Binance Smart Chain (BSC) is quickly becoming the hub of lucrative NFT marketplace development. It is a huge upgrade from Binance Chain and operates on a dual-chain architecture. Likewise, crypto collectibles have a whopping daily trading volume of $3.58 billion as per CoinMarketCap. Let us explore more about this phenomenon.
Why is Binance Smart Chain (BSC) apt for white-label NFT marketplace development?
Most of the NFT marketplaces are built on the sturdy Ethereum blockchain network. Accordingly, Binance Smart Chain (BSC) is fully compatible with the Ethereum Virtual Machine (EVM). Hence, investors can access real-time data about account balance, blockhash, and wallet addresses. Opcodes are used for executing day-to-day tasks. Hence, there is a requirement for high computing power.
Importantly, the Binance Smart Chain (BSC) blockchain network follows the Proof of Staked Authority (PoSA) consensus mechanism. Therefore, investors will benefit from staking their assets in a decentralized manner with governance rights. Furthermore, PoSA is environment-friendly and consumes less energy when compared to the outdated Proof-of-Work (PoW) consensus mechanism.
Apart from that, BSC allows the creation of new blocks within just 3 seconds. It also permits the swift transfer of assets across numerous blockchain networks. Overall, the Binance Smart Chain (BSC) is a parallel blockchain network to the Binance Chain and is fully permissionless.
What is the tech stack for creating an NFT marketplace solution on Binance Smart Chain?
Smart Contract deployment and testing tools –
At Turnkey Town, we assist in the hassle-free administering of smart contracts by using Remix Integrated Development Environment (IDE). It takes care of compiling and executing the code of the pre-programmed software.
Moreover, ChainIDE is utilized for cross-platform smart contract development. Our trained development team includes data like Gas limit and Gwei or Wei for energy consumption.
BSC Studio –
It contains 4 components, BSCScan, BSC Mainnet, BSC Testnet, and Smart Contracts. BSCScan is a blockchain explorer that shares the latest data about the market cap of Binance Coin (BNB), peer-to-peer transactions, prices of different tokens, transaction history, voting power, and wallet addresses of investors.
BSC Mainnet displays real-
time information about the block number, block time, and difficulty level for miners. Additionally, BSC Testnet consists of information like the unique Chain ID and the Node URL.
A unique address is embedded with all the Smart Contracts running on the Binance Smart Chain (BSC) blockchain network. Further, Application Binary Interface (ABI) interacts with all the smart contracts.
How the Binance Chain Wallet safeguards the NFTs of investors?
The Binance Chain Wallet (BCW) serves as a one-stop digital asset storage platform. Users of the Binance Chain, Binance Smart Chain (BSC), and Ethereum can use it seamlessly. Investors can add it as a browser extension. Generally, crypto enthusiasts can check their balance and transfer funds.
Importantly, there is no need to enter the private key every time while processing a payment. Moreover, the private keys are encrypted with a password for additional security.
Investors also benefit from features like an email-based login mechanism, multilingual technical support, a QR code scanning option, seed phrase protection, swift integration with DApps, and two-factor authentication. NFT buyers and sellers must pay transaction processing fees via BEP-20 tokens.
Further, they can store two types of crypto collectibles, BEP-721 and BEP-1155 on the Binance Chain Wallet. The most common kinds of NFTs supported by BCW are DeFi assets (liquidity pools and lottery system rewards), digital artwork, gaming weapons, and pets. The crypto collectibles exist in the form of audio, GIFs, photos, and videos.
What are the popular NFT Marketplaces built on B S C?
The online platform assists in the lightning-fast trading of all the crypto collectibles created by artists on the Binance Smart Chain (BSC) and BEP-721 assets. The Unique Selling Point (USP) of Airnfts is that artists can earn Binance Coin (BNB) and AIRT native tokens. Importantly, content creators get a royalty for every secondary sale of their crypto collectible.
NFT sellers get several advantages like an easy user interface, low transaction processing fees, and quick integration with MetaMask, TokenPocket, Trust Wallet, and WalletConnect. It also has separate sections for selling artwork, gaming accessories, memes, music albums and tracks, photographs, sports goods, and videos.
It is an open platform where interested investors can purchase high-value artwork and trading cards. Buyers can select their preferred Non-Fungible Tokens (NFTs) from two sections (Hot Collections and Recently Minted). Later, they can store their crypto collectibles in Binance Chain Wallet, MetaMask, and WalletConnect.
Artists can create one-of-a-kind NFTs (BEP-721) by choosing the Single option. Besides that, they can sell one digital collectible numerous times (BEP-1155). by tapping the Multiple option.
All the smart contracts of the OpenBiSea are built on the Binance Smart Chain (BSC) and Polygon. Importantly, investors can execute an NFT trading deal with just a few taps via Android and iOS apps. The OpenBiSea NFT marketplace is also conducting art competitions.
Moreover, digital artists can participate, exhibit their unique work, and get exciting rewards. Sellers need not pay any commission as the auctions take place instantly in smart contracts without any human intervention.
OpenBiSea is targeting several artists, companies, licensed brands, and influencers. Likewise, buyers can process payments through Binance Coin (BNB), Binance USD (BUSD), and US Dollar (USD).
Further, they get access to lucrative OBS tokens. It is useful for participating in the governance of the NFT marketplace, long-term value addition, and reducing overall commission.
What is the cost of white-label NFT marketplace development on BSC?
Numerous facets influence the budget of creating an NFT marketplace solution on Binance Smart Chain (BSC). It depends on the choice of technologies and tools, the extent of customization, multi-platform compatibility, the nature of basic and premium features, the time allocated, and the wages paid to the blockchain developers.
Above all, we at Turnkey Town offer a range of post-deployment services. Entrepreneurs like you can use solutions like API integration, cross-bridging with the Ethereum blockchain network, digital marketing, fixing bugs and vulnerabilities, KYC/AML verification of investors, smart contract auditing, software upgradation, and technical assistance.
Importantly, Binance Smart Chain (BSC) is the perfect choice for establishing an NFT marketplace solution. It has a higher operating speed and a lower transaction processing fee when compared to the congested Ethereum blockchain network.
BSC will also become the hub for entertainment-based crypto collectibles. The NFT Marvel marketplace will sell a wide variety of artwork and comic books for cinema lovers. It will impose a transaction fee of 6% (2% for burning, 2% for distributing the Marvel (MV) tokens to all the holders, and the remaining 2% for adding to the liquidity pool on PancakeSwap DEX).
Hence, entrepreneurs like you can offer greater value for artists by creating an NFT marketplace in Binance Smart Chain. Set the ball rolling and sell premium and rare crypto collectibles soon!