BNB chain NFT sales volume: What is driving the sudden surge?

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BNB Chain, the native blockchain of the world’s biggest crypto exchange Binance has made its way into the top 3 NFT blockchains in the last 30 days.

BNB chain NFT sales volume Surges between February and June

Data from the NFT data aggregator Cryptoslam shows a surge in the NFT Sales volume on the BNB Chain. We can trace this growth back to sometime in February when the sales volume jumped from $523,975 to $1,472,922. A leap that comes on the heels of a poor end to the year 2021.

The total sales volume on the BNB chain grew despite the tumult in the crypto market and the decline in the NFT boom. It grew from about $3 million in March to $10,185,835 in April and to $19,396,292 in June. Furthermore, with just four days into the month of July the BNB chain has seen over $2 million in sales. A figure which exceeds the chain’s performance in the NFT boom.

To put this growth in proper perspective, let us look at the performance of the BNB chain in the NFT boom. Data from Crypto slam shows that the BSC could only manage about $1 million in sales volume during this period. So such a performance in a crypto winter and at a time when the NFT market is recording a 90% drop in sales is unprecedented.

This begs the question- What is really driving the surge in salec volume on the BNB network. There are a number of possible reasons for this.

The Unification of the Binance Chain and the Binance Smart Chain into the BNB Chain

In February Binance unified the Binance chain and the Binance Smart chain into the BNB chain. And interestingly when you consider the data from cryptoslam, it was around this time that the sales volume went up. So this could have contributed to the surge from February till date.

Other Possible Reason for the surge in NFT sales volume on the BNB Chain

Although data shows that the BNB coin has not performed better that Ethereum in the bear market. There remains other reasons why the network has witnessed growth. Some of them include the congestion of the Ethereum network, Financial backing by Binance, and a possible strong go-to-market strategy by the cypto giant.

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