Increase Your Profits Significantly By Obtaining An NFT Marketplace Solution On Binance Smart Chain
Binance Smart Chain (BSC) is rapidly becoming the epicenter of profitable NFT marketplace development. It is a significant improvement over Binance Chain and is built on a dual-chain design. Similarly, according to CoinMarketCap, crypto-collectibles have a staggering daily trade volume of $3.58 billion. Let us go further into this phenomenon.
Why is Binance Smart Chain (BSC) suitable for the establishment of white-label NFT marketplaces?
The majority of NFT markets are built on the dependable Ethereum blockchain network. As a result, the Binance Smart Chain (BSC) is completely interoperable with the Ethereum Virtual Machine (EVM). As a result, investors may have real-time access to information like account balances, block hashes, and wallet addresses. Opcodes are utilized to carry out day-to-day tasks. As a result, significant computational power is required.
The Binance Smart Chain (BSC) blockchain network, in particular, adheres to the Proof of Staked Authority (PoSA) consensus method. As a result, investors will profit from staking their assets decentralized with governance rights. Furthermore, PoSA is more environmentally friendly and uses less energy than the older Proof-of-Work (PoW) consensus method.
Aside from that, BSC enables the construction of new blocks in as little as 3 seconds. It also enables the rapid movement of assets between several blockchain networks. Overall, the Binance Smart Chain (BSC) is a permissionless alternative blockchain network to the Binance Chain.
Also, Read | https://brugu.io/blog/binance-smart-chain-nft-marketplace-development/
What is the technology stack required to build an NFT marketplace solution on Binance Smart Chain?
Smart Contract deployment and testing tools:-
Turnkey Town uses the Remix Integrated Development Environment to help with the hassle-free administration of smart contracts (IDE). It is in charge of compiling and running the pre-programmed software’s code.
ChainIDE is also used for cross-platform smart contract development. Our skilled development team adds information such as gas limits and Gwei or Wei for energy usage.
It is made up of four parts: BSCScan, BSC Mainnet, BSC Testnet, and Smart Contracts. BSCScan is a blockchain explorer that publishes the most recent statistics on the market value of Binance Coin (BNB), peer-to-peer transactions, token pricing, transaction history, voting power, and investor wallet addresses.
BSC Mainnet displays real:-
For miners, time information regarding the block number, block time, and the difficulty level is provided. BSC Testnet also includes information such as the unique Chain ID and the Node URL.
All Smart Contracts operating on the Binance Smart Chain (BSC) blockchain network include a unique address. Furthermore, the Application Binary Interface (ABI) communicates with all smart contracts.
How does the Binance Chain Wallet protect investors’ NFTs?
The Binance Chain Wallet (BCW) is a one-stop platform for storing digital assets. It is compatible with the Binance Chain, Binance Smart Chain (BSC), and Ethereum. It is available as a browser plugin for investors. Crypto fans may generally check their balances and transfer cash.
Importantly, there is no need to enter the private key every time a payment is processed. Furthermore, for further protection, the private keys are password-encrypted.
Investors also benefit from email-based login, multilingual technical assistance, QR code scanning, seed phrase protection, quick integration with DApps, and two-factor authentication. Buyers and sellers of NFTs must pay transaction fees in BEP-20 tokens.
Furthermore, customers may store two types of crypto-collectibles on the Binance Chain Wallet: BEP-721 and BEP-1155. DeFi assets (liquidity pools and lottery system prizes), digital artwork, gaming weaponry, and pets are the most popular types of NFTs supported by BCW. Crypto collectibles are available as music, GIFs, pictures, and videos.
What are some of the most popular NFT Marketplaces based on BSC?
The online platform facilitates the quick trade of any crypto-collectibles made by artists on the Binance Smart Chain (BSC) and BEP-721 assets. Airnfts’ Unique Selling Proposition (USP) is that artists may earn Binance Coin (BNB) and AIRT native tokens. Importantly, content producers get compensated for each secondary sale of their crypto collectible.
NFT vendors benefit from a simple user interface, minimal transaction costs, and rapid integration with MetaMask, TokenPocket, Trust Wallet, and WalletConnect. It also sells artwork, gaming equipment, memes, music albums and songs, photos, sports products, and movies in different areas.
It is a public marketplace where interested investors may buy high-value artwork and trading cards. Buyers can choose from two categories of Non-Fungible Tokens (NFTs) (Hot Collections and Recently Minted). They may afterward store their cryptocurrency treasures in Binance Chain Wallet, MetaMask, and WalletConnect.
By selecting the Single option, artists may produce one-of-a-kind NFTs (BEP-721). Aside from that, they can sell a single digital collectible many times (BEP-1155). by selecting the Multiple options
All OpenBiSea smart contracts are built on the Binance Smart Chain (BSC) and Polygon. Importantly, investors may complete an NFT trading transaction with a few clicks on the Android and iOS applications. Art contests are also held in the OpenBiSea NFT marketplace.
Furthermore, digital artists may join, display their one-of-a-kind work, and win amazing prizes. Sellers do not have to pay a fee because the auctions take place instantaneously in smart contracts without the need for human participation.
OpenBiSea is looking to work with a variety of artists, businesses, licensed brands, and influencers. Buyers can also make payments in Binance Coin (BNB), Binance USD (BUSD), and US Dollar (USD).
They also have access to valuable OBS tokens. It is beneficial for engaging in the governance of the NFT marketplace, adding long-term value, and lowering total commission.
What is the cost of developing a white-label NFT marketplace on BSC?
A variety of factors impact the cost of developing an NFT marketplace solution on Binance Smart Chain (BSC). It is determined by the technologies and tools used, the degree of customization, multi-platform compatibility, the type of basic and premium features, the amount of time allotted, and the salaries are given to blockchain developers.
Above all, Turnkey Town provides a variety of post-deployment services. API integration, cross-bridging with the Ethereum blockchain network, digital marketing, bug and vulnerability fixes, KYC/AML verification of investors, smart contract audits, software up-gradation, and technical support are all options for entrepreneurs like you.
Furthermore, Binance Smart Chain (BSC) is an excellent alternative for building an NFT marketplace solution. When compared to the crowded Ethereum blockchain network, it has a faster-operating speed and a cheaper transaction processing cost.
BSC will also serve as a center for crypto collectibles based on entertainment. For moviegoers, the NFT Marvel store will sell a wide range of artwork and comic books. It will charge a transaction fee of 6% (2 percent for burning, 2% for distributing the Marvel (MV) tokens to all holders, and 2% for increasing the liquidity pool on PancakeSwap DEX).
As a result, businesses like you may provide more value to artists by establishing an NFT marketplace on Binance Smart Chain. Set the ball rolling by selling quality and unique crypto items as soon as possible!