Try Quests to earn SOLNFT Wallet Behavior Comparison
Create a series of dashboards comparing wallet behavior for buying and selling NFTs on Flow compared to Ethereum and Solana. Is there more or less "whale" activity on Flow compared to each of the other chains? What do "whales" tend to focus on in Flow? How common is "flipping" on Flow (selling within 24 hrs, within a week etc) compared to other chains, or do wallets tend to hold onto their NFTs? Are wallets more interested in new projects, or already existing projects on Flow?
Introduction
Flow is one of the leading blockchains to design the next generation of apps, NFTs, and games. This blockchain is designed to perform fast and low-cost transactions without using sharding techniques. Most importantly, Flow emphasizes reducing the complexity seen in other blockchains. For example, consider buying an NFT. In other blockchains, this process can involve dozens of transactions. But in Flow, the same operation is performed by an atomic transaction in a block. On the other hand, Flow divides the work of processing transactions into four separate nodes, each of which has its role and responsibility.
Methodology
In this dashboard, I compare the NFT market in Flow, Ethereum, and Solana blockchains using On-China data available on Flipside. For this purpose, I have obtained the following results, which I will analyze and discuss.
- Number of Users in NFT Market - Flow Vs Ethereum and Solana
- The Average Sales price of NFTs
- NFT Sales Volume in USD
- Whales Activity - Number of buying and selling
- Growth of Whales Activity
- Top 10 NFTs that Flow Whales Bought Most
- Number of Flippers
According to the graph, the number of users in the NFT Flow market is decreasing, but it has faced a very high increase in two points so it has exceeded the number of users of Ethereum and Solana. On April 22, Flow ranked first in the NFT market with 39K users, and also on May 26 with 22,600 users is higher than Solana.
The average selling price of each NFT on all platforms has generally been declining during this period. According to the graph, it is also clear that for all 3 blockchains, the NFT price trend was downward, but at times such as June 7, June 13, and July 12, the average price of each NFT on Flow was higher than Solana.
Due to the fact that the Flow blockchain and especially the NFT trading market is newly established on this blockchain, the volume of transactions on it cannot be compared with the Solana and Ethereum blockchains. As it is clear from the chart, the largest volume of NFT transactions is related to Solana and then Ethereum.
In this section, we will discuss the behavior of Whales. We have defined Whales as the top 50 wallets in terms of the number of NFT purchases. According to the chart, it seems that Whales are more active on the Flow blockchain compared to Ethereum and Solana.
The slope of the graph shows the speed of growth of the activity of Whales in different blockchains, according to the graph, it can be said that Flow has the fastest speed in the activity of Whales.
The 10 NFTs that Whales were more willing to buy on Blockchain Flow are displayed. Whales have bought most of the TopShot and AllDay collections.
The number of flippers (users who have sold purchased NFTs in less than a week) is also much higher on the Ethereum blockchain than on Flow.
Conclusion
- The number of active users in the NFT market mostly use Ethereum, Solana, and then Flow blockchains.
- The average sale price of NFTs on all three blockchains has been declining.
- The largest volume of NFT buying and selling is done on the Solana blockchain.
- Most whales use Flow to buy and sell NFT.
- Most of the whales have bought TopShot NFT Collection on Flow Blockchain.
- The number of Flipper users on Ethereum is much more compared to Flow.
