PancakeSwap’s debut NFT collection ranks in the top 10 for 24-hour sales
Pancake Bunnies is the debut collection launched by PancakeSwap, one of the most popular exchanges and token swap services on the Binance Smart Chain. Now, PancakeSwap is also taking over the NFT space as their Pancake Bunnies reached the top 10 in the DappRadar Top NFT collections for the past day.
The Pancake Bunnies collection consists of 433,596 NFTs at the time of writing. However, this number can keep climbing. Each NFT falls in one of 22 trait categories, with Baller being the rarest.
Each Pancake Bunnies collector has the chance to activate their PancakeSwap profile (for the price of 1 CAKE token) and use their NFTs as avatars. For now, this remains the only utility of the collection. However, in the future, PancakeSwap will work towards introducing rewards schemes for holders based on activity.
Over the past 24 hours, Pancake Bunnies recorded a volume of $2.02 million in sales. The current floor price for a Bunny is 0.05 BNB, or about $20. However, rare Bunnies like Baller or Circular have a much higher minimum asking price of around 120 BNB, or $47,832. With close to 7000 transactions in the past 24 hours, the cute bunny-themed NFTs sell for an average price of about $288.
For the moment, PancakeSwap exclusively supports its debut collection on the in-house marketplace. However, devs have left teasers hinting at the fact that pretty soon, the exchange will launch a second branded NFT collection. In addition, PancakeSwap users will be able to list other BSC-based NFTs on the marketplace in due course.
Pancake Bunnies push activity on PancakeSwap
As Pancake Bunnies can only be purchased on the in-house PancakeSwap marketplace, the dapp rapidly climbed up DappRadar Marketplaces rankings. It might seem rather strange to see the DeFi solution ranked next to NFT-behemoths like OpenSea and SuperRare. However, PancakeSwap’s fan community seems to be moving between DeFi and NFTs with ease.
Of course, the novelty factor has a huge role to play in this stellar rise. The debut collection Pancake Bunnies benefits from a significant FOMO factor. However, PancakeSwap is an established brand on BSC, which means interest in its NFT collections might continue past the FOMO hype.
Binance, the powerhouse behind BSC, has also moved into the NFT space, launching its own in-house marketplace recently. While the NFT hype started on Ethereum, more and more marketplaces are launching on various protocols. Interestingly, PancakeSwap is among the first DeFi solutions to dip their toes in the NFT whirlpool. BakerySwap, another notable example has already done this too. However, unlike Pancake Bunnies, Bakery Swap NFTs are backed by liquidity provider tokens, which have a limited supply. The pancake-themed exchange has a different interpretation of the utility of NFTs and has opted to create a more diverse NFT collection, without limiting the number of collectibles.
PancakeSwap still leading DeFi on BSC
PancakeSwap is steadily keeping its position as the number one DeFi solution on Binance Smart Chain. Competitors are spawning constantly. However, PancakeSwap has managed to build itself as the industry standard on BSC. The dapp attracted over $4 billion in volume in the past thirty days. The exchange also ranks as the most used dapp on BSC overall, according to DappRadar data.
DeFi is the main value aggregator on BSC, and a big part of that value goes through PancakeSwap. According to the latest DappRadar Value Flow Report, PancakeSwap’s total value locked (TVL) sits around $9.22 billion, or 42% of the TVL on BSC. CAKE, PancakeSwap’s native token is the second most used asset on the blockchain. Considering the success this dapp is seeing in DeFi, PancakeSwap’s NFT collection has a very good foundation to start from.
DappRadar will continue monitoring both PancakeSwap and its blossoming NFT collections. If you are curious to learn more about PancakeSwap, or you want to get some CAKE tokens to start building your Pancake Bunnies collection, check out the links below.