Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
The PancakeSquad collection is said to comprise 10000 NFT images which can be minted using PancakeSwap’s $CAKE token.
PancakeSwap, one of the leading automated market maker platforms, has announced that they will be launching an NFT marketplace on September 22.
A decentralized exchange based on Binance smart chain PancakeSwap broke the news of their NFT launch on Twitter. The company will also be rolling out its first NFT collection called PancakeSquad at the same time.
PancakeSwap All Set to Launch Its NFT Platform on September 22
In an announcement made on Twitter, the DEX platform has confirmed the date on which they will be launching their own NFT marketplace. PancakeSwap will also be unveiling its NFT collection called PancakeSquad along with it.
The fees that will be generated by the NFT marketplace, as well as the PancakeSquad collection, will be utilized to burn CAKE. PancakeSwap’s CAKE is a tradable token that can be used by consumers to stake liquidity on the platform. Like other DEX platforms, PancakeSwap offers its signature token called $CAKE to the consumers when they trade on the platform by providing liquidity. This liquidity factor can either be farmed by liquidity pairs or the consumers can also acquire this token by “stacking”, a process that allows users to provide liquidity by using individual liquidity pools.
In a first, PancakeSwap will also be revealing their first NFT collection which will be available for the users to purchase on September 22. According to multiple sources, the PancakeSquad collection is said to comprise 10000 NFT images which can be minted using PancakeSwap’s $CAKE token. Before this announcement, BSC had also reported that five images from the collection have already been leaked on Twitter.
Non-fungible tokens have become increasingly popular with the masses. The popularity quotient had led many organizations and firms to enter the NFT marketplace domain and utilize the following sector to draw successful revenue channels. The newest entry of PancakeSwap in this domain implies that BSC-based protocol is interested in pursuing the prescribed sector in hopes to amplify its existing user base.
PancakeSwap has emerged as a leading platform that allows users to utilize their crypto assets and make the most out of those assets in a manner that is profitable in the long run. The DEX platform helps users by facilitating trading, deriving revenue via yield farming, and also encouraging users to trade via lotteries to earn big. The platform has already established the highest trading volume in the market. Being the biggest DEX based on the Binance Smart chain, the demand for their newest NFT collection is predicted to be quite high considering their organic client base and standardized trading facilities.