- BNB Chain’s NFT trading volumes rose 283% to $600,400 daily in Q3, despite declining active buyers.
- BNB Chain saw mixed performance in other metrics, with revenue falling by 27.9%.
- A new asset tokenization service aims to simplify real-world asset tokenization for users.
BNB Chain’s non-fungible token (NFT) trading volumes jumped significantly in the third quarter of 2024, with daily average volumes rising 283% to $600,400, according to blockchain research firm Messari. However, this growth in trading volume was primarily led by larger trades, with smaller participants seeing a notable decline. The average number of daily NFT buyers dropped by 53% to 2,300, indicating that larger investors, or “whales,” were the primary drivers of this increase in trading activity.
While BNB Chain’s $55.2 million in total NFT trading volume during Q3 remains smaller compared to leading networks such as Ethereum and Bitcoin, its NFT segment still experienced considerable growth in activity. Ethereum and Bitcoin reported NFT volumes of $120.7 million and $74.6 million, respectively, over the last 30 days, reflecting the continued dominance of these chains in NFT trading.
Source: Messari
Mixed Performance Across BNB Chain Metrics
In other areas, BNB Chain saw mixed results in Q3. Revenue declined by 27.9% to $34.9 million, largely due to a decrease in gas fees from decentralized finance (DeFi) transactions. Daily active addresses dropped 19% to 900,000, while daily transactions also fell by 8.1%. Nevertheless, the chain’s total value locked (TVL) increased by 2.2%, reaching $4.8 billion, with Venus Finance contributing significantly to this growth by raising its TVL by 13% to $1.79 billion.
A key development for BNB Chain this quarter was its new asset tokenization service, which offers businesses a simplified, no-code platform for converting real-world assets into digital tokens within minutes. The Binance team behind the project noted that the service substantially reduces the complexity and cost of tokenization, aiming to make asset tokenization accessible to more users.
Deflationary BNB and Broader Market Impact
BNB tokens experienced a deflation rate of 4.5% in Q3, with more tokens burned than minted, contributing to a modest 2.5% price increase despite broader market challenges. Additionally, BNB Chain remained popular for transactions involving the Tether stablecoin and PancakeSwap, a decentralized exchange central to its ecosystem.
Launched by Binance in 2020 as Binance Smart Chain, BNB Chain continues to rank as the fourth largest layer-1 blockchain by total value locked, following Ethereum, Solana, and Tron.
