CryptoKitties.
Battle Pets provides its users with an almost Pokemonesque experience through the use of tradable NFT animals. Each animal has a unique NFT identifier on the Binance Smart Chain, and hence every animal available on Battle Pets as an NFT is completely unique.
However, Battle Pets managed to break free from the already established trend of NFT pets by creating a gaming environment in which users could let their pets battle with those of others. There are even options that involve directly staking your NFT for rewards. The native cryptocurrency of Battle Pets is FRUIT, and hence all rewards will be given in this token.
Moreover, Battle Pets also allows users to forge weapons that don’t just improve gaming stats but also provide higher staking power. Forged weapons and pets can also be sold on NFT marketplaces as self-created NFT pieces.
Battle Pets is today one of the most popular gaming NFTS available on the Binance Smart Chain. This is probably because it is a fluid combination of a gaming environment and decentralized finance through which the crypto sphere continues growing though innovations made by individual users.
2. Pancake Swap – Financial NFT
You may think that it is gaming and creative NFTs that are primarily driving the NFT market upward. However, today it is evident that some of the chief drivers of NFT technology implementation are those that have a primarily financial element to them. Many of these financial NFTs boast clever implementation of blockchain and NFT technology, and they are driving a large proportion of NFT sales in 2021.
Today, one of the most widely-used NFT projects on the Binance Smart Chain is Pancake Swap. This is a rabbit-themed Decentralized Finance project that has created its own line of cute and cuddly NFT characters that users can collect. Each NFT rabbit has a unique identifier on the Binance Smart Chain and has a redeemable value for the native token of the Pancake Swap project, known as CAKE.
Like other tradable NFT assets today, collectors have the opportunity to speculate on the value of these NFT tokens as the market price of the CAKE cryptocurrency fluctuates. These speculations can afford users rewards for their regular interaction with these NFT tokens on the Binance Smart Chain.
Moreover, on Pancake Swap, collectors can use CAKE to buy what are essentially NFT lottery tickets. The total amount of CAKE exchanged by all users to buy lottery tickets is then pooled together to form the prize fund for the lottery. Accordingly, a single NFT ticket is constituted by 4 numbers that need to match the lottery draw in the exact same order.
The project also uses this financial mechanism of the NFT lottery to control the inflation rate of CAKE. This is done by burning a portion of the prize find in order to keep the cryptocurrency at a stable value. Once this is done, the rest of the fund is divided appropriately amongst the lottery winners.
Pancake Swap has proven to be an innovative use-case of blockchain and NFT technology that uses financial incentives to allow the market to continue expanding consistently.
3. BakerySwap – Collectible NFTs
As you may already be aware, collectible NFTs are a very important use-case of NFT and blockchain technology. These are the kinds of projects that first drew mainstream attention towards the NFT landscape as, generally speaking, the barrier to entry for creating and selling collectible NFTs is much lower than that for gaming NFTs.
BakerySwap is a popular NFT project on the Binance Smart Chain that has managed to partake in driving the development and innovation of NFT technology. The Decentralized Application hosts a marketplace that contains a large collection of artworks and digital collectibles, including but not limited to furry crypto animals.
Values are then placed on each NFT based on the speculated collectability and utility of the token or NFT piece. A stronger crypto monster, for example, has a higher value than a weaker one, while the rarer a piece of NFT art, the higher the value it is priced at.
Moreover, BakerySwap allows users to create what are known as NFT Snack Combos. These are snack-based NFT tokens that are at once collectible NFT items as well as tools with which to earn crypto rewards. The rewards earned through NFT Snack Combos are in the form of BAKE, which is the native cryptocurrency of the BakerySwap project.
Bakery Swap managed to keep its market growing steadily by providing incentives to users to earn rewards in their native cryptocurrency. NFT Snack Combos can be staked to earn BAKE tokens in a random procedure that is somewhat similar to the NFT lottery on Pancake Swap.
In this way, BakerySwap is able to put the latest blockchain and NFT technology to good financial use. Contrary to what many believe, popular NFT projects like BakerySwap are not simply used to buy and sell collectibles and artworks, as their potential greatly exceeds this simplistic view.
In the year 2021, NFT and blockchain technology are taking the computational and financial worlds by storm by allowing users new ways to exchange, manage, and earn cryptocurrencies. As the market continues to expand its reach, those at the forefront of this technology, like Binance Smart Chain, will be leading the way in building innovative NFT-based platforms.
While the three NFT projects mentioned in this article are currently the most innovative and popular on the Binance Smart Chain, future developments will only see more creative use-cases of this technology.