07/07/2022 China’s BSN says daily NFT transactions surpass Ethereum
Image: BSN-DDC's homepageTransaction 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.
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