- BNB Chain’s everyday NFT sales volume touched the $1 million mark on 14 June after almost 2 months.
- BNB was trading green at the time of publication, revealing indications of healing.
The BNB Chain [BNB] included yet another non-fungible token (NFT) collection to its toolbox, strengthening its position as one of the biggest NFT environments.
BNB Chain required to Twitter to reveal the release of Hyena Warriors, the follow up collection to Tiger Warriors and the 2nd in a series of hand drawn NFT collections from the World ZUUD brand name.
According to information from CryptoSlam, the collection taped an overall sales volume of $65,296 till press time, with 378 users currently owning numerous of its antiques.
NFTs on BNB Chain continue to acquire momentum with remarkable jobs like @PlanetZUUD https://t.co/cVj6Kgoi42
— BNB Chain (@BNBCHAIN) June 16, 2023
Read Binance Coin [BNB] Rate Forecast 2023-24
A rebound in NFT activity
Pretty similar to the rangebound rate action of a number of leading crypto properties in the market, BNB’s NFT trading activity stagnated in Might.
Nevertheless, activity increased in June, with the everyday sales volume breaking the $1 million mark for the very first time in almost 2 months on 14 June. This likewise marked a 26% boost in weekly sales volume.
The weekly trade count likewise leapt by 48%. This was a clear sign that the trading activity was driven by a boost in general deals instead of a couple of high-value deals increasing the volume.
At the time of composing, BNB Chain was the fourth-largest layer-1 (L1) blockchain in regards to NFT sales volume, tracking by market leader Ethereum [ETH], Bitcoin [BTC] and Solana [SOL].
The Binance environment has actually been taking proactive actions in making the network attracting NFT trading. It just recently revealed assistance for Bitcoin NFT on its devoted NFT market platform.
Network traffic slows down
The dive in NFT sales volume came regardless of a significant fall in the BNB Chain’s user base. Based On Token Terminal, the weekly active user count visited more than 5% from the previous week.
As users kept away, the network traffic decreased substantially. The network’s weekly deal costs have been gradually decreasing because the recently of Might, and signed up an unfavorable development rate of almost 17% from the previous duration.
Source: Token Terminal
How much are 1,10,100 BNBs worth today?
BNB sees hope
The native token of the environment, BNB, was trading the green at the time of publication, getting 4.88% in the 24-hour duration, according to Santiment. The beleaguered token was attempting to acquire some ground after the U.S. Securities and Exchange Commission’s (SEC) legal salvo fired towards moms and dad business Binance saw its worth drop 18%.
The coin’s weighted belief dipped in the unfavorable area, showing the pessimism of financiers.
Source: Santiment
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