PancakeSwap announced it is launching a non-fungible token (NFT) marketplace alongside its NFT collection called PancakeSquad NFTs on September 22.
The PancakeSwap team said,
"We're aiming to launch the first version of PancakeSwap's NFT marketplace and minting of the PancakeSquad NFTs on September 22nd All fees from the NFT marketplace and PancakeSquad will be used to buyback & burn CAKE Not gonna lie, I am very excited. Are you?"
According to the team, they would use the fees that the NFT marketplace and the PancakeSquad NFTs generate to buy back and burn CAKE. Also, the team added that users would need CAKE to mint the PancakeSquad NFTs.
Although NFTs have been around for a long time, they only gained popularity at the beginning of 2021.
Last week, OKEx announced it is expanding its decentralized finance (DeFi) works by starting its non-fungible token (NFT) marketplace and DeFi Hub.
According to the world’s second-largest crypto derivatives exchange by trading volume, the 2 new platforms are meant to improve each other. Moreover, OKEx is a platform that enables users to examine and manage decentralized assets across several blockchain networks and DeFi protocols.