While the 2017 bull market is remembered for the invention and boom of ICOs the 2021 bull market is unmistakably linked to the rise of NFTs (non-fungible tokens). If you do not yet know what NFTs are make sure to check out our introductory post on non-fungible tokens.
NFTb
NFTb is a platform on the Binance Smart Chains which aims to connect digital artists with collectors and patrons. NFTb believes in the potential of the Binance Smart Chain to host a broad variety of NFTs and to compete with other blockchains that support the issuance of NFT tokens. The platform provides the functionality to mint NFTs on the Binance Smart Chain.
NFTb has recently closed a seed investment and is preparing to launch soon. After launching the version 1 NFTb is planning to deploy version 2 and 3 in the course of this year.
Highlights of version 2 include fractional ownership of NFTs, the launch of various marketing campaigns and the release of an API to aggregate all NFT listings.
The main improvements of version 3 will be cross chain interoperability with Ethereum and Polkadot, NFT based loan issuance and the integration of NFTs into the BSC DeFi ecosystem.
NFTs on the Binance Smart Chain
The Binance Smart Chain has been famous so far for the amazing yield farming opportunities that were popping up in combination with the incredibly low fees.
NFTb wants to take this one step further and professionalize the NFT ecosystem on the BSC.
Creators who wish to create and release their NFTs on the NFTb platform can complete the NFTb questionnaire and start the onboarding process. So far more than 100 creators are on the waiting list and ready for the NFTb launch.
The main advantage of issuing NFTs on the Binance Smart Chain are the lower issuance costs for artists.
NFTs on Ethereum
NFTs on Ethereum turned out incredibly popular this year. Users started collecting them in niches such as scarce soccer player cards that can be used for a number of digital games (compare our article on Sorare) or Formula One In-Game items (compare our article on REVV Motorsport).
OpenSea, a company who participated in YCombinator in 2018, built one of the first NFT market places based on Ethereum issued NFTs. The platform is focussing mostly on digital arts and based on data from DappRadar it is one of the largest NFTs marketplaces. OpenSea was processing sales of approximately 3 million USD per day in the past month.
The leading platform in terms of sales volume is currently CryptoPunks which enables trading for 10,000 unique collectible characters.
NFTb is intending to introduce a cross-chain compatibility with the launch of its version 2 so that users will be able to buy Ethereum based NFT tokens through NFTb.
NFTb token economics
It is expected that NFTb will reward early vendors and purchasers of digital art through an airdrop of its native NTFb tokens.
The details of the NFTb token economics were not yet announced at the time of writing. It is expected that the token holders will benefit from NFTb platform fees which will account for approximately 2.5% per sale.
The private token sale of the NFTb token is currently going and is oversubscribed. NFTb is expected to conduct an IDO on two platforms. Details have not yet been announced. In case you wish to participate in their IDO we recommend following their Telegram Channel and Twitter Account.
FrontierProtocol Verdict
The Binance Smart Chain is currently booming in the classic DeFi verticals liquidity mining and token trading. However, NFTs are one of the drivers of the 2021 bull market and NFTb is trying to fill this niche on the fastest growing smart contract network. A convincing team, a solid seed funding round and the current market gap for minting and trading NFTs in an affordable way form the basis for NFTb becoming another success story built on the BSC.