Vesting NFTs Gain Momentum on BNB Chain as Token Lockups Turn into Tradeable Assets

Vesting NFTs have ascended to the forefront of data aggregator CryptoSlam’s daily sales volume rankings as of Friday, amassing over $12.4 million on BNB Chain.

This dramatic increase positioned these niche non-fungible tokens (NFTs) above established digital art collections such as CryptoPunks and Pudgy Penguins, indicating that investors are exploring new liquidity options for vested tokens.

The surge in activity also established BNB Chain as the leading network for daily NFT sales, with approximately $14 million, nearly twice as much as Ethereum’s $7 million for the same day.

Data from CryptoSlam reveals that UNCX Network, a decentralized service provider, manages the Vesting NFTs that experienced growth on BNB Chain. The project enables users to wrap vested tokens and create a tradable NFT voucher.

Vesting NFTs may offer billion-dollar potential

Vesting is frequently employed to discourage early investors and team members from quickly selling their tokens for profit and exiting the business prematurely. Projects typically lock these tokens, effectively preventing holders from liquidating them.

However, vesting NFTs can provide holders of locked tokens the opportunity to access liquidity by trading their NFTs.

Vesting NFTs encapsulate token lockups within tradable NFTs that serve as vouchers. Holding the NFT entitles the owner to claim the vested tokens according to the established timeline.

This setup allows users with locked tokens to obtain and trade liquidity without violating their original vesting agreements.

Although the trading volume for Vesting NFTs stands at millions, crypto vesting is a deeply ingrained mechanism within the cryptocurrency ecosystem.

Tokenomist data indicated that in September, the crypto market released approximately $15 billion in vested tokens. The platform also revealed that an additional total of $10 billion will be unlocked in the coming two months.

Related: Ronin Treasury to begin buying back millions of RON starting next week

Utility-driven NFTs dominate sales rankings

In addition to Vesting NFTs, other utility-driven NFTs were featured in the top 10 of CryptoSlam’s 24-hour chart. The real-world asset (RWA) tokenization platform Courtyard, which allows users to redeem NFTs for physical collectibles, secured the 10th position of the day, generating nearly $500,000 in sales.

In April, Courtyard saw its sales skyrocket, propelling Polygon to the pinnacle of the weekly NFT sales chart. At that time, Courtyard NFTs reached a staggering volume of $22.3 million within just seven days.

DMarket, a platform that facilitates the sale of interoperable gaming NFTs, was also among the leading projects in NFT sales. It allows gamers to utilize NFTs as unique digital certificates of ownership for gaming cosmetics, character outfits, and weapon designs.