NFTs have become an integral part of the crypto and web3 industry; they contribute significantly to coin valuations on the platforms that integrate them. And since they have become popular in the cryptocurrency market, NFTs have become a constant feature on many token platforms. New coins add NFT marketplaces to their networks, while the existing networks incorporate NFT trading in their protocols. Here, we review how the new memecoin Big Eyes (BIG) plans to compete with Solana (SOL) and PancakeSwap (CAKE) for the NFT trade volume in the cryptocurrency market.
Check out this Youtube video on Big Eyes! Link attached in the image.
Solana (SOL) was released in 2018, following a whitepaper announcement in 2017. The token was designed to upgrade the quality of blockchain services users received.
Solana (SOL) features a complex protocol consisting of proof of stake and proof of history protocols, which contribute to the network’s speedy transaction processing. The hybrid protocol requires fewer validators online and, thus, less energy to log the transactions on the blockchain. Consequently, the gas fees are also considerably lower than those of contemporary blockchains.
When NFTs got popular in 2021, Solana (SOL) incorporated NFT trading into its protocol, allowing users to create and mint NFTs for sale on the network. Since its release, Solana’s NFT marketplace has been one of the most popular marketplaces, attracting a significant portion of NFT trading volume.
The native token, SOL, is used to fuel the platform, as it is used as a payment option for gas and minting fees on the NFT platform. It is also used to stake the platform, securing it against fraudulent attacks.
The token is available for $35.32 on CoinGecko.
PancakeSwap (CAKE) is a platform for crypto traders to swap their tokens. It is one of the most popularly used decentralized exchanges, and it is based on the Binance Smart Chain.
PancakeSwap (CAKE) is classified as an Automatic Market Maker, which means its features support decentralized trading and token swap. The platform offers its users a chance to contribute to the liquidity pool by buying BEP-20 tokens and earning from the fees obtained from exchanging.
The PancakeSwap (CAKE) platform charges low transaction fees since it is based on Binance. This feature makes it more appealing to most users, as they find Ethereum-based Exchanges too costly to trade on. PancakeSwap also doesn’t need an app to operate; users can swap their tokens conveniently by owning a BEP-20-enabled wallet to access the liquidity pools.
Apart from swapping and trading, PancakeSwap (CAKE) allows its users to mint NFTs on the platform using their PancakeSwap (CAKE) profiles. The minted tokens can be exchanged on the network with other users. Also, the platform rewards users for contributing to trading games and competitions with NFTs.
CAKE powers the PancakeSwap platform, which is available on CoinMarketCap for about $5.04.
Big Eyes (BIG)
Big Eyes (BIG) is a new memecoin preparing to contend with top tokens like Solana and PancakeSwap in the NFT trading sector. The presale has been on for two months and has generated over $9.5 million in revenue, depicting its popularity within the cryptocurrency market.
Big Eyes’ (BIG) plans on NFTs are embedded in its NFT club, Sushi Crew. The club is a full-fledged marketplace, enabling a wide range of operations on the platform, from minting to listing and exchanging NFT assets. The developers are working on getting the club up and running before the token launches and have also announced the club will be free of charge to any member of the Big Eyes community. Apart from the users’ NFTs, Big Eyes’ developers have a store of NFTs to be sold at discounted prices to the first members to join the NFT marketplace.
The Big Eyes (BIG) whitepaper also features charity work, as the developers are interested in preserving marine life worldwide. As a result, they will be giving out periodic donations to charity organizations that actively work to conserve ocean species. A unique wallet contains about 10% of the token supply, which will be for funding such projects.
Now’s the best time to get your BIG tokens, as the presale rounds up in a few weeks. Follow this link to access the Presale interface and stay up-to-date with news from the Big Eyes (BIG) Development team.
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.