CakePunks aims to develop an OpenSea alternative for Binance Smart Chain users
Digital collectibles have taken the blockchain industry by storm. As a result, non-fungible tokens are in high demand and there is room to explore new ideas. CakePunks offers a slightly different view of non-fungible tokens from an investment perspective.
Another way of looking at NFTs People moving in the current NFT landscape will see that there is room for improvement. Many projects start every week, which makes it difficult to separate the good projects from the smaller ones. CakePunks wants to guarantee investors that they like what they shape. Although the team has come up with a few twists and turns, it remains an ambitious goal for a collection of 1,000 digital collectibles.
First, the team introduces a multi-rarity system. All imprinted NFTs can range from common to legendary. Second, the non-fungible tokens can be bought, sold and traded via the native DApp in the Binance Smart Chain. Third, the collection is released in batches, each with a different price. Some of the tokens sold during a previous batch – sold out within two days – sold for over 20 times their mint price.
So far, CakePunks doesn’t seem like much of a different project. However, users who own the native token can get access to limited edition NFTs available through the native DApp. In addition, tokens used to purchase these NFTs will be burned, which will reduce the CPUNKS token supply. Burning mechanisms are a tool to keep circulating supply in check and create potential price stability.
The purchase of the native token from CakePunks is possible via Binance Coin on the Binance Smart Chain. However, it has also been available to users since September 6th. In addition, the CakePunks bridge is accessible via the decentralized exchange FibSwap, a project focused on exploring cross-chain opportunities. Anyone can buy CakePunks or their tokens with Ethereum via this bridge, which opens the market for many more participants.
CakePunks community and future prospectsUp to now the CakePunks community has grown to over 3,000 members. Gaining traction is often a challenge for new NFT projects, and each new member can contribute to the ecosystem. While the developers behind this project prefer to remain anonymous, it doesn’t seem to bother the community. The overall designs of this collection and the limited quantities available for purchase seem to be its main selling points.
The team is confident of becoming the “Crypto-Punks of Binance Smart Chain”. An ambitious goal, because it is almost impossible to compare two different NFT collections. However, each collection can be successful in its own way if there is enough demand and incentive to get involved in the project. CakePunks would like to offer a certain benefit by forming a DAO.
Through this decentralized, autonomous organization, CakePunks token holders can help shape the future of the project. In addition, an NFT marketplace is under development to introduce more liquidity options for native non-fungible tokens. It will have an auction feature that will give traders and investors an additional option to purchase non-fungible tokens.
In addition, the native DApp currently being developed for CakePunks will continue to evolve to encompass all NFT-related activities in the Binance Smart Chain. While Ethereum has OpenSea and other marketplaces, Binance Smart Chain doesn’t have such a one-stop solution. Giving users the ability to trade any NFT on BSC is a huge step forward for the wider ecosystem. For creative people and artists, low gas charges and a lower risk of network overload are advantageous concepts.
Conclusion Competing blockchains in the NFT area must improve accessibility and findability. A native marketplace is a good place to start as it attracts both novice and experienced users. Binance Smart Chain does not currently have such a marketplace. It remains unclear whether the CakePunks DApp will be the first solution. However, it is good to see developers acknowledge the lack of such an interface and try to address the situation.
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