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The BNB Chain, formerly known as the Binance Smart Chain, has been outperforming other Ethereum ($ETH) competitors in what has been dubbed a “breakout year,” in part when it comes to its non-fungible token (NFT) market.
According to a report from Messari, BNB Chain’s non-fungible token sector experienced exponential growth so far this year, with a significant rise in secondary sales volumes and the number of unique NFT buyers on the network.
The report, first spotted by Daily Hodl, adds that BNB Chain has slightly reduced Ethereum’s dominance in NFT sales in the second quarter of the year. Its NFT volume surpassed competitors including Ronin, Flow, and Polygon in terms of daily sales, the report adds.
According to Messari, compared to its peers BNB Chain “ outperformed across several financial, network, ecosystem, and development metrics over the quarter.” The report notes that there was a “noticeable spike in transaction count and revenue across each chain during the middle of May,” but added the magnitude was more significant for BNB Chain.
More transactions create more fees on BNB, boosting several key metrics. Factoring in the fee-burning mechanism with the spike in transactions, much of the outperformance in financial metrics may have come from the Terra collapse. Still, BNB Chain proved that its fundamentals were strong enough to attract users fleeing from Terra.
While BNB Chain outperformed most of its competitors, it still declined across a number of metrics over macroeconomic factors in the wider market, including rising inflation and Russia’s invasion of Ukraine.
Nevertheless, it shipped out new developments that include Binance Bridge 2.0, the Most Valuable Builder V (MVBV) Accelerator program, and technical advancements. Over the quarter it began piloting various sidechains as well.
The report concludes that with zk-rollups and sidechains, BNB Chain is positioned to provide additional value propositions to its large user base.” If it manages to roll out its plans, it could “maintain its place in the Layer-1 race as one of the most valuable networks in the marketplace.
According to CryptoCompare data, BNB is at the time of writing trading at around $310, up from $277 at the beginning of the month. The cryptocurrency is also Binance’s native token, used for transaction fee discounts and other advantages on the leading exchange.
Featured image via Unsplash