Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday.

Fast facts

• With 974,517 transactions, the BSN-Distributed Digital Certificate (BSN-DDC) ecosystem had more transactions for a 24-hour period than the 938,166 transactions on Ethereum, BSN said, without specifying the date when that happened.
• This comes as NFT sales in Junedipped below US$1 billionfor the first time in 12 months, according to CryptoSlam.

• In April, BSN CEO Yifan HetoldForkastthat 90% of the platforms using the BSN-DDC are NFT marketplaces, collectively earning about 40 to 50 million yuan (US$6 million to US$7.4 million) at the time.

• NFT deal-making is on a tear in China as speculatorscome up with creative waysto get around Beijing’s diktat against NFT flipping.

• In May, the state-backed firm said it plans to launch BSN Spartan, a new international network for non-cryptocurrency public chains by the end of August.

Ningwei is a Research Associate at Forkast. She previously worked for Caixin, Renmin Daily and CCTV. Ningwei holds a Masters degree from the University of Hong Kong.