BNB Chain Sees NFT Surge Despite Mixed Performance in Q3

In the third quarter of 2024, NFT trading volumes on the BNB Chain surged, seeing a 283% increase to an average of $600,400 per day, according to Messari's analysis.

Daily sales rose by 47%, reaching an average of 8,900, though the number of daily buyers dropped by 53% compared to the previous quarter, indicating that larger investors, or “whales,” drove the activity.

Despite this growth, BNB Chain’s total NFT trading volume of $55.2 million in Q3 still lags behind Ethereum, Bitcoin, and other networks like Solana and Polygon, which have outpaced it in recent months. Other performance metrics showed mixed results.

BNB Chain’s revenue decreased by 27.9% to $34.9 million, largely due to a 27% drop in gas fees on DeFi transactions. Average daily active addresses also fell by 19%, alongside an 8.1% decline in daily transactions.

READ MORE:

Coinbase Adds New Perpetual Futures on Its International Exchange

However, BNB Chain’s total value locked (TVL) increased by 2.2% to $4.8 billion, driven by a 13% rise in Venus Finance’s TVL. The chain also saw a deflation rate of 4.5%, as more tokens were burned than minted, leading to a 2.5% price increase.

Key activities on the BNB Chain include transactions using the Tether stablecoin and participation in the decentralized exchange PancakeSwap. Launched by Binance in 2020, BNB Chain ranks fourth in total value locked among layer-1 blockchains. Recently, the platform introduced a service to tokenize real-world assets, offering an accessible, no-code solution that aims to simplify the process and lower costs.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.