$54 million overnight for MEME coin meets CryptoPunks
Leading Binance Smart Chain DeFi dapp and NFT marketplace BakeySwap is heating up right now as transaction volume doubled overnight. In the last 24 hours, the platform has seen over $54 million in volume, compared to $26 million the previous day, as it officially launched its newest IDO or Initial Doggy Offering – Crypto Doggies.
Interestingly, at the same time 2 NFT items sold through the marketplace with a total value of over $280,000. Looking at the BAKE prices of the sales it’s likely these were bakery combos that can be purchased by users to give massive staking advantages on the platform.
What are Crypto Doggies?
At the start of 2021, CryptoPunks broke into the news when 3 pixelated alien faces were auctioned for several million dollars. Furthermore, Dogecoin, a meme token without utility, made an impact in 2021 thanks to celebrities like Elon Musk. Crypto Doggies, or DOGGY, is an attempt to blend these two together.
DOGGY is the token that users can exchange for a Crypto Doggy NFT. These animated doggies are designed by a BakerySwap featured artist and will come in a GIF format. Like CryptoPunks, they have been algorithmically created, resulting in 10,000 different types of Doggies, with different rarities, from common too rare, giving some of them an increased value.
Another differentiating feature, and reason for the surge, could be the burning mechanism. This will happen every time a user purchases one of the Doggy NFTs from the doggy shop or NFT marketplace. In a nutshell, users will have a meme token with burning mechanisms, that can turn into a unique collectible item with different types of rarity, which are tradable in the NFT marketplace.
DOGGY has a total supply of 5 billion coins, and 4 billion of them were made available through the IDO at BakerySwap. The remaining 1 billion will be used as initial liquidity, rewards to the Bakery community, Bakery promoters, and the Doggy developers & artists working on the project. Additionally, after the successful completion of the IDO, a further 3 million DOGGY are being given away via an airdrop to 50 winners. Importantly, DOGGY tokens and Doggy NFTs can be staked to farm other tokens in later activities.
Presumably, once all 10,000 NFTs are sold and allocated the value of the NFTs will increase as has been true with other scarce NFT collections.
NFTS on Binance
Binance has announced the launch of its very own NFT Marketplace in June, allowing users and creators to trade and sell digital assets. The marketplace will allow users to transact, mint, and sell with minimal fees, which will run on Binance Smart Chain.
Over the past 10 months, Binance has been making major moves in the world of decentralized finance. Their Binance Smart Chain has become a new breeding ground for DeFi protocols according to the latest DappRadar report. On a daily basis, more than 105,000 wallets connect to the Binance Smart Chain. This already makes it one of the leading blockchain protocols in the space and the addition of a native NFT marketplace should bolster that position further.