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CakePunks Aims To Build An OpenSea Alternative For Binance Smart Chain Users

CryptocurrencySep 14, 2021 06:00AM ET
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CakePunks Aims To Build 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 take on non-fungible tokens from an investment viewpoint.

A Different Take On NFTs
People who navigate the current NFT landscape will acknowledge there is room for improvement. Many projects launch every week, making it difficult to separate the good from lesser projects. CakePunks wants to guarantee investors they will like what they mint. Although the team has come up with some twists, it remains an ambitious goal for a collection spanning 1,000 digital collectibles.

First, the team introduces a multi-rarity system. All minted NFTs can range from common to legendary. Second, the non-fungible tokens can be bought, sold, and traded through the native DApp on the Binance Smart Chain. Third, the collection is released in batches, each of which has a different price point. Some of the tokens sold during a previous batch - sold out in two days - have sold for over 20 times their minting price.

So far, CakePunks may not seem like a project that is all that different. However, users who hold the native token can gain access to limited-edition NFTs available through the native DApp. Additionally, tokens used to purchase these NFTs are burned, lowering the CPUNKS token supply. Burning mechanisms are a tool to keep the circulating supply in check and introduce potential price stability.

Purchasing CakePunks' native token is possible through Binance Coin on the Binance Smart Chain. However, since September 6th, it is also available to Ethereum users. In addition, the CakePunks bridge is accessible through decentralized exchange FibSwap, a project focusing on exploring cross-chain opportunities. Anyone can purchase CakePunks or its token with Ethereum through this bridge, opening the market to many more participants.

CakePunks Community And Future Outlook
So far, the CakePunks community has grown to over 3,000 members. Gaining traction is often challenging for new NFT projects, and every new member can contribute value to the ecosystem. While the developers behind this project prefer to remain anonymous, the community doesn't appear bothered by it. The overall designs of this collection and the limited quantities made available for purchase appear to be its primary selling points.

The team is confident they can become the "Crypto punks of Binance Smart Chain". An ambitious goal, as comparing two different NFT collections is nigh impossible. However, every collection can be successful in its own way if there is sufficient demand and incentive to get involved in the project. CakePunks wants to provide some utility by forming a DAO.

Through that Decentralized Autonomous organization, holders of the CakePunks token can help shape the project's future. Furthermore, an NFT marketplace is in development to introduce more liquidity options for native non-fungible tokens. it will have an auction feature to give traders and investors an extra option to acquire non-fungible tokens.

Moreover, the native DApp - currently designed for CakePunks, will evolve to encompass all NFT-related activity on the Binance Smart Chain. While Ethereum has OpenSea and other marketplaces, Binance Smart Chain has no one-stop solution of this kind. Giving users the ability to trade any NFT on BSC is a big step forward for the broader ecosystem. For creators and artists, low gas fees and less chance of network congestion are beneficial concepts.

Conclusion
Competing blockchains in the NFT space need to improve accessibility and discoverability. A native marketplace is a good place to start, as it attracts both novice and experienced users. Binance Smart Chain has no such marketplace at this time. Whether CakePunks's DApp will become the go-to solution remains unclear. However, it is good to see developers acknowledge the lack of such an interface and attempt to address the situation.

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CakePunks Aims To Build An OpenSea Alternative For Binance Smart Chain Users
 

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