It is great to see you today and I enjoyed your lecture. Congratulations on your appointment as crypto professor.
On the homework this week, I will be writing on NFTs on Pancakeswap. It could be noted that Pancakeswap is one of the largest projects running on the Binance smart chain. Please join me as we explore.
The acronym NFT means non-fungible tokens. This actually means digital assets that are unique in their kind and only exists in the number produced. This is to say that if you sell it you can’t buy it elsewhere except from the person you sold to.
For example, if you sell Bitcoin, you can buy from a different exchange or person, but in the case of NFT, that particular NFT can not be gotten elsewhere.
Today, we will be looking at some NFT projects on Pancakeswap. It should be noted that there are several NFTs in the market to buy and trade with. Each developer can choose any creative theme for theirs and the creativity in the world of NFT is inexhaustible.
Pancakeswap: The Financial NFT Project
Pancakeswap is a decentralized finance (DeFi) project running on Binance smart chain. The success of this DEX has part of its credit linked to the NFT project in it.
The financial twist of the NFT project on Pancakeswap is what is driving the market, rather than just its creative features and collectivity.
There is a line of NFT characters created specially on Pancakeswap, being the cuddliest rabbit-themed project on Binance Smart chain. The different characters are demonstrated on the pictures below:
Each of the NFT rabbit characters has a redeemable value on Cake (the native token of Pancakeswap). These are similar to other tradeable assets on the platform and thus compete effectively as the price of Cake fluctuates.
The Pancakeswap BSC NFT can also be offered to people who buy lottery tickets in form of BEP-721 NFT. As users buy the lottery ticket, the funds are pooled into what is called prize funds. The NFT lottery cards have four numbers each which much match the correct draw order for buyers to win. Some part of the prize funds are burnt and some shared to winners.
NFT is a global creative digital asset ecosystem. With the increasing need for creativity on the block chain technology, NFT remains the future of digital assets. That is why Pancakeswap remains one of the most creative DEX on the Binance smart chain. This popularity is mostly commanded by the NFT project.
Thank you for reading.