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Trading Volumes on Binance’s Non-Fungible Tokens have Increased Substantially

OpenSea has revealed that Binance’s non-fungible tokens recorded very impressive trades and accounted for a sizable chunk of the OpenSea portal during its January activity. The biggest digital collectible in the Ethereum platform stated that the trading volumes on OpenSae had increased substantially.

Last week OpenSea revealed that trading volumes for Binance NFTs stood at $34,000, but the amount has risen to $48,000 presently.

It shows an unprecedented rise in the number of trades for Binance NFTs. The Ethereum exchange minted a series of multiple NFT tokens used as holiday promotions. As of then, Binance made about 34,000 collectible tokens using the Enjin ERC-1155 standard and released them to those that took part in the promotional campaign.

For seven weeks now, the Binance NTF token has been in circulation. The token has been averaging to a total weekly trading volume of $6,700 or approximately 37 ETH. At this volume, the token is among the top 15 NFTs on OpenSea’s network. It has outperformed many other tokens with a higher pedigree.

Volume spurred by high-priced tokens

Binance’s two most expensive and rarest tokens were offered for auction for $5,400 or 29.8 ETH.  But there are lots of very common and cheap Binance tokens in the market. Coin holders are asking $55 or 0.3 ETH for Binance NFT token. Currently, coin holders are selling the cheapest token for less than $1.25 or 0.007 ETH.

Maintaining momentum

The performance of Binance in the market is likely not going to continue for a long time. Weekly volumes of the token have already dropped to $670 (3.8 ETH), most likely because the exchange only released a series of tokens the past month. However, if Binance steps up and issues additional token series, the volumes can rise again in the market. Currently, the NFTs are maintaining the 31st position on the volume ranking list of OpenSaea.

Trader Registration Commences On 19th Of September On Binance US
Source: Coindesk

Asides the performances in the market, it’s already an accomplishment on its own for Binance to start issuing NTF tokens, as this is the first of its kind for a major exchange.

There is a strong indication that Binance may still succeed if it decides in the future to develop NFT tokens on real applications. Many feel that the exchange will have a huge success and the impact on the market may be tremendous. But Binance is yet to announce any plans to make use of Binance in that way.

How Binance NFT is facing competition

With the level of acceptance the token has in the market, Binance has proven that its NFT could stand its own against other competitors. However, there are other more established NTFS that are far ahead of Binance’s NFT. It would require some sustained levels of trading momentum before they could come close to these established NFTs.

Top on the token chart on OpenSea is Decentraland, which records its property claims on its virtual platform using NFT tokens. Currently, the token is averaging about $86,000 (475 ETH) on weekly trading on the platform.

Other projects that are still ahead of Binance ETF on the chart include digital marketplace SuperRare, gaming platform CryptoVoxels, as well as MyCryptoHeroes.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.