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NFT music project, Musical Beats, a rip-off to the Ethereum-based EulerBeats was launched this week on Binance Smart Chain. Just a day later, Musical Beats announced on shutting down the project. The Binance-based NFT project is allegedly a copied work from EulerBeats, that takes the works of Swiss mathematician Leonhard Euler to turn them into unique visual and audio works of collectible art.
Binance Smart Chain Allegedly Copying Ethereum Projects
Binance Smart Chain (BSC) was intended to launch as a cheaper alternative to Ethereum blockchain and DeFi based apps. Lately, most of the Binance Smart Chain products look almost similar to the popular Ethereum-based apps and projects.
For instance, Ethereum-based NFT project Hashmasks has a duplicate version on Binance Smart Chain called Bashmasks.
Ethereum’s popular crypto collectible platform CryptoPunks also has a Binance version called Binance Punks that sold collectibles worth over $1 million last month. Meanwhile, the Binance version of NFT market OpenSea is called BopenSea.
BinancePunks and PancakeSwap were the first projects to rip off against two beloved pillars of NFT’s Cryptopunks and DeFi’s Uniswap.
The Musical Beats was made on similar lines to Euler Beats. Both the project intends to preserve folk music paired with artworks that are algorithmically-generated.
Well-known billionaire investor Mark Cuban who owns at least two EulerBeats called them “the most genius idea ever.”
BSC Seeing a Meteoric Rise in Daily Transaction Volume
Binance Smart Chain (BSC) launched in September, has been enjoying enormous growth thanks to the growth of decentralized finance (DeFi) projects built on the platform.
The Binance parallel chain is barely six months old, has experienced a meteoric increase in daily transaction volume. Just last month, BSC saw a whopping 2.12 million transactions compared to 1.26 million on Ethereum.
With Ethereum transaction fees continuing to be expensive as the network works at a 98% capacity. This has resulted in some users flocking towards efficient alternatives such as Binance Smart Chain.