BakerySwap NFT Marketplace Review?
BakerySwap is the first decentralized cryptocurrency exchange to launch its own NFT marketplace. The artwork centric portal was launched in September 2020. Just like its cryptocurrency exchange, BakerySwap’s NFT trading platform operates on Binance Smart Chain.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
BakerySwap NFT Marketplace Focus
BakerySwap NFT portal features artworks, collectables and game assets. Users can also buy their NFT pets from this marketplace. As the name BakerySwap suggests, the central idea of this platform merges crypto projects with food-themed projects. The transactions can be made using BakerySwap’s native token BAKE.
BakerySwap NFT Marketplace allows minting of NFT combos. There are four tiers of NFT combos; each with an increasing number of BAKE token requirements. These four tiers are Basic (10,000 to 20,000 BAKE), Regular (20,000 to 50,000 BAKE), Luxury (50,000 to 100,000 BAKE) and Supreme with above 100,000 BAKE.
BakerySwap NFT Marketplace Fees
When you make a trade at any marketplace, they charge you a commission or fee. Typically, the commission is a percentage of the sale amount in the relevant trade.
BakerySwap NFT Marketplace charges 0.01 BNB for minting NFTs. In addition to that transactions attract a gas fee. BakerySwap’s crypto trading platform charges 0.30% per trade, however, we couldn’t find any separate mention of a commission fee for its NFT platform.
Layout of BakerySwap NFT Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from BakerySwap NFT Marketplace:
BakerySwap NFT Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits.
We could not find any mention that BakerySwap NFT Marketplace accepts cards or PayPal. However, it is important to note that its AMM (automated market maker) platform does not support either of these payment methods. So we are assuming that their NFT trading platform does not support these payment modes either.