My NFTs on Pancakeswap
I think I understand NFTs but then I realize I don't understand NFTs.
I know the basic concept behind these non fungible tokens. The rise of NFTs could disrupt the media sector is the narrative I have been hearing for more than a year. The tokens, platforms and projects that work towards these concepts have seen amazing appreciation during this crypto run. I don't need to remind the appreciation and success of CHZ token and the project's unique concept to apply blockchain based fan tokens.
I was early in the game in recognizing this could be huge. However, I did not understand the concept well as I would understand DeFi.
Nevertheless, I have my first set of NFTs. These artworks were minted by pancakeswap platform. I have four of these tokens with total value of almost 1 BNB. That was a nice surprise.
Pancakeswap NFTs
We all know the Pancakeswap platform. It has been the platform on Binance Smart Chain that changed the course of conversation in the last BNB bull run when it did more than 20X. The DeFi on pancakeswap garnered lots of users. The platform recently introduced a marketplace for trading NFTs.
It was long time waiting as I remember I minted my first NFT on the platform earlier this year. They have been working hard to create this marketplace all year long.
I now have four bunny NFTs and all these tokens were provided for supporting the platform or performing a specific task.
Claire Bunny - Price 0.5 BNB
This is the most expensive NFT I have in my wallet. The current market price is 0.5 BNB. I was given this NFT for playing a round of prediction early enough in the cycle.
The Use Case
I am still skeptical of the success of these bunny NFTs. I am not sure what the use case or why would anyone want these artworks. Are these for collection or to use in the speculative market? For me, I have no idea how would I make profit of these assets.
I understand the concept of fan tokens and how that could bridge the real world solutions using blockchain technology. Conceptually, I am still figuring out the use case of these artwork bunnies other that the pure aesthetic value attached to it.
I am not selling these bunnies as the price of these tokens are not lifechanging at the moment. I can collect/keep them. Let's see how this marketplace will fare on the platform. I am much more interested in the real world application of non fungible tokens - tickets, land plot tokenization, real estate ownership to be honest.
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