The WAX blockchain once again outpaces Binance Smart Chain (BSC) in the NFT sales category, and this piece will go over what this means for the NFT space.
Worldwide Asset eXchange Blockchain
Worldwide Asset eXchange, popularly known as the WAX blockchain, is unlike most others; it is an eco-friendly blockchain for NFTs, video games, and digital collectibles. The environmental impact of NFTs and digital assets has stopped a considerable amount of people from entering the space.
A visit to the WAX website will show you how much this company prides its contributions to carbon neutrality. As a purpose-built NFT blockchain, WAX provides brands with all they need to launch an NFT collection successfully, and it doesn’t matter if your service is for games, exchanges, digital marketplace, or anything in between; WAX promises to have a solution for you.
WAX has become one of the most used and enjoyed blockchains for NFTs, and when we look at the revenue and profit figures, it’s hard to deny that WAX is head and shoulders above most others in the blockchain NFT space.
According to WAX, no NFT is more important than our planet, and in more ways than one, WAX’s most significant selling point is its commitment to carbon neutrality. The company can achieve low carbon emissions because it runs on a proof of stake system that doesn’t need supercomputers to draw unimaginable amounts of energy to complete transactions. According to reports, WAX has outclassed Binance Smart Chain once again.
WAX vs. BSC
February 2022 was a fantastic month for WAX NFTs, and in this month, this platform saw NFT volume reach $23.82 million. On the other hand, Binance Smart Chain NFTs recorded $1.14 million in trading volume.
It might seem like Binance’s figure is meagre compared to its WAX counterpart, but both chains witnessed year-on-year increases in February. The February figure was a significant milestone for Binance Smart Chain (BSC), but it comes nowhere close to WAX blockchains volume.
BSC’s figures are even more impressive when we consider that in January 2022, the chain recorded $94,325 in NFT trading volume. That means from January to February, BSC witnessed a growth of 1,109% in the space of 28 days. When we consider BSC’s year-on-year trading volume, in February 2021, the chain recorded $592,759; this means it witnessed year-over-year monthly growth of 92%.
WAX on the Rise
In January 2022, WAX witnessed a total sales volume of $20.87 million; this means the chain achieved a 14% growth within 28 days. Like BSC, WAX also recorded an impressive yearly monthly increase; in February 2021, the chain recorded $2.82 million, meaning a 744% increase over the last 12 months.
After all, is said and done, these blockchains have had a tumultuous year witnessing all-time highs and all-time lows within six months. The data concerning WAX and BSC blockchains show an increase in the total activity within the NFT space, and that’s terrific news.