Why we chose the Binance Smart Chain for our NFT project
A biased perspective from the hot-selling LiL Moon Rockets NFT
On a cold day in December, somewhere in a remote outskirt in the worlds of virtual reality, 4 eccentric persons met and started exchanging ideas. That seemingly random meetup over a digital card game changed their lives forever. The group of 4, artists & developers shared previous work, experience, memes and not long thereafter started fantasising about ground breaking potential digital art projects.
The team kept on huddling up in VR and decided it would be cool to launch an actual NFT collectible, combining their powers as developers and artists. And so the story of LiL Moon Rockets began.
13,337 Vector Pop-Art Rocket NFTs looking for a blockchain
During the creation of the unique algorithmic curation of virtual endless possibilities of rocket artworks, consisting of pop-art inspired vector graphics, another project was born on the Ethereum chain: HashMasks, setting life to a new era of digital collectibles, where “customers” participate in the art by enabling them to rename the artworks NFTs they hold.
Inspired by this, the LiL Moon Rockets project team also enabled this feature and decided to experiment with the open-sourced contracts on a private ethereum block chain. Various iterations and tweaks further down the road and it became apparent launch day was approaching.
With LiL Moon Rockets ready for deploying through Truffle, after countless tests, the Rinkeby Ethereum test net showed that the contract deployment and contract interactions would leave a permanent scar in the core vision of the project: NFT for everyone.
How can NFTs be for everyone if you need to pay 20x the price of a single NFT as transaction cost in gas fees?
A solution was needed and then the developers learned about the up and coming Binance Smart Chain, fully compatible with the Ethereum VM:
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.
For the project team it became apparent there was literally no time needed to adjust the smart-contracts for LiL Moon Rockets to launch on the Binance Smart Chain. And it would only take 30 minutes of time to adjust the project’s web app: Renaming Ethereum Network and ETH to Binance Smart Chain and BNB :)
After running thorough tests, it was decided that for the projects well being it would launch on Binance Smart Chain and a love story began!
The number one reason for LiL Moon Rockets’ overnight succes is the Binance Smart Chain.
Five reasons why you should choose the Binance Smart Chain for your next project
- Fast confirmations because of speedy blocktimes
The Binance Smart Chain runs at an average blocktime of around 3 seconds. The Ethereum blockchain runs at an average blocktime of over 12 seconds. This means that transactions get accepted 4 times faster, and finality is also reached faster. - Low gas fees thanks to big blocks
Fast blocktimes together with big blocks result into ample space for your transactions. More space (in terms of VM execution power and state) result in a lower chance of congestion and thus a drastically lowered gas price. Gas price is the price you pay for executing your transaction on the blockchain. With a DeFi / NFT congested network space on Ethereum, prices here saw 30+ USD for simple transaction, whereas these would cost 0.01 USD on the Binance Smart Chain. - Compatible with Ethereum VM and its ecosystem
The Binance Smart Chain runs the same software as the Ethereum blockchain with some enhancements. This means the Binance Smart Chain is fully compatible with the Ethereum Virtual Machine: the decentralised computer network responsible for executing transactions in the smart-contracts (or dapps if you will).
The beauty of this is that any smart-contract which can run on ethereum, can also run on Binance Smart Chain, without any adjustments. Ethereum has a well proven and developed network of apps and development tooling. Simply pointing any of the ethereum tools to the Binance Smart Chain network endpoint is enough to get them running! This means you can keep on using apps like MetaMask for wallet, Truffle for deploying end many many more. - Progressive forward thinking community with great tooling
When the Binance Smart Chain was launched in September 2020 it came with a development fund of 100,000,000 USD, triggering a wave of apps being built and deployed exclusively on the spanky brand new network. This resulted in a highly engaged developer community, which in turn resulted in great apps in for example the DeFi space. - High liquidity, brand recognition and userbase
Binance Smart Chain’s native currency is the $BNB, the Binance Coin. $BNB is an initiative of the world’s most renowned cryptocurrency exchange Binance and its coin is currently a Top-3 Market Cap currency. This simply means a broad userbase, high recognition and high liquidity.
LiL Moon Rockets picked Binance Smart Chain for its distribution of their original vector pop-art #NFT collection and within 24 hours over 50% of the project was already sold. Currently over 70% of the unique NFT collectibles are already minted with the final 30% being scooped up by eager art collectors.
LiL Moon Rockets are going to the moon 🚀
- Vector Pop-Art Collection of 13337 collectibles
- Contract LiL Moon Rockets: Read verified contract
- Contract NYR-token: Read verified contract
- site: lilmoonrockets.com
- twitter: lilmoonrockets
- telegram: lilmoonrockets
