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China Backed BSN Claims They Have Moved Past Ethereum In NFT Transactions

source-logo  thecoinrepublic.com 07 July 2022 11:45, UTC
  • Blockchain-based Service Network (BSN) is a platform which allows blockchain deployment for organizations, and is backed by China.
  • As per their claims during a press release, sales volume with respect to the non fungible tokens, surpassed Ethereum.
  • BSN made an announcement regarding their expansion on a global level with Spartan Network, their yet to be revealed international product during May 2022.

BSN Moving Faster Than Ethereum?

China’s Blockchain-based Service Network or BSN, has stated during the press release that their NFT ecosystem has witnessed daily trading volume overcoming the Ethereum blockchain.

Ethereum is currently the most useful and popular blockchain when it comes to the NFT ecosystem. Solana, Flow, Tezos, are some of the names that support non fungible tokens, but Ethereum shed the dominance here, similar to the crowned crypto asset Bitcoin in the crypto currency market.

Though, BSN did not unveil the date of this event. But it claims that their ecosystem, BSN-DDC (BSN-Distributed Digital Certificate) witnessed a whopping 974,517 transactions during the day, more than Ethereum blockchain which registered 938,166 transactions on the same day.

Yifan, CEO of the platform, stated to a news website that 90% of the platforms persisting on the BSN-DDC ecosystem are associated with the NFT sector.

Back in May, the organization made an announcement that they will be rolling out their international product Spartan Network, which will help their dream of going global with their services, and the product is anticipated to roll out during the next month.

Will NFT Market Make A Comeback?

Amid this cold and painful crypto winter, which is still proving itself as a nightmare for the investors in the sector. This has affected the NFT sector too, and many collectibles and marketplaces are suffering due to this crypto havoc.

As can be witnessed in the data offered by the data aggregator, OpenSea, the dominator among the NFT marketplace, has been sinking lately.

Source: Nansen

The anchor of the cryptocurrency market has taken the NFT sector down the ocean with it, and doesn’t appear in a very good condition.

Experts believe that the market is far away from receiving some warmth. As we already know, the volatile cryptosphere has surprised investors several times, however, we cannot say for sure that this crypto winter will last or the snow will start to melt at some point in the near future.