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
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
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.
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