In a new analysis, Messari notes the BNB Chain has had a “breakout year” in terms of its non-fungible tokens (NFT) sector with the chain witnessing exponential growth in its NFT secondary sales volume and number of unique NFT buyers.
The crypto insights firm reports that BNB Chain also managed to chip away a little at Ethereum’s NFT sales volume dominance by the end of Q2.
While the BNB Chain declined across most financial and network usage metrics in the second quarter due to macroeconomic conditions and the collapse of Terra (LUNC), it managed to outperform its competitors.
For example, the BNB Chain reached greater levels of daily transactions compared to its top competitors, according to Messari.
Explains the insights firm,
“Compared to the peer group, BNB Chain outperformed across several financial, network, ecosystem, and development metrics over the quarter… There was a noticeable spike in transaction count and revenue across each chain during the middle of May. The magnitude, however, appears to have been much more significant on BNB Chain. More transactions create more fees on BNB, boosting several key metrics.”
Messari says the BNB Chain’s new use cases could ensure its place as an alternative to Ethereum.
“With its evolving architecture and deployment of zk-rollups and sidechains, BNB Chain is positioned to provide additional value propositions to its large user base. If BNB Chain can successfully roll out its plans, the network could maintain its place in the Layer-1 race as one of the most valuable networks in the marketplace.”
The BNB Chain’s native token, BNB, is trading at $301.43 at time of writing. The 5th-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
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