BNB Chains NFT Market Roars Back with 283% Surge in Q3
Key Takeaways:
- BNB Chains NFT market surged in Q3, with trading volumes jumping 283% to a daily average of $600,400.
- Despite increased NFT activity, BNB Chains revenue dropped by 28% QoQ to $34.9 million.
- BNBs Gas-Free Carnival aimed at bolstering stablecoin use with no-fee transactions and 0-fee bridging.
Following a lackluster Q2, the NFT sector on BNB Chain surged back in Q3 with a 283% increase in daily trading volume, reaching $600,400. Messaris analysis highlights that while daily sales rose by 47% to 8,900, the number of active buyers dropped by 53% to 2,300, indicating a market dominated by larger players.
This whale activity is indicative of consolidation amongst high-value collectors rather than smaller buyers driving the market. In this respect, it is a striking trend in the user dynamic of the BNB Chain and reflects a wider macro trend of concentrated trading in the crypto sphere.
BNBs Market Performance and Revenue Slip
The native token of the BNB Chain, BNB, also fell short of Bitcoins modest appreciation of 1% with a market cap decline of 4% QoQ to $82.79 billion. Revenue generated from network activity also fell substantially down 28% from Q2 to $34.9 m in Q3.
The gas fees for DeFi-initiated transactions have continued their trend, traditionally the largest contributor to revenues, falling 27% quarter-over-quarter. On the far other side, wallet-to-wallet transactions were a positive outlier at a 53% increase, which arguably marks a change in the types of transactions users are making against a backdrop of continued cooling in the DeFi market.
Launches Gas-Free Carnival to Boost Stablecoin Adoption
Amidst a softening DeFi market, BNB Chain launched the Gas-Free Carnival late in Q3 in an attempt at spurring stablecoin adoption. The program allowed users to transfer USDT, USDC, and FDUSD across its chain with no fees charged and 0-fee withdrawals with partner exchanges like Binance and Bitget.
This move to lower transaction costs is an attempt to attract more stablecoin users into the BNB Chain ecosystem while making it look as friendly as possible in a fiercely competitive stablecoin environment.
With further incentives under the TVL Incentive Program, BNB Chain is definitely focusing on strengthening its DeFi and stablecoin ecosystem despite market challenges. While the chain seeks to innovate with incentive programs and low-cost stablecoin transfers, it positions itself as a flexible player in the evolving blockchain landscape.
Related Reading | Bitcoin Breaks Records at $76,481, Could Surge to $150K Soon
Read more: https://www.tronweekly.com/bnb-chains-nft-market-roars-back-with-283-surge-in-q3/
Text source: TronWeekly
