Some other networks to witness significant gains in trading volume in the same period of time are Solana, Mythos Chain, Polygon and Immutable.
The activity shown by NFT in third quarter shows that it is not driven by small customers but mainly by maket whales.
The gains of BNB Chain has shown a negative trend and slipped to $34.9 million by showing a 27.9% quarter-on-quarter fall.
Third quarter has come with glad tidings for Non-fungible tokens (NFTs) as its trading volume over the BNB chain has surged and witnessed a significant surge of 283%, as reported by Messari. The increase has lead the daily average of about $600,400.
Not only this, but the daily sales average has also skyrocketed about 47% quarter-on-quarter and is currently standing at about 8,900. At the same time, the report released on November 7 mentions that the average daily buyers were depressed about 53% quarter-on-quarter and stood to 2,300.
What’s the position of other networks?
The activity shown by NFT in third quarter shows that it is not driven by small customers but mainly by maket whales. An NFT industry data aggregator reported that the NFT trading volume over BNB chain accounts for $55.2 million. However, it is still lower as compared to the largest cryptocurrencies. Talking about the trading volume, Ethereum network stands for $120.7 million and Bitcoin network stands for $74.6 million in the past one month.
Some other networks to witness significant gains in trading volume in the same period of time are Solana, Mythos Chain, Polygon and Immutable. The gains of BNB Chain has shown a negative trend and slipped to $34.9 million by showing a 27.9% quarter-on-quarter fall.
Apart from this, the daily active address of BNB chain also slipped to 900,000 by showing a 19% fall. A fall of 8.1% was recorded for average daily transactions. In third quarter, the total value locked over the platform went up about 2.2% and stood to $4.8 billion.
In the abovementioned growth, Venus Finance, a financial service provider has contributed the most by rising around 13% and estimating the value to $1.79 billion. In the same quarter, burning of the tokens were done more than minting. This event has resulted in 4.5% deflation rate and 2.5% increase of price amid regression of broader market.
A dig into BNB chain
As per the data collected by DefiLlama, BNB Chain brags the fourth largest TVL in between layer-1 blockchains, following Ethereum, Solana and Tron.
At the same time, BNB Chain has revealed a new real-world asset tokenization service thaat offers various users and businesses a no-code solution for tokenization of real-world assets in not more than minutes in the beginning of this week.
The developers of this solution says that the mechanism mainly cuts the cost, time as well as labor which is requires to tokenize the assets. It also makes less obstacles for everyone making an entry to this world.
