Despite the overall decline in global NFT transaction volume on almost all blockchains, the Binance smart chain has seen a rapid increase in the number of NFT sales since the start of the year.
Even though the overall NFT trading volume has decreased, Binance Smart Chain has seen an increase in NFT trading volume since January 1, 2022.
The Binance Smart Chain has become a staple of the DeFi market and NFT space since its launch in September 2020. According to our research, the chain’s NFT transaction volume has increased by 1,180% since the end of January 2022. In January, the chain’s NFT trading volume was only $94,325. Then in February to around 1.14 million. This corresponds to an increase of approximately 1,109%
Source: CryptoSlam
Between March 18 and March 20, the volume of NFT transactions even increased to 1.21 million.
Source: CryptoSlam
Binance Smart Chain (BSC) is a blockchain protocol that was launched in September 2020. The protocol competes with Ethereum and could become the favorite in the booming decentralized finance space. The Binance smart chain has a large ecosystem that includes decentralized lending platforms, decentralized exchanges, stablecoins, crypto wallets, and non-fungible tokens.
What Contributed to the Increase in Binance Smart Chain NFT Trading Volume?
There are several NFT marketplaces that have contributed significantly to the increase in Binance Smart Chain’s NFT sales volume. Some of these markets are Mobox, NFTrade, AirNFTs and Treasureland.
The above are the four highest sales volumes at BSC. The 10 NFTs with the highest turnover come from Mobox collectibles. Mobox, part of MOMOverse, is a gaming platform that uses a combination of NFT and yield farming to create a free play-to-win ecosystem.
Source: DappRadar
The sale of the Mobox NFTs led to an increase in the number of unique buyers and therefore a further increase in transactions on the BSC.
At the time of writing, there were around 1,785 unique buyers on the BSC.
Source: CryptoSlam
In February 2022, the total number of unique buyers was 1,163. That’s an increase of around 53% in just one month.
BSC NFTs rose to prominence in February 2021, the first month that CryptoSlam tracked non-fungible token activity. In February 2021, the total number of unique buyers was only 142. Thus, the total number of unique buyers in March 2022 is 1,150% higher than the number of unique buyers recorded during the first month of monitoring BSC NFT data. The daily NFT trading volume is currently around 50,000 USD.
BNB Price Update
The success of BSC-NFT sales apparently did not have a major impact on the price of BNB Coin (Binance Coin), the Binance ecosystem token. The price of BNB started the year at $512 and then reached the latest high of $533 on January 2, 2022.
Source: CoinMarketCap
At the time of writing, the price of BNB is trading near the $400 level. The price is down 25% from the high of the year. Over the past 30 days, the price of BNB has fluctuated between $325 and $419.
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