Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

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

CryptocurrencySep 14, 2021 06:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
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.

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.

Continue reading on BTC Peers

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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email