Brace Yourself, Binance Smart Chain NFTs Are Coming!
Learn more about the fast-growing non-fungible token (NFT) market on Binance Smart Chain.
For those of you looking to expand your collection of crypto collectibles, we have some great news for you! All your favorite non-fungible tokens (NFTs) can be sent, received, and stored directly in your Trust Wallet app. This includes unique ERC721 and ERC1155 tokens, all storable within the new collectibles section as well as Binance Smart Chain (BSC) based NFTs, the BEP-721, and BEP-1155.
The number of projects, use cases, and applications of Binance Smart Chain grows every day. It’s one of the best parts of being part of a new community and chain.
You can brush up on your NFT knowledge with our previous tradable collectibles article or get stuck in straight away with some unique BSC non-fungible tokens.
What’s All the Hype About?
The concept behind NFTs is a pretty cool one, combining tokens with a more collectible aspect such as digital art or even physical real-estate.
While they’ve been on the Ethereum blockchain for quite a while now, BSC native NFTs are a much more recent development.
Now, all the benefits that we associate with BSC, such as its speed, low fees, and reliability, can be gained when using BSC-based NFTs.The community loves innovation and generally playing around with all the possibilities that the chain has to offer… so it’s another feather in the cap of BSC.
When we look at the kind of NFTs in use within the BSC ecosystem, we can split them into three major categories:
Decentralized finance (DeFi) NFTs used for lotteries and liquidity pools
Art NFTs for collectible pieces of digital art
Game NFTs for collectible pets, weapons, and items
Some of the top DApps on BSC have begun to create their own NFTs and marketplaces, right at the cutting edge of whats’s possible in the world of non-fungible tokens.
Where Do I Store Crypto Collectibles in the Trust Wallet App?
The process for storing your NFT collection has been made as easy as possible with the new collectibles tab at the top of the Trust Wallet app.
All you need to do is open the tab and copy the Ethereum wallet address shown. Take care though in only sending ERC721 and ERC1155 based tokens to the wallet, otherwise your non-Ethereum NFTs will be permanently lost.
Functionality will be added soon to store BSC-based NFTs directly in your wallet, such as BEP-721 and BEP-1155 tokens.
NFT Action on the Binance Smart Chain
So, now you’re up and running, where’s the best place to get your hand on some NFTs within the BSC ecosystem?
Depending on the type of NFT you’re looking for, there are already quite a few DeFi and more traditional collectible projects ready for you to explore.
The platform has been made as a direct answer to the BSC community’s requests to begin trading NFTs outside of Ethereum.
While only its marketplace is currently open, the team is actively developing:
NFT Creation allowing anyone to create a variety of different BSC-based NFTs. This includes one-offs and running sets.
Stores to allow creators and artists their own marketplace for selling their artwork represented as NFTs.
JuggerWorld has released a quick guide to getting yourself set up with the platform that’s worth taking a look at.
One of the best BSC DeFi liquidity pool platforms has now begun to dip its toe into NFTs. And we’re talking the cuddly kind here… rabbits to be specific. It’s not PancakeSwap’s first time using BSC-based protocols for collectible tokens either. They already run their regular lotteries to burn their native token CAKE using BEP-721 tokens.
With names like Swapsies, Drizzle, and Churro what’s not to love?
You’ve got to hand it to the PancakeSwap team, they do have a knack for names. These critters were able to be snapped up by entering into a competition on the PancakeSwap website.
Winners were randomly given out the collectibles, which could then be either swapped for CAKE or kept purely for fun. In future Trust Wallet updates, these will be directly transferable to your collectibles wallet within the app.
Treasureland & Dego
While Treasureland is a more traditional NFT marketplace, DEGO explores further applications of NFT technology. Their unique blend offers:
A stand-alone but open NFT ecosystem… where anyone could issue NFT, initiate mining, auction, trading, etc., taking care of the lifecycle of an NFT.
An NFT Protocol as a cross-chain Layer 2 Infrastructure to Blockchain projects for user acquisition, token distribution, and more diverse NFT applications.
Getting your hands on some NFTs is pretty simple on the Treasureland platform. It allows for listings and auctions payable in a few different cryptos. You can also switch to DEGO to get involved in mining NFTs too, which is quite uncommon in the collectibles world.
It also has one of the funkiest-looking websites with a Windows 98 theme. You can even play Minesweeper while joining an NFT mining pool (pretty meta, hey?).
Since the launch of DEGO and Treasureland on BSC, there have been a few different ways that you can acquire BSC NFTs:
The BSC NFT airdrop held at the launch
Trading BSC NFT tokens on Treasureland
Once again, the decision to start working with BSC was made due to the high gas fees payable when sending tokens and interaction with Ethereum. You can read more about their decision on their wiki.
More Collectibles on the Horizon
We’re really only just getting started when it comes to more mainstream adoption, trading, and storage of NFTs on BSC.
Soon enough, you’ll be able to store them directly within your Trust Wallet. There will also be easy ways to create your own and sell them on marketplaces like Juggernaut or Treasureland.
The real development most interesting here is the new combination of DeFi and collectibles that has appeared. NFT economies have become much more advanced, even allowing for the mining of NFTs. With the benefits of BSC in hand, we can only look forward to more use cases and applications in the crypto collectibles world.