In February 2022, NFT sales on Wax amounted to $23.82 million
The volume of NFT sales on the WAX blockchain once again surpassed those on Binance Smart Chain. In February 2022, NFT trading volume on Wax was $23.82 million, while NFT trading volume on Binance Smart Chain was $1.14 million. Although Binance numbers sound much smaller, they are up 1,109% in 28 days as in January they were only $94,325.
About the WAX Blockchain
The WAX blockchain is a carbon neutral Proof of Stake blockchain. The main advantage of the blockchain is its environmental friendliness, which contrasts with the much criticized environmental damage that Ethereum causes. This has led many major companies such as MLB, AMC Theatres, Funko, Hasbro, Deadmau5, Mattel and others to start using the WAX blockchain to launch their NFTs.
About Binance Smart Chain
Binance Smart Chain is another blockchain that uses the Proof of Stake system, albeit a modified version from WAX and others. It was launched by Binance in 2019 and its primary mission is to facilitate fast, decentralized trading. The chain, unfortunately, does not have much flexibility, as smart contracts optimized for fast trading can significantly overload the network. Among the names that have released some forms of on-chain NFTs is Animoca Brands. Although they have far fewer big-name supporters than WAX and, of course, Ethereum.
The Future of WAX vs. Binance
The Binance smart chain has a long way to go before it can catch up with WAX or larger blockchains like Solana and the premiere Ethereum blockchain. Nothing is predictable in the cryptocurrency space. But it will take a lot of work from the BSC team to reach this milestone. In order to get bigger, they will have to solve some of the problems they faced before. For example, blockchain clogging due to attempts to create high-speed smart contracts.