Messari reports that whales played a significant role in driving the recovery of NFTs on the BNB Chain in Q3.
According to Messari, NFT trading volume on the BNB Chain grew by 283% in Q3 compared to the previous quarter, with whales driving the spike, even as daily buyers fell by over 50%.
Messari’s blockchain data shows that NFT trading volumes on the BNB Chain soared by 283% in Q3, reaching a daily average of $600,400.
Messari’s Research Manager, AJC, notes a 47% quarter-on-quarter rise in average daily sales, which amounted to 8,900.
“However, average daily buyers were down 53% QoQ to 2,300, signaling that NFT activity in Q3 was driven by ‘whales’ rather than small users,” the Nov. 7 report stated.
Despite reaching $55.2 million in Q3 NFT trading volume, the BNB Chain’s performance trails behind Ethereum and Bitcoin, which tallied $120.7 million and $74.6 million, respectively, in the past month alone, according to CryptoSlam.
During the same period, trading volumes on Solana, Mythos Chain, Polygon, and Immutable also exceeded those of the BNB Chain.
Various performance indicators for the BNB Chain show different outcomes.
A 27% decline in gas fees for decentralized finance transactions contributed to the 27.9% drop in BNB Chain’s revenue, which totaled $34.9 million.
The BNB Chain’s average daily active addresses declined by 19%, reaching 900,000, as average daily transactions fell by 8.1%.
In Q3, the total value locked on the BNB Chain rose by 2.2% to $4.8 billion, with Venus Finance, an algorithmic money market protocol, as the key driver, contributing a 13% rise to $1.79 billion.
CoinGecko data shows that a deflation rate of 4.5% in Q3, driven by more tokens being burned than minted, played a role in a 2.5% price increase, despite a slight market regression.
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Messari’s analysis highlights that the most typical applications of BNB Chain include transactions with the Tether stablecoin and activity on the PancakeSwap decentralized exchange.
Binance developed the BNB Chain, first launched as Binance Smart Chain in 2020.
According to DefiLlama data, the BNB Chain ranks fourth in total value locked among layer-1 blockchains, trailing only Ethereum, Solana, and Tron.
Earlier this week, BNB Chain introduced a no-code platform for tokenizing real-world assets (RWA), allowing businesses and individuals to do so in “minutes.”
The Binance team asserts that their solution substantially reduces the costs, time, and effort required for asset tokenization, making it more accessible to a wider audience.
