Updated on January 26, 2023 02:16 PM
In order to improve chain performance for uses like trading, NFT purchases, and gaming, the BNB chain will create sidechain on the mainnet.
BNB chain’s NFT Marketplace has been growing steadily. With a lot of NFTs and gaming platforms switching over BNB Chain making it more demanding in the marketplace.
Luke Rare, the project's growth lead, expressed strong optimism about Non-Fungible Tokens (NFTs) on BNB Chain following Rareboard's recent "Birthday Mega Contest," which celebrated the NFT Marketplace Aggregator's first year of operation.
“We saw a 600% growth Quarter on Quarter for BNB Chain NFTs from Q1 to Q2 to this year, according to Messari data, with Rareboard accounting for 1/5 of that volume through its Aggregation and Launchpad,” - Rare told in an interview with BSC News.
He believes that a variety of sources contribute to the chain's growth, including the PancakeSwap collection, which gave rise to Rareboard.
Rare claimed that all other projects are inferior to the Squaddies NFTs, which alone account for more than 150,000 BNB (about $200 million) in volume. With PancakeSwap introducing private sale allocation to their IFOs for Squaddie holders, their volume has recently grown.
According to Dapp Radar's data, the PancakeSwap Squad NFT collection increased significantly over the previous week. In the previous seven days, its volume surged by an astounding 84.32% and its sales increased by 93%.
From the last 30 Days, BNB chain has been witnessing a short stakers value which is affecting the progress of the chain adversely.
However, In the shorter frame, it’s gaining traction all over again. In the last 7 Days, the stakers value increased from nothing to 1.3 Percent which shows a steady growth over the past days.
One of the key declining factors is that the token transfer amount on the BNB Chain is also getting lowered. As per the analytics firm Bitquery, the graph of token transfers has been declining since 13 Oct 2022 after the last spike it showed.
Despite all the gloomy indicators, BNB's market cap domination saw significant rise. As of the time of publication, BNB controlled 4.67% of the market.
Additionally, over the previous week, its volatility decreased, indicating that buying BNB would be less risky for investors.
Although the BNB chain is now facing technological as well as development issues, there's good news too. BNB Chain plans to introduce side chains to cut the cost and increase the speed of transactions for resource intensive applications such as gaming.
In order to ease the burden on the network's constrained transactional capabilities, developers will be able to migrate data and assets from BNB Chain via the BNB Chain Application Sidechain (BAS), according to a Binance spokesman who did not provide a launch date in a statement to The Block. Additionally, these sidechains will be application-specific, meaning that each sidechain will concentrate on a particular use case.
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