- Low fees compared to other DEXs on the Ethereum network.
- The NFT marketplace offers artists opportunities to sell a wide range of art.
- Fair distribution method for coins as there is no pre-sale or pre-mining activity.
- Traders are reliant on social media channels for any help
- Potential for bugs and errors to occur which can mean traders lose capital through no fault of their own
- Currently, a limited number of market pairs are available for staking pools but this can be expected to increase in the future
- The NFT platform offers artists opportunities to mint
- Creators can attach royalty fees up to 30%
What is Bakeryswap?
BakerySwap is the first DeFi platform on the BSC to offer a non-fungible token (NFT) marketplace. This marketplace allows its users to create and mint their own NFTs that could be traded for the exchange of its native token, BAKE, or to be used for yield farming.
BakerySwap is well-known for its NFT trading facilities that have provided opportunities for emerging artists to earn capital through minting their art. The minting process is simple as the artist must detail the artwork information such as file type, artist name and royalties. It is then pending while it waits for the confirmation and approval vote. Users can choose between either the V1 or the more updated V2 marketplace and purchase NFTs from a range of categories such as ‘Musk & DOGE’, ‘BSC Artists.
Fiat currency trading is not supported on BakerySwap, and so to trade, you must first set up a digital wallet, which is where the crypto you have purchased is stored. BakerySwap recommends that you use either Trust Wallet or MetaMask and provides guides to connect your wallet to the DEX on their website. You do not need to make a profile to trade on the exchange and so once you have connected your wallet, if you have sufficient crypto then you can commence trading.
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