Will Binance Smart Chain (BSC) Replace Ethereum as the Home of NFTs?
Bakery Swap creators now predict that the fiercely competitive Binance Smart Chain (BSC) will replace Ethereum as the home of NFTs. They blame high Gas fees as the primary reason that will force out artists from Ethereum to cheaper alternatives like the BSC. With BSC, artists can sell NFTs—comprising collectibles, artwork, and more, for as low as $4—an impossibility in Ethereum, whose network transaction fees averaged $19 by Apr 5.
While there is project tribalism, it is no secret that thehigh Gas fees in Ethereummake it incredibly hard for users to carry out experiments. Costs of such could quickly rise to several thousand. For this, BSC and other alternatives can flourish—and they have reading from improving metrics around NFTs and DeFi. Still, Ethereum facilitated the trading of over $62 million worth of NFTs in Mar 2020 alone. Meanwhile, BSC undeniably continues to expand, competing with Ethereum for top honors.
Impact on the BNB Price:
Bullish. Binance Coin (BNB) primes the BSC ecosystem and has immensely benefited from this smart contracting platform's rise. As long as BSC finds utility in gaming, DeFi, or even NFTs, its prices will continue rallying, benefiting holders.
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