BNB Chain NFT Market Sees 283% Growth
BNB Chain's NFT market surged 283% in Q3 2024, driven by whale activity, despite a drop in daily buyers and mixed overall performance.
In the third quarter of 2024, the BNB Chain's NFT market experienced a remarkable rebound, with trading volume increasing by 283%. This growth was primarily driven by large investors, often referred to as whales, despite a significant decline in the average number of daily buyers.
Impact of Whale Activity
The surge in NFT trading volume was largely attributed to whale participation, which significantly influenced the market. While the average daily trading volume rose to approximately $600,400, the number of daily buyers fell over 50%, dropping to around 2,300. Interestingly, total daily sales still increased by 47%, reaching 8,900 transactions.
Mixed Performance Across Metrics
Despite the impressive growth in NFT trading, BNB Chain's overall performance showed mixed results. The blockchain's revenue fell by 27.9%, largely due to reduced gas fees from decentralized finance (DeFi) transactions. Daily active addresses also decreased by 19%, while average daily transactions dropped by 8.1%.
Positive Developments for BNB Chain
On a positive note, the total value locked (TVL) on the BNB Chain saw a slight increase of 2.2%, reaching $4.8 billion, driven by Venus Finance's growth. Additionally, the deflationary model of BNB tokens contributed to a 4.5% deflation rate, resulting in a 2.5% price increase for the BNB token during this period.
Future Outlook for BNB Chain
Looking ahead, BNB Chain remains a significant player in the blockchain ecosystem, ranking fourth in total value locked among layer-1 blockchains. The recent launch of a real-world asset tokenization service could further enhance its appeal and accessibility for users.
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