Whales Revive the NFT Market on BNB Chain: Trading Volume in Q3 Up 283% – Messari

According to the analytics platform Messari, the NFT market on BNB Chain saw a revival in the third quarter. Experts note that while trading volumes are growing after a period of stagnation, other trends could shape the market's future.

Growth Driven by Large Investors

The report states that NFT trading on BNB Chain grew by 283% in Q3 2024, reaching $600,400 per day. The number of daily sales also rose by 47%, reaching 8,900 transactions. However, the total number of active buyers has declined. According to the data, this figure dropped by 53% in Q3. Now, only 2,300 users are completing daily transactions on BNB Chain, suggesting that "whales" dominate the market.

Despite this growth, BNB Chain still lags significantly behind other blockchains in the NFT sector. For example, according to CryptoSlam, trading volumes on Ethereum reached $122 million over the past 30 days, while Bitcoin recorded $76.8 million. Solana and Polygon also posted higher results, with $68 million and $17.4 million, respectively.

Experts consider the decline in the number of buyers a worrying signal for the network. While large investors are currently keeping the NFT market on BNB Chain afloat, it remains uncertain whether this will be enough to attract smaller players and restore mass interest.