11/11/2024 BNB Chain NFT Market Rebounds in Q3 with 283% Growth, Led by Whales: Messari Findings

BNB Chain NFT Market Rebounds in Q3 with 283% Growth, Led by Whales: Messari Findings

BNB Chain Sees NFT Comeback in Q3

Non-fungible tokens (NFTs) on the BNB Chain made a big comeback in the third quarter of 2024. According to a report byMessari, NFT trading volume on the blockchain surged 283% compared to the previous quarter.

The rise in trading volume came despite a significant drop in average daily buyers, highlighting the influence of whales.The average daily trading volume jumped to $600,400 during Q3.

This growth was mainly fueled by large investors, commonly known as whales, while smaller buyers left the market.

The average number of buyers fell over 50%, dropping to just 2,300 daily, according to Messari’s research. However, despite the decline in buyers,the total number of daily sales still increased by 47%, reaching 8,900 transactions per day.

Whale Activity Dominates NFT Trading

One key factor behind this NFT market revival on BNB Chain was whale participation.Large investors with significant capital began increasing their trades, which helped boost the overall trading volume.

As Messari pointed out, whales were the main drivers of this growth, even though smaller users exited the market.

“Whales dominated NFT activity in Q3,” the report noted, emphasizing how much influence these large investors had on the chain’s overall performance.

While BNB Chain saw strong growth in its NFT market,its total trading volume still lagged behind other major blockchains. Ethereum, for example, recorded $120.7 million in trading volume over the past 30 days, whileBitcoinlogged $74.6 million during the same period, according to CryptoSlamdata.

This data suggests that while the BNB Chain performed significantly well, it still trails the larger NFT ecosystems like Ethereum and Bitcoin.

BNB Chain’s Mixed Performance in Q3

Despite the boost in NFT trading, BNB Chain saw mixed results across other key metrics in the third quarter. The blockchain’s revenue dropped 27.9%, mainly due to a decline in gas fees from decentralized finance (DeFi) transactions.

This fall in revenue came as daily active addresses also decreased by 19%, settling at 900,000.Average daily transactions also fell by 8.1%, further contributing to the decline in revenue.

However, there were some positive developments for BNB Chain in Q3.The total value locked (TVL) on the chain increased slightly by 2.2%, reaching $4.8 billion.

This increase was largely driven by Venus Finance, an algorithmic money market protocol, which saw a 13% rise in its TVL, bringing its total to $1.79 billion.

Another positive note for BNB Chain was its deflationary token model.During Q3, more BNB tokens were burned than minted, resulting in a 4.5% deflation rate.

This deflation contributed to a 2.5% price increase for the BNB token during a period when the broader market experienced a slight decline, according to CoinGeckodata.

BNB Chain’s Future Outlook

While BNB Chain’s performance in Q3 was mixed, it remains a major player in the blockchain space.It boasts the fourth-largest TVL among layer-1 blockchains, trailing only Ethereum, Solana, and Tron, according to DefiLlamadata.

In addition to its growing NFT market, BNB Chain has continued to innovate. The blockchain recentlylauncheda new real-world asset tokenization service. This service allows individuals and businesses to tokenize real-world assets in minutes using a no-code solution.

According to Binance, this new feature significantly reduces the cost and time required to tokenize assets,potentially lowering barriers to broader participation.

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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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Interesting NFTs
No Future #9/15
None
2+2=5
conceptual art. post on cent.
POPZ PUNKS #38
POPZ PUNKS 38/110
Fuku-Shiva
The term “Fuku” refers to fortune or good luck. “Shiva” refers to the Hindu deity who represents strongly polar qualities, both severe and delicate. On a beach inspired by adventures on Phi Phi island in Thailand, three youths cavort. Two are representational figures and the third is psychologically rendered. A dynamic relationship ensues between the triad; a reciprocity of active and passive states. The boy on the right engages in maneuvers of evasion, defense, and is dressed in a speedo which reiterates the colors and symbolism of the caution tape on the left and upper right frame of the composition. In concurrent reaction the psychedelic figure shoots out a rocket powered paper airplane. The nude boy seated in the froth and sand approaches in passive repose, and is met with active attention but equal physical reserve by the psychedelic being. Perhaps the most naked figure is also the least representational. Looming large, dynamic, and active, it engages its companions playfully. Various symbols interject into the otherwise naturalistic scene, most notably a beach ball and two contaminated barrels nested in the sand. The upright barrel reads “FukuShima” in Kanji. The barrel laying down reads “Dharma”. To the left the scene is bounded by caution tape, reiterating the danger of the nuclear waste while also hosting alien archetypes, whose presence, as is the nature of these entities, runs up and just behind the consciousness of the psychedelic figure’s eggshell-like skull.
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.