The WAX blockchain NFT sales volume has surpassed the sales on Binance Smart Chain once again. In February 2022, Wax NFT sales equated to $23.82 million. With Binance Smart Chain NFTs recording $1.14 million in trading volume. Although Binance’s numbers sound way smaller, they increased 1,109% in the space of 28 days, 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 impact. This has resulted in many big names taking to the WAX blockchain to launch their NFTs, like the MLB, AMC Theaters, Funko, Hasbro, Deadmau5, Mattel and more.
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. The chain, unfortunately, doesn’t have much flexibility as the smart contracts optimized for fast trading could significantly congest the network. Names who have released some forms of NFTs on the chain include Animoca Brands. Although they have a lot fewer big-name backers than WAX, and of course, Ethereum.
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 for smart contracts, Ethereum. Nothing is ever predictable in the crypto space. But it’d take a lot of work from the BSC team to reach that stage. In order to get bigger, they’d have to resolve some of the issues which they have previously faced. Such as clogging up the blockchain due to attempting to make high-speed smart contracts.