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BNB Chain saw a significant resurgence in NFT activity in Q3 2024, as trading volumes surged by 283% quarter-over-quarter, according to Messari’s latest "State of BNB Chain" report. Average daily trading volume reached approximately $600,400, marking a notable turnaround for the network’s NFT ecosystem.

This growth, however, was largely fueled by high-value individual traders rather than a broad base of retail participants, as average daily buyers were down 53% QoQ to 2,300. Messari analysts noted that larger transactions played a critical role in boosting the network’s overall trading figures, even as smaller trades and broader user engagement remained limited.

Despite the concentrated activity, the increase in trading volumes suggests a renewed interest in NFTs on BNB Chain, which had seen subdued activity in previous quarters. 

BNB Chain has made concerted efforts to bolster its NFT landscape, aiming to attract both creators and collectors by enhancing its ecosystem and offering lower transaction fees compared to other networks. These efforts appear to be paying off, at least among high-value traders.

Still, Messari's report indicates there is room for growth among general NFT users on BNB Chain. Broader engagement would be essential for sustained growth and to compete more directly with leading NFT platforms such as Ethereum and Solana.

The report provides a promising outlook but suggests that further initiatives to attract smaller traders and collectors could help solidify BNB Chain’s position in the NFT market, diversifying its user base beyond the major players who currently dominate trading activity.