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BNB Chain’s NFT landscape witnesses a rebound in June aided by…

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After stagnating in May, BNB Chain’s NFT sales volume and trade count witnessed an impressive rebound in June.

BNB Chain's NFT landscape witnesses a rebound in June boosted by...

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  • BNB Chain’s daily NFT sales volume touched the $1 million mark on 14 June after nearly two months.
  • BNB was trading green at the time of publication, showing signs of recovery.

The BNB Chain [BNB] added yet another non-fungible token (NFT) collection to its arsenal, solidifying its position as one of the largest NFT ecosystems.

BNB Chain took to Twitter to announce the release of Hyena Warriors, the sequel collection to Tiger Warriors and the second in a series of hand drawn NFT collections from the Planet ZUUD brand.

According to data from CryptoSlam, the collection recorded a total sales volume of $65,296 until press time, with 378 users already owning several of its collectibles.


Read Binance Coin [BNB] Price Prediction 2023-24


A rebound in NFT activity

Pretty much like the rangebound price action of several top crypto assets in the market, BNB’s NFT trading activity stagnated in May.

However, activity increased in June, with the daily sales volume breaking the $1 million mark for the first time in nearly two months on 14 June. This also marked a 26% increase in weekly sales volume.

 

The weekly trade count also jumped by 48%. This was a clear indicator that the trading activity was driven by an increase in overall transactions rather than a few high-value transactions driving up the volume.

At the time of writing, BNB Chain was the fourth-largest layer-1 (L1) blockchain in terms of NFT sales volume, trailing by market leader Ethereum [ETH], Bitcoin [BTC] and Solana [SOL].

The Binance ecosystem has been taking proactive steps in making the network appealing to NFT trading. It recently announced support for Bitcoin NFT on its dedicated NFT marketplace platform.

Network traffic slows down

The jump in NFT sales volume came despite a marked fall in the BNB Chain’s user base. As per Token Terminal, the weekly active user count dropped by more than 5% from the previous week.

As users stayed away, the network traffic declined considerably. The network’s weekly transaction fees have been progressively declining since the last week of May, and registered a negative growth rate of nearly 17% from the previous period.

Source: Token Terminal


How much are 1,10,100 BNBs worth today?


BNB sees hope

The native token of the ecosystem, BNB, was trading the green at the time of publication, gaining 4.88% in the 24-hour period, according to Santiment. The beleaguered token was trying to gain some ground after the U.S. Securities and Exchange Commission’s (SEC) legal salvo fired towards parent company Binance saw its value plummet 18%.

The coin’s weighted sentiment dipped in the negative territory, reflecting the pessimism of investors.

Source: Santiment

 

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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