Although that may be far from simple for the uninitiated to understand, the payoff has been huge for many artists, musicians, influencers and the like, with investors spending top dollar to own NFT versions of digital images. For example, Jack Dorsey's first tweet is now bidding for $2.5 million, a video clip of a LeBron James slam dunk sold for over $200,000 and a decade-old ``Nyan Cat`` GIF went for $600,000.
Built on Binance Smart Chain, this will be a central repository of all things gaming including assets, UI’s, music, sound as well as a thriving community.
Furthermore, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications like MetaMask.
The aim of the platform is to enable developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity.
Advantages of BSC:
- Low gas fees: Recently, Ethereum has recorded fees over $100 for a single transaction, while Binance Smart Chain charges between $0.01 — $0.05 for the same services,
- Transaction speed: Ethereum has been handicapped by scalability challenges, which has resulted in congestions and longer waiting times for transactions to complete.
- Interoperability: Binance Smart Chain is built with a dual chain architecture, which makes it possible for users to enjoy the flexibility of transferring assets from one blockchain to another.