The third quarter brought positive developments for the NFT market, as trading volumes saw significant growth on the BNB Chain.
Increase in NFT Trading Volume
According to Messari, NFT trading volume on the BNB Chain rose by 283% in Q3, reaching a daily average of around $600,400. Daily sales also increased by 47%, amounting to approximately 8,900 transactions daily.
Comparison with Other Networks
Despite the substantial growth in trading on the BNB Chain, it remains lower compared to the largest cryptocurrency networks. In September, Ethereum's trading volume was $120.7 million, while Bitcoin's was $74.6 million. Other networks like Solana and Mythos Chain also showed gains during this period. However, BNB Chain experienced a decline, with trading volume falling to $34.9 million, a 27.9% quarter-on-quarter decrease.
Current State of BNB Chain
In Q3, the daily active addresses on BNB Chain decreased by 19% to 900,000. Average daily transactions recorded an 8.1% fall. Nevertheless, the total value locked on the platform increased by 2.2%, reaching $4.8 billion. Venus Finance significantly contributed to this growth, rising by 13% to $1.79 billion.
Despite some negative trends, BNB Chain continues to evolve and innovate, attracting interest from investors and users.
