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Oxalus Insights

All You Need To Know About BNB’s NFT Ecosystem

Guides Nov 10 2022
BNB’s NFT Ecosystem

The birth of Binance NFT took place on June 24, 2021. In a short span of 1 year, BNB’s NFT ecosystem has developed very well. BNB came up with the NFT ecosystem to provide everyone with the ultimate experience. Whether you’re a creator, a passionate collector, or new to the world of NFTs, there’s something exciting for everyone.

Binance got the support of some top-tier collaborations with brands, celebrities, gaming projects, and influencers, as there was over 1 billion USDT in total trading volume on the platform. Some famous brands and celebrities that collaborated are Jimmy Choo, Mobile Legends, Muhammad Ali, Mike Tyson, and Akon.

On the event of the 1st anniversary of the BNB NFT ecosystem, the ‘Genesis’ collection featured two iconic artworks. The ‘Three Self-Portraits’ by Andy Warhol was one of them, and the other one was ‘The Divine Comedy: rebeget’ by Salvador Dali, which featured the bitcoin symbol.

Why Choose BNB Smart Chain For NFTs?

NFTs are moving on different platforms with their craze and popularity increasing over time. There are plenty of NFT projects coming up on the BNB Smart Chain right now after Ethereum. The main reasons behind choosing BNB Smart Chain are scalability, low transaction fees as compared to other blockchains, and the most significant one is the backing by Binance. As Binance is the largest crypto exchange in the world, people can put their trust and rely on BNB Smart Chain.

On top of that, BSC is compatible with Ethereum Virtual Machine (EVM), which makes it easy for developers to port their DApps from Ethereum to BSC. Even if we look from the perspective of NFTs, it will be pretty affordable to buy and sell NFTs on BSC. So, even smaller investors can buy and sell NFTs on BSC with low transaction fees.

NFT Transaction Fees on BNB Chain

Whenever someone makes a transaction with NFTs on the BNB chain, they will be charged gas fees in BNB. Like other blockchains, the governance token of the BNB ecosystem is BNB – Binance coin, so you need to have this token in your wallet to be able to pay gas fees. The gas fee for BNB is calculated in Gwei, which is used to determine a small number of ETH. On average, the gas fee on BNB chain is 5-8 Gwei per transaction – 1 Gwei = 0.000000001 (or 10-9) ETH). 

BNB Chain has low gas costs and fast transaction execution speed, which results in significant cost savings for NFT users. You can compare the gas fees and transaction processing speed of the BNB Chain against other blockchains in the following image:

blockchain platform comparison

On the other hand, if you trade NFT on NFT marketplaces, you also have to pay fees for these platforms. For example, Binance NFT marketplace charges a set 1% fee on every transaction, which is lower than several major NFT marketplaces. Users will still need to pay gas fees, which can add up. In addition, there are no fees for listing NFTs on Binance NFT.

Top NFT Collections on BNB

#1. MOBOX

MOBOX is a free-to-play gaming platform launched in December 2021 on the Binance NFT Marketplace. It works towards creating a play-to-earn ecosystem by combining farming NFTs and yield farming. The main aim of MOBOX is to connect different metaverses through NFTs. They are trying to achieve NFT interoperability across different platforms and games on the blockchain network.

MBOX is the native token of the platform, which is utilized for governance as well as in-game purchases. The volume of MOBOX: NFT Farmer is $695 million, with an average price of $552 for every NFT sale. Currently, the MBOX token is trading at $0.654.

#2. PancakeSwap Squad

PancakeSwap is a famous DeFi exchange on the Binance Smart Chain. It was also the first PFP collection on the entire BNB chain. During the October 2021 release of the NFT collection, the entire collection was sold out within a few seconds and the trade volume soared to $9 million. Till now, no other NFT collection has managed to match the volume of PancakeSwap Squad. 

The entire collection consists of 10,000 unique PancakeSwap Squad NFTs possessing 200 features and the ones with no ears being the rarest of all. Out of them, 1,111 have been listed on the PancakeSwap Marketplace.

PancakeSwap’s native token is CAKE. Currently, the volume of PancakeSwap Squad is $62.76 million, with an average price of $3.55k for every NFT sale. The CAKE token is trading at $4.82.

#3. Pancake Bunnies

Pancake Bunnies is another DApp on the Binance Smart Chain. It allows the users to stake their BNB tokens and earn the native CAKE tokens in return. Pancake Bunnies was among the first phase of NFTs created by PancakeSwap, with 952,570 NFTs in the entire collection and 23,811 listed on their marketplace at the time of writing. There are 22 different trait categories for every NFT, with Baller being the rarest of all.

The volume of Pancake Bunnies is $20.22 million, with an average price of $156.29 for every NFT sale. 

#4. PixelSweeper

After the launch of Pancake Squad, PixelSweeper was another PFP NFT collection that managed to draw everyone’s attention to the BNB chain. It’s a collection of 10,000 3D robots that are busy sweeping the floor on the BNB Chain for NFTs and redistributing the found NFTs to their holders. Out of them, 187 PixelSweepers have been listed on the PancakeSwap Marketplace.

Even though there was a huge BTC dump happening during the time of the PixelSweeper NFT collection, the entire collection was sold out within a few hours. The volume of PixelSweeper is $382k with an average price of $481.69 for every NFT sale. 

#5. Non Fungible Apes (NFA)

Non Fungible Apes is a popular NFT collection of 1,000 digital apes. There are 6 different characteristics to randomly generate a digital ape. There are 30 NFAs called Magic Monkeys that are known to be the rarest of all digital apes. The rarity of NFAs is determined by categorizing them into 5 different traits.

The volume of the Non Fungible Apes collection is $4.66 million with an average price of $2.38k for every NFT sale. ApeSwap’s native token is BANANA.

The Bottom Line

There have been plenty of advancements in the world of NFTs. This is highly visible on the BNB Smart Chain and Ethereum blockchain networks. BNB Smart Chain is consistently improving to grow in the NFT ecosystem by taking advantage of speed and affordability as its foundation. 


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