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NFT whales on the BNB Chain ecosystem drove an increase in trading volume in the third quarter of 2024.
Newsletter
In this week’s newsletter, whales have driven a comeback for non-fungible tokens (NFTs) in the BNB Chain ecosystem, Lamborghini opened minting for its Revuelto NFTs, Infinex plans to integrate with OpenSea and Blur to list the top 500 crypto assets, and in other news, find out why OpenSea users dropped their lawsuit against the NFT marketplace.
Whales drive NFT comeback on BNB Chain in Q3: Messari
While the average daily buyers of NFTs on BNB Chain declined, whales continued to buy, sell and trade NFTs on the network. Third-quarter data from blockchain analytics firm Messari showed that NFT volumes increased to a daily average of $600,400.
Daily average sales in Q3 increased to 8,900, marking a 47% quarter-on-quarter increase. Despite this, the chain’s average daily buyers fell to 2,300, a 53% decline compared to the previous quarter, suggesting that whales drove the increase in volume.
Lamborghini opens Revuelto NFT mint with Animoca Brands, Transak
Luxury vehicle company Automobili Lamborghini opened the mint for its Revuelto NFTs on Nov. 7. The company said that the NFTs will be integrated into Animoca Brands’ games, allowing users to drive Lambos in-game.
Furthermore, the company said it was collaborating with crypto ramp service provider Transact as its “NFT Checkout” partner, allowing various payment methods when minting the NFTs.
Infinex to list top 500 crypto assets, v2 coming early 2025
Decentralized finance and NFT platform Infinex plans to release an updated version of its platform early in 2025. In a Cointelegraph interview, Infinex founder Kain Warwick said the company plans to implement new architecture to speed up integrations.
The executive said this update would allow the platform to integrate with marketplaces like OpenSea and Blur within two to three weeks, significantly faster than two to three months, its current speed of integrations.
OpenSea users drop securities suit after marketplace demands arbitration
The two OpenSea users who alleged that the NFT platform sold them unregistered securities dropped their proposed class-action suit after a judge allowed the NFT company to demand arbitration. Florida Federal Court Judge Cecilia Altonaga approved OpenSea to file a motion that would mandate arbitration.
The users’ lawyer, Adam Moskowitz from The Moskowitz Law Firm, told Cointelegraph that their side had no choice but to “dismiss the pending case.”
Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
This article first appeared at Cointelegraph.com News
