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Once again, the WAX blockchain NFT sales volume has exceeded Binance Smart Chain’s sales. In February 2022, Wax NFT sales equated to $23. 82 million. With Binance Smartchain NFTs recording $1. 14 million in trading volume. Although Binance’s numbers sound way smaller, they have increased 1,109% in the space of 28 dates, as in January they recorded only $94,325.
About the WAX Blockchain
The WAX blockchain is a carbon-neutral blockchain that runs on a Proof of Stake system. Their major selling point is the eco-friendliness of the blockchain, which contrasts with Ethereum’s heavily criticised environmental damage which they’ve been known to cause. Many big names have taken to the WAX blockchain in order to launch NFTs. These include the MLB, AMC Theaters and Funko.
About the Binance Smart Chain
Binance Smart Chain is another blockchain using a Proof of Stake system, although a modified version from what WAX and others use. It was launched by Binance in 2019 and its primary focus is to facilitate fast, decentralized trading. Unfortunately, the chain doesn’t have much flexibility because smart contracts that are optimized for rapid trading could severely congest the network. Animoca Brands is one of the names that has released NFTs on this chain. They have much fewer big-name supporters than WAX and Ethereum, but they do have some.
The Future of WAX vs Binance
Binance Smart Chain has a long way to go before it can catch up with WAX, or bigger blockchains such as Solana and the premiere blockchain of Ethereum. The crypto space is unpredictable. To reach this stage, it would take a lot work by the BSC team. They would need to solve some of their previous problems in order to grow. For example, clogging the blockchain from trying to make high-speed smart contract.
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