The recent popularity surge of NFTs and the following public interest caught many existing blockchains unprepared to handle increased user and activity volume. Many NFT projects built on established blockchains suffered from high transaction fees and long transaction times that prevented their users from minting and trading tokens, making the blockchain inaccessible to both users and NFT projects and developers. This resulted in BSC quickly becoming one of the top blockchains for NFT and DeFi.
If you're a developer preparing to start a new project, existing NFT project, or a business that's exploring the possibilities of NFTs, in this article you’ll find eight reasons why we believe that Binance Smart Chain is the best blockchain for you. But first, let’s take a look at the current NFT trends.
Why are NFTs so trendy?
The young NFT market already managed to capture the attention of the general public more than many established crypto projects or trends. And while mainstream media focused on the most expensive NFTs, such as Beeple’s Everydays which sold for $69 million in ETH, there’s much more to NFTs than art.
The trend originally started with NFTs being used primarily by artists and creators who were minting unique tokens tied to their artworks and selling or auctioning them via different NFT marketplaces. But using NFTs just for one single purpose is a waste of its potential.
The hottest NFT trends:
- Digital Arts - The digital arts still remain at the forefront of NFTs and they’re not going anywhere anytime soon. Apart from marketplaces, there’s also potential for NFT integration into online events and performances, virtual galleries, and more.
- Gaming - Projects can utilize their in-game currency or items beyond the game environment. Monetizing in-game items, rewarding users with NFT badges and achievements, or pushing even further and combining NFT with DeFi, and adding a real-world value, allowing NFT owners to earn a yield on their NFTs.
- Metaverse - Integrating NFTs into VR is the next big thing. As VR gains popularity, it’s only natural that users will want to customize their in-game characters and dress them up in their favorite brands, buy virtual “real estate”, or put their NFT collection to a display.
- Social media - There are many issues with the existing social media, and NFTs might be here to change that. NFTs allow individual users, but also brands and influencers, to monetize their content and retain digital ownership of their intellectual property.
- NFT+DeFi - The match made in heaven. Projects can offer unique features by combining NFTs and DeFi into one and allowing NFT collectors and gamers to yield farm, stake, or market their NFTs.
- Infrastructure - Last but not least, is the NFT infrastructure. There’s high demand for projects like Arkane that provide access to API data points, cross-chain bridge to support moving NFTs between different chains.
Top Reasons Why BSC Is the Best Blockchain for NFTs
1. Low fees and fast transaction times
BSC was designed to become the most inclusive blockchain that allows anyone and everyone to participate. The default BSC fees for a single transaction are a mere $0.10, and the transaction speed is just 3 seconds, making BSC possibly the cheapest and fastest blockchain with full NFT functionality. Compared to Ethereum, BSC handles around 260% as many daily active users and over 600% in daily transactions.
Binance Smart Chain daily transactions chart since the BSC Mainnet launch. Source: BscScan.org
2. Complex NFT ecosystem with established names
The BSC ecosystem is not only DeFi; NFTs also play a big role. With projects like BakerySwap, Treasureland, Bounce, or Refinable, the BSC NFT ecosystem attracts millions of users, artists, and creators who don't want to miss out.
Binance Smart Chain NFT ecosystem overview. Source: BscProject.org
3. Extensive wallet support
ERC721 standard is already implemented by dozens of well-established wallets with an excellent security track record—namely, Trust Wallet, MetaMask, Math Wallet, SafePal, or our own Binance Extension Wallet.
4. NFT bridges, APIs, and security
A large part of the BSC ecosystem consists of infrastructure and tooling projects, bridges allowing cross-chain interoperability, APIs for seamless data sharing and processing, and security projects analyzing the network and providing risk assessments. Established projects such as Poly.network, pNetwork, and CurveGrid are just a few of many.
5. Fiat onramp and payments
In collaboration with Transak, BSC now has its own fiat onramp allowing users to buy BEP-20 assets with fiat currency without the need to go through exchanges. BSC is also compatible with payment products such as Binance Pay and Binance Card that allow you to receive and spend supported tokens.
6. Intensive Accelerator Programs, Funding & investments
We have multiple programs that incentivize and help projects buidl on BSC and develop unique and innovative features for the users. Explore the $100 million Accelerator Fund, #BUIDL Rewards Program, or join the second round of the Most Valuable Builder program focused on NFT+DeFi projects. Most successful BSC projects have also increased chances for collaboration with Binance.com. Two of the three winners of MVB I were already listed on Binance.
7. Marketing & technical support
The best projects on BSC receive direct marketing and technical support from the team building the BSC network. Apart from helping you deploy or migrate to BSC, we will help you grow with marketing activities and business development. We're also happy to introduce you to other BSC partners and help you establish a network of contacts.
8. Hackathons & events
In addition to direct support, BSC also comes with regular events and community initiatives. We organize hackathons where we look for new projects and talent to join the ecosystem, run AMAs introducing new and emerging projects to the community, organize and attend global events and conferences.
The young growing BSC ecosystem offers developers many unique benefits and opportunities they won’t find elsewhere. By building on BSC, you’re becoming a pioneer of the new inclusive blockchain that empowers millions of people worldwide. Our attractive growth and funding programs can bootstrap your project and prepare it for a sustainable future while helping you reach the community.
Are you ready for your first steps towards building on BSC? Explore our documentation or head to MVB 2 announcement to get a shot at becoming a BSC All-star project.