The best Exchanges for NFT Games [2022]
There are many places where we can buy cryptos and tokens, but not all of them are usually very reliable, many of them disappear shortly after being created. The best known is Binance as it is the site with the most users.
Every time a coin is listed here, its value increases rapidly. When prices rise some people take the opportunity to sell, but these are usually very volatile.
Exchanges are digital business exchanges that allow customers to exchange cryptocurrencies for cash or other cryptocurrencies.
The best exchange houses for NFT gaming that we can recommend at the moment are third-generation decentralised exchanges (DEX) such as Pancakeswap and Apeswap as they offer interesting incentives for adding liquidity.
What is the PancakesSwap Exchange?
It is a decentralised exchange platform on which tokens can be exchanged within the Binance Smart Chain (BSC), without losing ownership of the tokens until the moment of exchange. Its operation is based on automated smart contracts that are deployed on the BSC, the Binance blockchain. Check out Binance review article for more information about this exchange.
This decentralised exchange (DEX) is based on the creation of automated marketplaces (AMM). It is a mechanism where users can add liquidity, or buy tokens, without losing sight of the ownership of the tokens, eliminating the order book where the sellers and buyers of the tokens were located. Now the tokens are added so that they can be used to create liquidity funds based on smart contracts, giving traders the freedom to achieve greater liquidity.
This Dex has become a solution for the DeFi market as it allows users to exchange tokens without intermediaries and without high commissions. PancakeSwap has become one of the most important decentralised Exchanges in the BSC.
How the PancakeSwap Exchange works
In order for the DEX to be funded, users are required to contribute, the use of liquidity pools between token pairs is required. In order to obtain this liquidity or perform token exchanges, it is necessary that other users provide it through their tokens.
Some of the advantages of PancakeSwap are:
- By adding liquidity you receive rewards.
- You can also add coins to the Syrup Pools that offer the rewards.
- Bets can be placed on Binance Coin (BNB) token prices if they go up or down in price over time.
- They have something similar to a lottery where users can win a good amount of CAKE tokens.
- It features NFT and Initial Farm Offering (IFO).
How do I use PancakeSwap?
Currently, the platform can be accessed through Metamak, TrustWallet, MathWallet, Binance Chain Wallet and others. Of all the above, the best option to use for now is Metamak, as it allows you to add the BSC blockchain in a faster and much simpler way. This way you will have access from your browser to both the Ethereum and Binance blockchain.
If you already have Metamask in your browser and you want to connect it to BSC, just follow these simple steps:
- Login to Metamask
- Go to “Settings
- Scroll down the drop-down tab until you find the “Networks” section.
- Click on the button where it says “Add network”.
- Fill in the fields with the requested information
- Network name: Smart Chain
- New RPC URL address
- Chain identifier: 56
- Symbol: BNB
- Blockchain Browser URL (Optional)
- Hit “Save” and you have connected the Binance Network to your Metamask.
At the top you have the option to choose the network, being able to choose between the main Ethereum network and the Binance network whenever you want very easily. All this makes it one of the best Exchanges for NFT at the moment.
What is the ApeSwap Exchange?
ApeSwap has become one of the most used DEFI Exchanges in the Binance Smart Chain, as well as PancakeSwap, as the most popular Exchanges of this network. This platform came with some very interesting new features and functions that have made it one of the most used in this network.
If you are just starting out in the world of DeFi, this platform is the best one to learn on. It is an automated market maker that is based on Binance Smart Chain (BSC), a multi-purpose DeFi platform, which can be used for performance farming, staking and much more. This platform uses the BANANA token.
Apeswap works similarly to the Uniswap and SushiSwap platforms, which are automated market makers on the Ethereum network, but has the additional benefits of the BSC network. Compared to the Ethereum network, the BSC has lower fees, is faster and more efficient. ApeSwap’s user-friendly interface makes it an excellent choice for those who are new to cryptocurrency trading.
With ApeSwap, in addition to being able to make operations in a simpler way, they have limited slippage. Users who contribute liquidity are rewarded differently. ApeSwap pushes the boundaries by coming up with interesting ideas to keep users engaged.
ApeSwap guarantees its users that they will never have a dull moment, with its Golden BANANA to Non_Fungibles Apes, BUILD programme and new partnerships.
How to use ApeSwap?
On this platform, you can invest and profit from a wide range of activities. To be able to participate in these companies you need the BANANA $ Token. These include liquidity funds, betting, farming, trading, Ape’s initial offerings, among others. Users will be rewarded with $BANANA Tokens.
In order to use the ApeSwap Exchange you must:
- Connect with your wallet, this must be compatible with BSC, so we suggest using Metamask.
- Once you have your Metamask wallet affiliated with BSC, you need to go to ApeSwap
Finance and choose what you are going to do:
- Contribute to liquidity funds
- Gamble
- Exchange tokens
- Then they should unlock the wallet or click directly on “connect”.
Then you will see a window with the different wallets to connect to the ApeSwap platform.
You are now ready to do business.
Which token does ApeSwap use?
The token used in ApeSwap is called BANANA, you will see it written as “$BANANA”. To be able to enter any of the activities that this platform performs you will need this $ BANANA token.
As with all AMMs, this ApeSwap platform relies on its users for liquidity and in return, they offer incentives to those who contribute. With ApeSwap Pools, they have the opportunity to produce and participate in using $BANANA Tokens. They can get this token by staking their LP tokens and with the trading fee, they get by adding liquidity pool.
Every $BANANA Token they get from their farming they can wager for higher profits. They can wager on ApeSwap’s $BANANA pool or they can also wager their $BANANA on any of the other pools that ApeSwap is associated with.
BANANA Farms
BANANA farms are where you can grow your bananas. Some can buy them directly if they have the possibilities. Once they get started and have their initial investment ready, it is time to grow these investments and where they can do this is very simple on a BANANA farm.
In February this year, ApeSwap launched BANANA Frenzy, a unique cash draw and share program, which is intended to encourage and reward early adopters of the platform. This helped ApeSwap get the liquidity it needed to conquer the DeFi world.
When the platform first appeared, ApeSwap had only 5 banana farms. They now have over 50 farms and have partnered with other WMAs to offer a range of agricultural opportunities.
Finally, we can tell you that decentralised Exchanges, both second and third generation, have grown tremendously in the last two years, boosted by decentralised finance (DeFi). Both PancakeSwap and ApeSwap use a blockchain that is less widely used than Ethereum, gaining some competitive advantages over other DEX.
These two platforms have become the best Exchanges for NFT games, thanks to the advantages and additional features they offer. They can easily connect to Metamask, which is one of the great advantages of these exchange platforms. Many users also use them to get credits without having to engage in mining or trading, as they offer good incentives by adding liquidity to the network.
You can tell us about your experiences using the DEX PancakeSwap and ApeSwap or any others you use. I hope the information is useful and you can decide to use either of these two Exchanges based on the Binance Smart Chain (BSC).