BakerySwap Reaches 500,000 NFT Transactions Landmark
Decentralized Finance (DeFi) Protocol, BakerySwap reached its 500,000th non-fungible token (NFT) transaction landmark last month. BakerySwap is a decentralized exchange that facilitates services such as staking, yield farming, minting, buying and selling of NFTs, and initial decentralized exchange offerings which are preferably known as IDOs. The NFT section on the platform has been a major attraction for DeFi enthusiasts including artists and content creators.
Last month was a watershed moment for NFTs on BakerySwap as they garnered up to 500,000 transactions inclusive of minting, buying and selling. BakerySwap boasts of a range of NFTs across the financial and gaming sector. In fact, it was able to reach that landmark owing to these sets of NFTs.
Finance-based NFTs can be staked to earn rewards in return. They could also feature a gaming character which then makes them digital collectibles. Examples of this type of NFTs are CryptoKitties which are digital cats with unique characters that can be gotten from the game itself or earned as rewards.
NFTs Changing Art Landscape
NFTs have been truly revolutionizing the art industry since their inception. Now, they give the opportunity to creators to own their works via a blockchain-based means. Notable sales of NFTs have been made. A striking one is the sale of Beeple’s First 5000 days which was sold for a jaw-breaking $69 million. This is the highest-grossing sale ever. Other remarkable sales have been on different NFT marketplaces such as Rarible, DecentraLand, OpenSea including the recently launched Binance NFT marketplace.
BakerySwap is built on Binance Smart Chain (BSC) and offers users speedy and low-cost transactions. The DeFi platform set the pace for other DEXs as it was one of the first to be launched on BSC. Since then, its growth has been massive and it has encountered more traffic due to its NFT feature.
Artists can personally mint their works on the public marketplace, and there is also a section for featured artists whose works have undergone scrutiny by an expert team before they are uploaded on the BakeryGallery section. Owing to frequent activities on the platform, BakerySwap’s native token ($BAKE) is now one of the favorites of DeFi investors. BAKE attained an all-time high of $8.4 early May. However, it is currently trading at $1.9 following the mid-May general market crash.
BakerySwap Partners with Celebrities on NFTs.
BakerySwap partnered with a firm in Japan, TOKAU to introduce celebrity-themed non-fungible tokens on its NFT marketplace. Models, artists and Hollywood Celebrities are also involved in the partnership including Ian Somerhalder who played a role in popular series, Vampire Diaries. BakerySwap has likewise collaborated with Elon Musk’s mom, Maye Musk to release NFTs called mystery boxes which sold 500 pieces within a few minutes. This is not the first Celebrity NFT collaboration. Popular American rapper, Jay-Z recently sold his NFT themed after his 1996 debut album titled, ‘Reasonable Doubt.’ Jay-Z sold his NFT for $139,000 at Sotheby’s, a popular auction house.
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