NFT trading on BNB Chain soared 283% in Q3, largely driven by high-value traders, while average daily buyers dropped over 50%, according to blockchain analytics firm Messari. Daily NFT trading volume on the chain averaged $600,400, with sales increasing 47% to around 8,900. Despite the spike in trading, active buyers were down 53%, highlighting the impact of “whales” rather than smaller users, per Messari’s Research Manager “AJC.” Total Q3 NFT volume reached $55.2 million but lagged behind Ethereum, Bitcoin, and other chains like Solana and Polygon, which saw higher activity.
BNB Chain’s quarterly performance showed mixed results. Revenue dropped nearly 28% to $34.9 million, with decentralized finance (DeFi) gas fees decreasing 27%. Daily active addresses declined 19% to 900,000, and transactions were down 8%. However, total value locked (TVL) on BNB Chain increased 2.2% to $4.8 billion, largely due to Venus Finance’s 13% growth, reaching $1.79 billion. BNB’s deflation rate hit 4.5%, with more tokens burned than minted, contributing to a 2.5% price rise.
BNB Chain, launched in 2020 by Binance, ranks fourth in TVL among layer-1 blockchains, trailing Ethereum, Solana, and Tron. Its key use cases include transactions with Tether (USDT) and interactions on PancakeSwap. Recently, BNB Chain introduced a real-world asset tokenization service to streamline asset tokenization, aiming to cut costs and simplify the process for businesses and individuals.
