PancakeSwap has announced the launch of its NFT marketplace on September 22. This decentralized exchange based on Binance Smart Chain was announced through a tweet.
The company will also roll out its first NFT collection (PancakeSquad) at the same time.
The fees they will raise from the NFT marketplace will be used to burn the CAKE. Users will need Cake to purchase the non-fungible tokens.
NFTs are gaining popularity with the masses. As a result, most firms have entered the NFT market domains. The race has not left out famous sports personalities such as Naomi Osaka and the extraordinary Lionel Messi.
With the Pancake Swap entry, it is obvious the BSC-based protocol is hoping to increase its existing user base and burn its excess Cake.
PancakeSwap has come out as a top platform that encourages users to utilize their crypto assets to earn more profit in the long run.
PancakeSwap is the largest DEX on BSC. Thus, it might spark a huge demand for PancakeSquad.
There is an expectation that most users will welcome the move by DEX. BSC also has warmed up to the development since the network replied to the PancakeSwap tweet.
“What?!” Binance Smart Chain’s reply expressed shock and anticipation. “@PancakeSwap NFT marketplace launching September 22.”
The anticipation of $CAKE holders in the NFT market is enormous. These holders are eager to mint the PancakeSquad NFT. Additionally, the Binance Smart Chain community seems to be ready to approve the PancakeSwap latest developments.
So the date is set, time is ticking, and the massive NFT frenzy on BSC will commence.
PancakeSwap is a DEX built on BSC. It offers different features such as Automated Market Maker, swapping, Yield Farming, Liquidity pools, Syrup Pools, Initial Farm Offering, NFT profile system, and many others.