BNB Chain’s non-fungible token (NFT) trading volumes surged by 283% in Q3, according to blockchain analytics firm Messari. This boost brought the average daily volume to $600,400, marking a significant recovery in the NFT space.
NFT Activity Driven by ‘Whales’
Although trading volume rose dramatically, the number of daily buyers declined sharply. Messari’s Research Manager, AJC, noted that average daily buyers dropped by 53% quarter-over-quarter (QoQ), reaching only 2,300. This suggests that large investors, or “whales,” dominated the NFT market, leaving small traders behind.
Comparing with Ethereum and Bitcoin Networks
Despite the increase, BNB Chain’s $55.2 million in NFT trading volume for Q3 lags behind Ethereum and Bitcoin networks, which generated $120.7 million and $74.6 million, respectively, according to CryptoSlam. Other blockchains, including Solana, Mythos Chain, and Polygon, also surpassed BNB Chain in volume during this period.
Mixed Results in Revenue and Active Addresses
While BNB Chain’s NFT market thrived, other aspects showed mixed results. Revenue dropped by 27.9% QoQ to $34.9 million, mainly due to a 27% fall in gas fees from decentralized finance (DeFi) transactions. Furthermore, BNB Chain saw a 19% decrease in active daily addresses, falling to 900,000, and a drop of 8.1% in daily transactions.
Positive Trends in TVL and BNB Token Burn
BNB Chain saw a positive trend in total value locked (TVL), which rose by 2.2% to $4.8 billion, with Venus Finance’s algorithmic money market protocol playing a key role. The chain’s deflation rate also stood at 4.5% in Q3, with more tokens burned than minted, contributing to a 2.5% price increase for BNB, according to CoinGecko.
New Tokenization Service and Future Prospects
In other news, BNB Chain launched a new tokenization service that enables businesses and individuals to tokenize real-world assets without needing coding skills. This service is designed to be cost-effective and quick, further enhancing BNB Chain’s appeal to developers and entrepreneurs seeking to expand into the blockchain ecosystem.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
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