China’s BSN says daily NFT transactions surpass Ethereum

Transaction volumes on the Chinese state-backed blockchain’s non-fungible token (NFT) ecosystem were higher than that of Ethereum, the most popular blockchain for such deals, China’s Blockchain-based Service Network (BSN) said in a press release on Wednesday.

See related article: China’s Ant Group, Tencent, Baidu, JD.com push for NFT self-regulation

Fast facts

  • With 974,517 transactions, the BSN-Distributed Digital Certificate (BSN-DDC) ecosystem had more transactions for a 24-hour period than the 938,166 transactions on Ethereum, BSN said, without specifying the date when that happened.
  • This comes as NFT sales in June dipped below US$1 billion for the first time in 12 months, according to CryptoSlam. 
  • In April, BSN CEO Yifan He told Forkast that 90% of the platforms using the BSN-DDC are NFT marketplaces, collectively earning about 40 to 50 million yuan (US$6 million to US$7.4 million) at the time.
  • NFT deal-making is on a tear in China as speculators come up with creative ways to get around Beijing’s diktat against NFT flipping. 
  • In May, the state-backed firm said it plans to launch BSN Spartan, a new international network for non-cryptocurrency public chains by the end of August.

See related article: BSN partners with INDUSTRIA, eyes UK market