Non-fungible token sales on the BNB Smart Chain skyrocketed as investors show increased interest in the digital art sector.
Investors are showing strong interest in non-fungible tokens (NFTs), with BNB Smart Chain (BSC) stealing the spotlight from Ethereum and Polygon.
According to data from CryptoSlam, the daily NFT sales volume increased by 66%, reaching $21.5 million. The rise comes with increased interest from buyers.
CryptoSlam data shows that the number of buyers rose by 9% to over 47,000, while the number of sellers declined by 11% to 27,500.
The daily sales on the BSC network increased by over 5,000% in the past 24 hours, reaching the top spot with $8.2 million in volume, marking a new all-time high for the first time since Jan. 29, 2024’s $3.2 million ATH.
Polygon and Ethereum recorded $3.2 million and $2.8 million in NFT trading volume, respectively. This brings the total NFT sales volume on BSC to $480 million.
While the BSC blockchain took the spotlight, it’s still far away from Ethereum’s total $45.5 billion NFT sales volume.
The NFT sector has been struggling over the past three years with limited investor interest.
The positive sentiment around digital collectibles has been consistently fading away since May 1, 2022, when the daily NFT sales reached an ATH of roughly $580 million.
While there have been a few bounces over the years, the NFT space has been lacking a strong catalyst and real-world utility to drive strong growth and adoption.
BNB Price: Quick Overview
The recent rise in BSC-based NFTs also brought a mild bullish sentiment to BNB BNB $916.9 24h volatility: 2.2% Market cap: $127.66 B Vol. 24h: $1.33 B , the native token of the Binance ecosystem.
BNB gained 0.9% and is currently trading at $590. Its market cap is sitting at $82.8 billion with a daily trading volume of $1.4 billion.
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