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Home » Crypto Market News » BNB Chain NFT Trading Soars Despite Declining Retail Interest

BNB Chain NFT Trading Soars Despite Declining Retail Interest

  • November 8, 2024
  • 6

Trading activity for non-fungible tokens (NFTs) on the BNB Chain has experienced notable growth in the third quarter, with volumes soaring by 283%, reaching an average of approximately $600,400 per day. Recent figures reveal that average daily sales rose by 47% from the previous quarter, totaling 8,900 transactions. However, there has been a significant decline in the number of daily buyers, which fell by 53% to 2,300, suggesting that larger investors, often referred to as “whales,” have largely driven this uptick in activity, rather than the typical retail trader.

Despite this resurgence, the BNB Chain’s cumulative NFT trading volume in Q3 amounted to $55.2 million, a figure that remains significantly lower compared to competitors such as Ethereum and Bitcoin , which recorded trading volumes of $120.7 million and $74.6 million, respectively, over the preceding 30 days. Other networks including Solana , Mythos Chain, Polygon, and Immutable have also outperformed the BNB Chain within the same period.

The mixed performance metrics for the BNB Chain reflect broader market trends. Revenue decreased by 27.9% quarter-on-quarter to $34.9 million, primarily driven by a 27% drop in gas fees associated with decentralized finance transactions. The network also saw a decline of 19% in average daily active addresses, totaling 900,000, and an 8.1% decrease in daily transactions.

On a more positive note, the total value locked (TVL) on the BNB Chain increased by 2.2% to $4.8 billion in Q3. Much of this growth can be attributed to the Venus Finance protocol, which experienced a 13% rise in value locked, amounting to $1.79 billion. Additionally, a net burn of BNB tokens exceeded the minting, leading to a 4.5% deflation rate and a 2.5% increase in token price.

The BNB Chain, launched by Binance in 2020, currently ranks fourth among layer-1 blockchains in terms of TVL, trailing only Ethereum , Solana , and Tron. Recently, it introduced a real-world asset tokenization service aimed at simplifying the process of tokenizing physical assets, reducing costs and time while enhancing accessibility for individuals and businesses.

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