#NFT trading volume on the $BNB
network increased 283% quarter-on-quarter in the third quarter, driven by whales, as the average daily number of buyers fell by more than 50%, according to Messari.
Trading volumes of non-replaceable tokens on the BNB network rebounded in the third quarter, rising 283% to $600,400 (on average) per day, according to analyst firm Messari.
According to AJC, Messari's research manager, average daily sales also increased 47% quarter-on-quarter to 8,900.
“However, the average number of daily buyers declined 53% quarter-on-quarter to 2,300, indicating that NFT activity in the third quarter was driven by ‘whales’ rather than small users,” the Nov. 7 report said.
CryptoSlam data shows that the NFT BNB Chain's $55.2 million trading volume (calculated by multiplying the average daily volume by the number of days in the third quarter) still pales in comparison to the Ethereum and #Bitcoin❗ networks, which had trading volumes of $120.7 million and $74.6 million in the last 30 days alone.
Solana, Mythos Chain, Polygon and Immutable also saw higher trading volume than BNB Chain over the same time period.
Other indicators characterizing BNB Chain's performance were mixed.
BNB Chain's revenue fell 27.9% quarter-over-quarter to $34.9 million, mainly due to a 27% decline in gas commissions paid on decentralized finance transactions.
#BNBChain: 's average daily active address also fell 19% to 900,000 as average daily transactions fell 8.1%.
However, the total value locked on the BNB Blockchain increased 2.2% to $4.8 billion in the third quarter, with algorithmic money market protocol Venus Finance contributing the most to that growth, up 13% to $1.79 billion.
More tokens were burned than minted in the third quarter, leading to a 4.5% deflation rate and contributing to a 2.5% price increase as the broader market regressed slightly, CoinGecko data shows.
