BNB Chain’s NFT front painted a green picture, but this metric turned red

Its BNB chain NFTs may not have experienced the same traction as NFTs built on other platforms. However, this scenario may change. The BNB chain The NFT community may be starting to show signs of growth as the chain’s top NFT collections have seen some traction.

The Pancake Swap Squad and Mobox observed significant growth in recent days. This may lead to a change in BNB Chain’s NFT front.

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Here is AMBCryptos Price Prediction for BNBChain [BNB] for 2022-2023

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NFTs to the rescue

DappRadartheir data shows that the PancakeSwap Squad NFT collection showed a lot of growth in the last week. Volume increased by an astounding 84.32% and sales increased by 93% in the last seven days as well.

The recent growth in these NFT pools’ volume can be attributed to PancakeSwap’s private sales allocation of theirs IFOs for Squaddie Holders.

However, despite the growth in their NFT area, there were other worrying factors that could hinder GDPits growth.

One of the developments that can get in the way BNB’s growth would be the decline in stakes’ income. As can be seen from the image below, staker income dropped tremendously in the last month. The income generated by strikers has weakened 22.75% since the last 30 days.

Reduced interest income may increase the selling pressure on the stake holders and may lead to BNB’s prices being negatively affected.

Source: StakingRewards

The decline in staker income was not the only bearish indicator for the BNB chain. At the time of writing, the speed of the BNB chain witnessed a sharp drop. This indicated that the frequency with which BNB was exchanged on addresses dropped.

In addition, a decline in development activity was observed. This may be an indicator of slow progress in terms of technological development and progress on the BNB network.

These two factors combined with a declining market value to realized value (MVRV) ratio may indicate a bleak outlook for the future of BNB chains.

Source: Sentiment

Sunshine after the storm

However, there were some silver linings to these dark clouds. BNB’s market cap dominance, despite all the bearish indicators, witnessed a lot of growth. At press time, BNB had taken 4.67% of the total market.

Volatility has also spiked over the past week, indicating that it would be less risky for investors to buy BNB.

Source: Messari

The BNB coin was trading at $273.72 at the time of writing and had strengthened by 1.31% in the last 24 hours. The volume also increased by 20.83% in the same time period.