NFT Market Sees Resurgence As Whales Boost BNB Chain Activity

According to Cointelegraph, the non-fungible token (NFT) market on the BNB Chain has experienced a resurgence, largely driven by whale activity. Despite a decline in the average daily number of NFT buyers, whales have continued to engage in buying, selling, and trading on the network. Data from blockchain analytics firm Messari reveals that NFT volumes on the BNB Chain increased to a daily average of $600,400 in the third quarter. This period also saw a rise in daily average sales to 8,900, marking a 47% increase from the previous quarter. However, the average daily buyers fell to 2,300, a 53% decrease, indicating that the increased volume was primarily due to whale transactions. In other developments, luxury car manufacturer Automobili Lamborghini has launched the minting of its Revuelto NFTs as of November 7. These NFTs will be integrated into games developed by Animoca Brands, allowing users to drive Lamborghini vehicles in a virtual environment. Additionally, Lamborghini has partnered with Transak, a crypto ramp service provider, to facilitate various payment methods for minting these NFTs. Meanwhile, decentralized finance and NFT platform Infinex is planning to release an updated version of its platform by early 2025. In an interview with Cointelegraph, Infinex founder Kain Warwick stated that the new architecture would enable faster integrations with marketplaces such as OpenSea and Blur, reducing the integration time from two to three months to just two to three weeks. In legal news, two users of the NFT marketplace OpenSea have dropped their lawsuit alleging the sale of unregistered securities. This decision came after a Florida Federal Court judge allowed OpenSea to demand arbitration. The users' attorney, Adam Moskowitz, confirmed to Cointelegraph that they had no choice but to dismiss the case following the judge's ruling. These updates highlight significant movements in the NFT space, driven by both technological advancements and legal developments. Stay tuned for more insights and reports on the evolving NFT landscape.