BNB Smart Chain (BSC) Steals the Show From Ethereum and Polygon as NFT Market Activity Surges

Investors are showing strong interest in non-fungible tokens (NFTs), with BNB Smart Chain (BSC) stealing the spotlight from Ethereum and Polygon.

Non-fungible token (NFT) activity saw a surge on Wednesday, with BNB Smart Chain outperforming both Ethereum and Polygon in the crypto derivatives market.

According to CryptoSlam data, the daily NFT sales rose by 66% to reach $21.5 million, largely driven by increased interest from buyers.

The number of buyers increased by 9% to over 47,000, while the number of sellers decreased by 11% to 27,500.

The daily sales on the BSC network soared by over 5,000% in the past 24 hours, securing the top spot with $8.2 million in volume.

This marks a new all-time high for BSC since Jan. 29, 2024, when the ATH reached $3.2 million.

Polygon and Ethereum followed with $3.2 million and $2.8 million in NFT trading volume, respectively.

The total NFT sales volume on BSC reached $480 million.

While the BSC blockchain stole the spotlight, it’s still far from Ethereum’s total of $45.5 billion in NFT sales volume.

The NFT sector has been struggling to gain traction over the past three years, with limited interest from investors.

The positive sentiment around digital collectibles has been steadily decreasing since May 1, 2022, when the daily NFT sales reached an ATH of roughly $580 million.

Although there have been a few rallies in the intervening years, the NFT space has yet to find a strong catalyst and real-world utility to drive significant growth and adoption.

BNB Price: A Brief Overview

The recent surge in BSC-based NFTs also brought a slight bullish sentiment to BNB, the native token of the Binance ecosystem.

BNB gained 0.9% and is currently trading at $590. Its market cap stands at $82.8 billion, with a 24-hour trading volume of $1.4 billion.