Trustwallet binance smart chain

Brace Yourself, Binance Smart Chain NFTs Are Coming!

Luke Pettit

Published on 12 Feb 2021

Learn more about the fast-growing non-fungible token (NFT) market on Binance Smart Chain.

For those of you looking to expand your collection of crypto collectibles, we have some great news for you! All your favorite non-fungible tokens (NFTs) can be sent, received, and stored directly in your Trust Wallet app. This includes unique ERC721 and ERC1155 tokens, all storable within the new collectibles section as well as Binance Smart Chain (BSC) based NFTs, the BEP-721, and BEP-1155.

The number of projects, use cases, and applications of Binance Smart Chain grows every day. It’s one of the best parts of being part of a new community and chain.

You can brush up on your NFT knowledge with our previous tradable collectibles article or get stuck in straight away with some unique BSC non-fungible tokens.

What’s All the Hype About?

The concept behind NFTs is a pretty cool one, combining tokens with a more collectible aspect such as digital art or even physical real-estate.

While they’ve been on the Ethereum blockchain for quite a while now, BSC native NFTs are a much more recent development.

Now, all the benefits that we associate with BSC, such as its speed, low fees, and reliability, can be gained when using BSC-based NFTs. The community loves innovation and generally playing around with all the possibilities that the chain has to offer… so it’s another feather in the cap of BSC.

When we look at the kind of NFTs in use within the BSC ecosystem, we can split them into three major categories:

Decentralized finance (DeFi) NFTs used for lotteries and liquidity pools

Art NFTs for collectible pieces of digital art

Game NFTs for collectible pets, weapons, and items

Some of the top DApps on BSC have begun to create their own NFTs and marketplaces, right at the cutting edge of whats’s possible in the world of non-fungible tokens.

Where Do I Store Crypto Collectibles in the Trust Wallet App?

The process for storing your NFT collection has been made as easy as possible with the new collectibles tab at the top of the Trust Wallet app.

All you need to do is open the tab and copy the Ethereum wallet address shown. Take care though in only sending ERC721 and ERC1155 based tokens to the wallet, otherwise your non-Ethereum NFTs will be permanently lost.

Functionality will be added soon to store BSC-based NFTs directly in your wallet, such as BEP-721 and BEP-1155 tokens.

NFT Action on the Binance Smart Chain

So, now you’re up and running, where’s the best place to get your hand on some NFTs within the BSC ecosystem?

Depending on the type of NFT you’re looking for, there are already quite a few DeFi and more traditional collectible projects ready for you to explore.

AirNFTs

AirNFTs is NFT marketplace built on Binance Smart Chain where you can Create, Buy and Sell NFTs. Team aims to get NFTs to the mainstream, even tho they launched this April they managed to build fast adoption already.

The platform is highly focused on user experience to create an NFT in just under 3 steps.

While it is being quite a new, the team is actively shipping new features:

Team come up with interesting incentive program where even collectors earn crypto in their token.

They allow every creator of any type to mint NFTs no matter if you are designer, photographer or musician.

AirNFTs has released a quick guide how to create NFTs on their platform with Trust Wallet app Guide.

JuggerWORLD

JuggerWORLD is one of the first NFT dedicated marketplaces on BSC, brought to you from the DeFi team behind Juggernaut. It only launched this January so it’s brand spanking new!

The platform has been made as a direct answer to the BSC community’s requests to begin trading NFTs outside of Ethereum.

While only its marketplace is currently open, the team is actively developing:

NFT Creation allowing anyone to create a variety of different BSC-based NFTs. This includes one-offs and running sets.

Stores to allow creators and artists their own marketplace for selling their artwork represented as NFTs.

JuggerWorld has released a quick guide to getting yourself set up with the platform that’s worth taking a look at.

PancakeSwap

One of the best BSC DeFi liquidity pool platforms has now begun to dip its toe into NFTs. And we’re talking the cuddly kind here… rabbits to be specific. It’s not PancakeSwap’s first time using BSC-based protocols for collectible tokens either. They already run their regular lotteries to burn their native token CAKE using BEP-721 tokens.

With names like Swapsies, Drizzle, and Churro what’s not to love?

You’ve got to hand it to the PancakeSwap team, they do have a knack for names. These critters were able to be snapped up by entering into a competition on the PancakeSwap website.

Winners were randomly given out the collectibles, which could then be either swapped for CAKE or kept purely for fun. In future Trust Wallet updates, these will be directly transferable to your collectibles wallet within the app.

Treasureland & Dego

Treasureland is another NFT exchange platform that allows for the buying and selling of BSC NFT tokens. It’s a spinoff from the devs behind DEGO, a hybrid platform mixing the world of DeFi and NFTs.

While Treasureland is a more traditional NFT marketplace, DEGO explores further applications of NFT technology. Their unique blend offers:

A stand-alone but open NFT ecosystem… where anyone could issue NFT, initiate mining, auction, trading, etc., taking care of the lifecycle of an NFT.

An NFT Protocol as a cross-chain Layer 2 Infrastructure to Blockchain projects for user acquisition, token distribution, and more diverse NFT applications.

Getting your hands on some NFTs is pretty simple on the Treasureland platform. It allows for listings and auctions payable in a few different cryptos. You can also switch to DEGO to get involved in mining NFTs too, which is quite uncommon in the collectibles world.

It also has one of the funkiest-looking websites with a Windows 98 theme. You can even play Minesweeper while joining an NFT mining pool (pretty meta, hey?).

Since the launch of DEGO and Treasureland on BSC, there have been a few different ways that you can acquire BSC NFTs:

The BSC NFT airdrop held at the launch

Trading BSC NFT tokens on Treasureland

Once again, the decision to start working with BSC was made due to the high gas fees payable when sending tokens and interaction with Ethereum. You can read more about their decision on their wiki.

More Collectibles on the Horizon

We’re really only just getting started when it comes to more mainstream adoption, trading, and storage of NFTs on BSC.

Soon enough, you’ll be able to store them directly within your Trust Wallet. There will also be easy ways to create your own and sell them on marketplaces like Juggernaut or Treasureland.

The real development most interesting here is the new combination of DeFi and collectibles that has appeared. NFT economies have become much more advanced, even allowing for the mining of NFTs. With the benefits of BSC in hand, we can only look forward to more use cases and applications in the crypto collectibles world.

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Smartchain (BNB) Wallet

Download Trust Wallet for Smartchain (BNB) The mobile app works with several crypto tokens and blockchain wallets. With Trust Wallet, you are in control over your funds. Receive, send, store and exchange your cryptocurrency within the mobile interface.

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a smart contract-enabled parallel blockchain to Binance Chain that provides a permissionless platform for decentralized application (DApps). While Binance Chain offers a high-throughput targeting active crypto trades, it lacks in the programmability department. Binance Smart Chain exists to change that. Binance launched Smart Chain to provide a high-speed, low-cost alternative for the burgeoning decentralized finance (DeFi) market, which has suffered from Ethereum’s high transaction fees. Launched in September 2020, Binance Smart Chain boasts a five-second block time, cross-chain asset transfers, EVM compatibility, and a Proof of Staked Authority consensus protocol to ensure scalability.

The BEP20 Token Standard

Binance Smart Chain has a BEP20 token standard that functions similarly to Ethereum’s ERC20 standard. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. The same goes for ETH, XRP, DOGE, and many more.

What’s Happening on Binance Smart Chain?

As a low-cost, high-speed alternative to Ethereum, backed by one of the largest crypto companies in the world, Smart Chain already boasts a wide range of DApps and DeFi apps on its chain. While some DeFi protocols have migrated over to Smart Chain from other blockchain networks, dozens of Smart Chain-native DApps have emerged and experienced substantial user growth since their inceptions. DeFi protocols, such as PancakeSwap, Venus, and Autofarm, make up most of the activity on BSC. But that does not mean Smart Chain is only for decentralized finance. Gaming and gambling DApps have also found a home on Smart Chain, and the first NFTs appeared in early 2021 to provide BSC users with the same crypto collectible experience found on other chains.

How to Access Binance Smart Chain

Arguably, the easiest way to access the BSC ecosystem is using the Trust Wallet DApp Browser . The market-leading mobile DApp Browser allows anyone with a smartphone to securely access DApps and DeFi protocols on Binance Smart Chain with just a few clicks. Download Trust Wallet today and explore the Binance Smart Chain ecosystem.

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Trustwallet binance smart chain

Here’s how you can get set up on Trust Wallet and start using Binance Smart Chain in just a couple of minutes.

Setting up your wallet for Binance Smart Chain

1) Download Trust Wallet here . If you already have Trust Wallet, make sure your app is up to date.

2) Complete basic setup of a multi-coin wallet . Remember to save your backup phrases.

3) Go to your Smart Chain wallet and press receive to find your address.

4) Deposit BEP20 assets to your wallet. The easiest way to do this is with Binance. Choose an asset on Binance that supports BEP20 withdrawals and withdraw to your Trust Wallet Binance Smart Chain address. Keep in mind that BNB is required to make any transactions on Binance Smart Chain.

5) That’s it! You’re ready to start using Binance Smart Chain.

6) Once you’ve received a BEP20 token, to view your transaction ID you can click on the transaction, press the share button in the top right and then copy the transaction ID.

Using Binance Smart Chain Dapps

7) For this part, iOS users will need the Dapp browser, which you can get by following this guide . Android users have the Dapp browser by default.

8) Once you’ve topped up your wallet, open the Dapp browser by pressing on the four squares at the bottom of the app.

9) Navigate to a Binance Smart Chain Dapp like PancakeSwap or BurgerSwap.

10) Use the Dapp and have fun!

Here are some more detailed guides on how to interact with Binance Smart Chain Dapps with Trust Wallet:

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Binance Smart Chain (BSC) in Numbers A Fast-Growing DApp Ecosystem

Alex Lielacher

Published on 23 Dec 2020

Gain insight into the progress that Binance Smart Chain (BSC) has made since its September 2020 launch.

Binance Smart Chain (BSC) launched as a parallel chain to Binance Chain with the goal of providing a high-throughput blockchain that enables DeFi applications to thrive. Only three months later, Binance Smart Chain already has a lot to show for.

Discover the latest data on Binance Smart Chain usage that highlights the new chain’s promising future.

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a new smart contract-enabled blockchain that acts as a parallel chain to Binance Chain.

BSC is was built to be Ethereum Virtual Machine (EVM) compatible in order to provide developers with the ability to seamlessly deploy DApps built for Ethereum on Binance’s new blockchain.

Additionally, BSC supports cross-chain transfers and allows for the creation of “pegged coins” (tokens pegged to the BSC chain), including BTC, ETH, TRX, and more. Pegged coins operate as BEP-20 tokens on Binance Smart Chain, similar to Ethereum’s ERC-20 tokens.

Moreover, BSC’s BEP20 token standard enables developers to easily create and issue tokens that can represent a wide range of different asset types.

5 second block time and a Proof-of-Authority (PoA) consensus mechanism, BSC enables high-speed transactions that only cost network participants a few cents.

As a result, decentralized applications built on Binance Smart Chain have already experienced substantial user uptake, with DeFi apps leading the foray.

Binance Smart Chain in Numbers

The best way to gain insight into Binance Smart Chain’s progress to date is to dig into its numbers.

So let’s dive in!

The Binance Smart Chain mainnet was launched on September 1, 2020, to provide an alternative, smart contract-enabled chain to Ethereum for the burgeoning DeFi market.

On September 10, 2020, Binance CEO Changpeng “CZ” Zhao announced the launch of a $100 million developer seed fund to support the development of promising decentralized applications on Binance Smart Chain.

The first DApps to hit Binance Smart Chain were DeFi protocols looking for a user-friendlier blockchain than Ethereum that still provides many of the leading smart contract’s platform’s benefits.

PancakeSwap, BakerySwap, and Beefy were the first DeFi protocols to launch on BSC, with strong user uptake in weeks following their launches.

In total, there are 47 DApps currently running on Binance Smart Chain, according to data compiled by DAppRadar.

Out of the 47 DApps that have been deployed on BSC, 38 are DeFi apps, highlighting the platform’s focus on this exciting new market segment.

At the time of writing, Binance Smart Chain has over 7,900 active DApp **users that have deposited **a total of $41,588,673.40 in BSC-powered protocols in the last 24 hours.

The three most popular BSC DApps — measured by number of active users — are the food-themed yield farm, PancakeSwap, the gambling DApp, BLINk, and the gangster-themed DeFi protocol, Thugs.Fi.

The top five DApps by 24-hour transaction volume are PancakeSwap, Venus, C.R.E.A.M, Thugs.Fi, and BLINk.

The DApp with by far the highest US dollar balance in its smart contract is the DeFi app, Venus.

This should come as no surprise as Venus is an algorithmic money markets protocol that enables users to earn above-average interest rates on stablecoins. To earn interest, investors need to deposit stablecoins, such as the BEP-20 version of BUSD, DAI, USDC, and USDT. Hence, the high US dollar amount in the Venus smart contract.

The first initial farm offering (IFO) held on Binance Smart Chain was conducted by the new gambling platform, BLINk. The WINk-backed gambling DApp held a token sale on BSC’s most popular yield farming platforms, PancakeSwap, BakerySwap, and Bounce.

According to BSCScan, the five largest Binance-pegged tokens by market capitalization are ETH, XRP, BUSD, LTC, and BCH at the time of writing. There are a total of 34,406 holders of the top five pegged assets.

The most popular pegged tokens by on-chain transaction volume are BUSD, WBNB, BUSDT, ETH, BTCB.

Currently, there were a total of **439,672 unique Binance Smart Chain wallet addresses, **following a one-day increase of 4,334 addresses.

On September 14, 2020, the BSC network processed the highest number of daily transactions, totaling 402,572. On that day, average block time was 3.00 seconds.

Currently, the average gas fee (transaction fee) amounts to 22.5560 gwei on Binance Smart Chain, making it one of the blockchain networks with the lowest transaction costs in the market.

The top three validators on Binance Smart Chain are Nariox, Defibit, and Coinlix, having validated 10,501, 10,499, and 10,499 blocks, respectively, at the time of writing.

What’s Next for Binance Smart Chain?

With the backing of Binance — arguably the most dominant company in the cryptocurrency industry — Binance Smart Chain is poised to establish itself as a user-friendly alternative for the largely Ethereum-based decentralized finance market.

As more developers build DeFi apps on BSC, and users continue to follow, we can expect the ecosystem to grow horizontally, adding a broader array of different types of decentralized applications to the BSC network.

Boosted by Binance’s $100 million seed fund for developers building on BSC and the chain’s high adoption rate in its first three months, it’s hard to envision the current growth trajectory to slow down anytime soon.

While it is unlikely that Binance Smart Chain will become an “Ethereum Killer,” its interoperability with the pioneering smart contract platform combined with low transaction fees and fast transaction settlement times may be the right ingredients for the chain to become a market-leading DApp platform on its own.

Trust Wallet: Your Gateway to Binance Smart Chain

Trust Wallet has been supporting Binance Smart Chain from the beginning by providing a secure storage solution for BSC-powered digital assets and a mobile-friendly way to interact with Web 3.0.

Using Trust Wallet’s DApp Browser, anyone with a smartphone can explore the world of Binance Smart Chain DApps and take part in the booming multi-billion dollar DeFi market.

Download Trust Wallet today and explore Binance’s latest addition to the cryptoverse.

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