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Will OpenSea’s listing of BNB Chain NFTs be a game changer for the blockchain? 

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Will OpenSea’s listing of BNB Chain NFTs be a game changer for the blockchain? 
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  • BNB Chain NFTs will now be available for listing and sale on OpenSea
  • A significant amount of growth was registered in BNB’s NFT ecosystem over the past few weeks

BNB recently made a huge announcement regarding its NFT ecosystem that created excitement in the community. According to the official tweet, BNB Chain NFTs will now be available for listing and sale on OpenSea.

This new development will help improve the NFT trading experience of more than one million users across the globe.

Soon after this update was revealed, several NFTs, such as HorrorApes and PanecakeSquads, were notified that they were now listed on OpenSea.

Read BNB’s Price Prediction 2023-24

How is BNB’s NFT space doing

Out of no surprise, BNB’s NFT ecosystem witnessed growth over the last 24 hours, thanks to this new listing. As per Cryptoslam’s data, BNB’s NFT sales volume went up by more than 3.5% over the last day.

Interestingly, Santiment’s data revealed that after a decline, BNB’s total NFT trade count and NFT trade volume in USD also spiked on 29 November, which was, indeed, a positive update for the investors.

Source: Santiment

Besides the growth in the NFT space, a couple of other developments also took place in the BNB ecosystem. For instance, Revo announced that it was all set to integrate with the BNB Chain.

The updates were well reflected on BNB’s daily chart as its price increased by nearly 9% over the past seven days.

According to CoinMarketCap, at press time, BNB was trading at $299.02 with a market capitalization of more than $47.8 billion.

Interestingly, BNB’s open interest surged considerably during the past few days. Coinalyze’s data revealed that BNB’s open interest in futures contracts registered an 8% increase. Evidently, the derivative market was not at rest. 

Curiously enough, a look at BNB’s on-chain metrics raised a few concerns. Though BNB’s MVRV Ratio registered a slight uptick lately, it was still considerably below, compared to the reading of 26 November.

Moreover, BNB’s velocity also declined sharply, which might be a danger sign that investors can consider before finalizing their trade.

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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