BNB Chain Sees NFT Surge Despite Mixed Performance in Q3
In Q3 2024, the BNB Chain experienced a significant surge in NFT trading, with daily volumes increasing by 283% to an average of $600,400, according to Messari's data. The daily sales volume rose 47% to 8,900, though the number of daily buyers dropped by 53%, indicating increased activity driven primarily by larger investors, or "whales."
Despite this boost, BNB Chain's overall NFT trading volume for the quarter stood at $55.2 million, trailing behind leading networks like Ethereum, Bitcoin, Solana, and Polygon, which have performed more strongly in recent months. Other metrics showcased mixed results, including a 27.9% drop in revenue to $34.9 million, partly due to a 27% decrease in gas fees on DeFi transactions. Additionally, daily active addresses and daily transactions fell by 19% and 8.1%, respectively.
However, BNB Chain’s total value locked (TVL) rose by 2.2% to $4.8 billion, mainly thanks to a 13% increase in Venus Finance’s TVL. A deflation rate of 4.5% led to a net token burn, contributing to a 2.5% price increase. Key activities on the BNB Chain included Tether transactions and usage of the decentralized exchange PancakeSwap. As a layer-1 blockchain launched by Binance in 2020, BNB Chain holds the fourth-highest TVL ranking and recently introduced a service to tokenize real-world assets with a user-friendly, no-code approach designed to simplify and reduce costs.
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