Stable coins play an important role in the industry of cryptocurrencies and provide one of the solutions to overcome the problem of volatility for crypto assets because generally stable coins are backed by reliable assets such as fiat currencies (US dollars, for example).
This support from other assets makes stable coins less volatile than other crypto tokens or coins.
One of the popular stable coins in the market is Binance USD (BUSD).
Why is NEFTiPEDiA going to use BUSD as the main currency for transactions in the marketplace?
Since the launch in 2021, NEFTiPEDiA has been using Binance Smart Chain as the main blockchain and our own currency ($NFT) as a currency for every art piece transaction in the marketplace.
Our marketplace also offers users new opportunities to earn revenue through Non-Fungible Token (NFTs) without paying massive commissions.
With BUSD as the new main currency on NEFTiPEDiA marketplace we open a very good opportunity for the users to cash out their crypto earnings with ease and confidence. It is also great for the users to use this feature to invest in cryptocurrencies and they can quickly convert them back into USD dollars whenever they need to!
The advantages of BUSD as the main currency on NEFTiPEDiA are:
- Avoiding Price Fluctuations in the Crypto Market
Because it is supported by fiat currency which is more stable than crypto, BUSD can be the asset of choice to avoid crypto fluctuations.
2. Lock profits without converting to fiat
With BUSD coin the transactions can be carried out directly without the need to transfer fiat currency to a crypto wallet. This makes transactions more practical and fast
3. Arbitrage Opportunities
Both BUSD and Binance-Peg BUSD are very popular stable coins on their respective networks and with automated market makers (AMM) on the BNB Chain. That way, BUSD has a great opportunity to be made into an arbitrage trade quickly if there is a price change.
NEFTiPEDiA keeps on creating a more valuable and socially responsible marketplace. The ability to use BUSD as a payment method will be beneficial for both buyers and sellers. We are excited to see how this new option will change the game for NFT marketplace.
Read more about : https://blog.neftipedia.com/coin-vs-token-lets-to-see-the-differences/