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    BNB Chain sees dramatic increase in NFT trading volume despite a drop in buyers and overall revenue

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    The Binance (BNB) Chain witnessed a significant surge in non-fungible token (NFT) activities in Q3, with daily average trading volume increasing by 283% to $600,400, according to Messari. Despite a 53% fall in daily buyers, BNB Chain’s total NFT volume was $55.2 million, trailing behind Ethereum and Bitcoin’s volumes. Other blockchains such as Solana and Polygon also saw more action. Although its revenue fell by 27.9%, the value locked on the BNB Chain rose by 2.2% to $4.8 billion owing to the contribution by Venus Finance. The main activities on the BNB Chain entailed Tether transactions and PancakeSwap interactions.

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    Hey folks! The third quarter was a busy one for non-fungible tokens (or NFTs for short) on the BNB Chain. The daily average trading volume shot up 283% to $600,400 according to the blockchain experts over at Messari.

    Daily sales also saw a rise – they were up 47%, about 8,900 sales a day, says AJC from Messari. But it seems like the big fish were making all the noise. Daily buyers actually fell by 53% to 2,300, which suggests this uptick in NFT action was driven by the ‘whales’ in the game, not the little guys.

    Now despite this, the BNB Chain’s total NFT trading volume of $55.2 million – this is calculated by multipling the average daily volume by the number of days in Q3 – still doesn’t hold a candle to Ethereum and Bitcoin. They posted trading volumes of $120.7 million and $74.6 million respectively in the last 30 days, according to info from CryptoSlam.

    Other blockchains like Solana, Mythos Chain, Polygon and Immutable also saw more action than the BNB Chain in that timeframe.

    There were some mixed results when it came to other metrics on the BNB Chain’s performance.

    Revenue took a tumble of 27.9% to $34.9 million. The major reason cited for this drop? A 27% decrease in gas fees paid on decentralized finance transactions. The daily average active address on the BNB Chain also saw a 19% fall to 900,000, with an 8.1% decrease in average daily transactions.

    But hey, not everything was gloomy. The total value locked (that’s kind of like the total amount of money in the system) on the BNB Chain actually went up a bit, 2.2% to $4.8 billion in Q3. Venus Finance was the main driver behind this, pumping up its contribution by 13% to $1.79 billion.

    BNB tokens also did something interesting in Q3: there were more burned (that means taken out of circulation) than minted (or created). This led to a deflation rate of 4.5%, helping to push the price up by 2.5% even as the broader market cooled off a little.

    Fun fact: the main uses for the BNB Chain were transactions with the Tether stablecoin and interactions with the decentralized exchange PancakeSwap, according to Messari’s research.

    Originally launched by Binance in 2020 as the Binance Smart Chain, the BNB Chain has the fourth largest total value locked among all first-layer blockchains, lagging behind only Ethereum, Solana and Tron, based on data from DefiLlama.

    To top things off, the Binance team recently announced a new service that makes it easy to turn real-world assets into tokens. This makes it both cheaper and quicker to tokenize assets, which should make it easier for everyone to get involved.

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