Vesting NFTs Experience Rapid Growth on BNB Chain as Token Lockups Turn into Tradable Assets

Vesting NFTs dominated the daily sales volume rankings on CryptoSlam as of Friday, amassing over $12.4 million on the BNB Chain.

This significant increase placed the niche non-fungible tokens (NFTs) ahead of well-known digital art collections like CryptoPunks and Pudgy Penguins, indicating a shift in investor interest towards new liquidity options for vested tokens.

This surge also positioned BNB Chain as the leader in daily NFT sales, reaching approximately $14 million, nearly doubling Ethereum’s $7 million for the same day.

According to CryptoSlam data, the UNCX Network, a decentralized service provider, facilitates the Vesting NFTs that saw significant activity on BNB Chain. The project enables users to wrap vested tokens and create a tradable NFT voucher.

Vesting NFTs with billion-dollar potential

Vesting is often utilized to prevent early investors and team members from selling their tokens quickly for profit, thereby protecting the project. Tokens are locked, preventing holders from selling them.

However, vesting NFTs present an opportunity for holders of vested tokens to access liquidity by selling their NFTs.

Vesting NFTs encapsulate token lockups into tradable NFTs that serve as vouchers. Owning the NFT allows the holder to claim the vested tokens based on a predetermined timeline.

This structure grants users with locked tokens the ability to trade liquidity while honoring their original vesting agreements.

Although the transaction volume for Vesting NFTs is currently in the millions, crypto vesting remains a crucial mechanism within the crypto ecosystem.

According to Tokenomist data, approximately $15 billion in vested tokens were released into the market in September. The platform also indicated that an additional $10 billion will be unlocked in the next two months.

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

Utility-based NFTs lead sales rankings

In addition to Vesting NFTs, various utility-based NFTs were spotlighted in CryptoSlam’s top 10 for the 24-hour chart. Courtyard, a platform specializing in real-world asset (RWA) tokenization, ranked 10th for the day, with nearly $500,000 in sales, allowing users to use NFTs as vouchers for physical collectibles.

In April, Courtyard’s sales skyrocketed, propelling Polygon to the forefront of the weekly NFT sales chart, with Courtyard NFTs reaching a impressive total of $22.3 million in just seven days.

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