BNB Chain NFT ecosystem
BNB Chain NFT
BNB Chain (BSC) was one of the first chains that XP.NETWORK integrated into its NFT bridge, and we are currently preparing an exciting announcement concerning this blockchain. Learn what makes BSC an important part of the emerging cross-chain NFT ecosystem.bnbchain.org
Key facts about BNB Chain
Did you know that for a long time Binance had two independent blockchains? One was Binance Chain, launched in 2019 to power Binance DEX. It didn’t support smart contracts, so in September 2020 the exchange giant released Binance Smart Chain (BSC). This was a fully functional smart contract platform, just like Ethereum. It was compatible with EVM and used Solidity.
BSC quickly became a hub of NFT and DeFi activity. It has much lower fees than Ethereum (below $0.3 vs. $10-50), and it is faster, with a time to finality (full confirmation) of less than one minute. As of Dec 31, 2022, it had more registered addresses than any other blockchain: over 236,000, according to Coin98 Analytics. This is 87% higher than a year earlier.
BSC partly owed its speed to its centralized nature. There were just 21 validators (as opposed to many thousands on Ethereum), and they all had to be KYC-ed and appointed by the validators of Binance Chain.
This is a compromise that blockchains often have to make: it’s hard to make a network that is scalable, secure and decentralized at the same time – especially if you rely on EVM and Solidity, which is fundamentally unsafe (see this video on EVM vs. non-EVM by our CTO Dima Brook).
In February 2022, Binance announced that it was merging the two chains into a single BNB Chain. In this new structure, the old Binance Chain (now called BNB Beacon Chain) acts as the governance layer with staking and voting, and BSC becomes the consensus layer. Binance even hinted that it had plans for a multichain ecosystem – and revealed the new concept of MetaFi.
Many people still call BNB Chain BSC, but hopefully now you understand the difference.
NFTs on BNB Chain: how is the ecosystem doing?
NFTs on BNB Chain: how is the ecosystem doing?
BSC was always seen as an OG chain – reliable but maybe not very exciting compared to newer entrants like Solana, Polygon or Avalanche. Even OpenSea took longer to add support for BNB Chain than for Solana (December 2022 vs. April 2022). So don’t be upset if out of the top of your head you can’t name any major NFT collections on BNB Chain – or even marketplaces.
Actually, the BNB ecosystem is the strongest not on NFT art collections but on games. Alien Worlds runs on BNB Chain (as well as on Wax), and so do Meta Apes, Era7: Game of Truth, X World Games, TinyWorld and MOBOX: NFT Farmer – all in DappRadar’s top 20 games by the number of unique active wallets.
As for marketplaces, BNB Chain is supported by the following major platforms:
That’s right: PancakeSwap, the biggest DEX on BNB Chain, also has a marketplace. It’s home to Pancake’s own extremely popular collections, Pancake Squad and Pancake Bunnies. They are no.2 and no.6 on the list of the biggest NFT collections on BNB Chain by 30-day volume, according to DappRadar.
The biggest collection is MOBOX: NFT Farmer. Also in the top 10 are Baby Wealthy Club, Space ID and JaZDID BAB (both BNB domain name services), Sentinel Squadron, ZombieNFT and others.
In terms of NFT trading volume, BNB Chain is quite far behind Ethereum and Solana: the biggest collection, MOBOX, garnered only $1.3M in 30 days, while on Solana DeGods boast $10M, and on Ethereum BAYC have $60M.
Still, the ecosystem on BNB Chain is important for gaming and NFTs that yield passive income. We at XP.NETWORK receive quite a few inquiries from projects wishing to expand to or from BNB Chain. For example, recently we collaborated with these startups:
- Apes Planet – from Ethereum to BNB;
- CrossPunks - from BSC to Ethereum;
- StreetPunks – from BSC to Polygon;
- Herity Network;
- Cheers Land;
- Gems Town and others.
How to bridge to and from BNB Chain with XP.NETWORK
Our NFT bridge has the same intuitive flow for all supported blockchains, be it BNB Chain, Tron or Solana (on testnet for now). Let’s see how to send an NFT from BNB Chain to Elrond, for example.
- On the bridge page, connect your BNB wallet (MetaMask, WalletConnect, etc.).
- Select BSC as the departure chain, then Elrond as the destination chain.
- Click on Continue Bridging.
- The bridge will display all the available NFTs in the wallet. Pick those you want to send (it can be more than one).
- Enter the recipient address (e.g. your address on Elrond).
- Confirm the transaction and the fee. All the fees are calculated and paid in the coins of the departure chain, so BNB in this case.
- Once the transaction is submitted, wait for the NFT to be transferred. It can take a bit of time depending on the chains, but generally it’s quite fast.
That’s it! We also recommend that you watch the XP.NETWORK bridging tutorial on YouTube.