Introduction

NFTs, or non-fungible tokens, are digital assets certified through blockchain technology. The cryptography of these tokens is what makes these assets unique: no two are the same, and they cannot be exchanged with each other. This makes it possible to prove that the person who bought them is their sole owner. They can be practically anything that can be digitized: from works of art, to memes, tweets, photographs... \n \n If you want to create an NFT of a drawing, for example, you tokenize it through NFT and sell that token online. Thus, you get to individualize the work and register it in such a way that it is unique. Then, what is called a 'smart contract' is programmed. Within this contract you find all the information about the piece you have purchased. \n \n NFTs are certified through blockchain technology, just like cryptocurrencies. One of the differences between an NFT and cryptocurrencies is that the former are regulated by the value of the assets (although you can also bid for them), while the latter are regulated by supply and demand (depending on market fluctuation).

Methodology

Flow blockchain has been one of the top trending platforms with a huge activity growth during 2022, and the main reason was because of its support to NFTs and its collaboration with high and popular entities like NBA or NFL.

In this analysis we are gonna compare the Flow NFT market with other important blockchains in this scope such as Ethereum, Solana or Optimism.

The main metrics we are gonna track will be:

• NFT global metrics: sales, users and volume in USD
• Cumulative global NFT metrics
• Distribution of transactions, users and volume
• Daily average of sales, users and volume

Please, select a period and a granularity of your choice on the above parameters in order to proceed with the statistics visualization. Then, press the “Apply All Parameters” button to update the charts. Finally, enjoy the results!

In this first large range of graphics, we can see the most important global metrics of NFT activity over the top blockchains.

In the first 3 charts, we can see the evolution of NFT sales, active NFT buyers and USD volume moved per platform over the period of your chose and with a granularity of your chose (please see the text after the Methodology part to know how to choose the period and granularity). In the number of sales and users, we can see how Ethereum and Solana has been the leaders during the past months. However, the activity on Ethereum has decreased considerably. As well, the number of sales on Flow have been increasing since its inception and in September, the numbers are closer to the Ethereum network. The volume experimented different results. In this case, Ethereum registered a huge difference against its oponents.

In cumulative numbers, Flow is still far from its competitors, but surpassed Optimism in all of the aspects. While registered a total of more than 3M NFT sales involving almost 200k users, Ethereum and Solana registered more than 14M of sales and more than 1M of users. Optimism not surpassed the 100k sales and involved less than 30k users. The volume participation of Flow is so low due to the difference against Ethereum.

These three donuts have been created with the intention to show some global vision about the metrics across the blockchains and see the representation of Flow in the NFT world.

Regarding the number of NFT sales, we can see how Ethereum and Solana have a huge proportion of the sales, but Flow percentage is reaching the 10% of the sales with more than 3.5M. The percentage of active buyers is not so higher, representing less than 4%. In this case, there is a clear leader representing almost 70% of it. Finally, the contribution of volume is so low, due to Ethereum exceededs the 96% of the contribution.

In this final section, we will review the average metrics of each blockchain to finish our comparison analysis. On the left, we have the daily average transactions per platform. Ethereum and Solana have again the highest values, followed by Flow. Optimism is far from the others. The avreage NFT buyers has leadered again by Ethereum followed closer by Solana. Flow is on the third position and again and far from the others is Optimism. Finally, the volume leadr is Ethereum with a huge difference against the rest.

Key insights

• Ethereum and Solana has been the leaders during the past months. However, the activity on Ethereum has decreased considerably.

• The number of sales on Flow have been increasing since its inception and in September, the numbers are closer to the Ethereum network.

• Ethereum registered a huge difference against its oponents in terms of volume.

• In cumulative numbers, Flow is still far from its competitors, but surpassed Optimism in all of the aspects.

• Ethereum and Solana have a huge proportion of the sales, but Flow percentage is reaching the 10% of the sales with more than 3.5M.

• The percentage of active buyers is not so higher, representing less than 4%. In this case, there is a clear leader representing almost 70% of it.

• The contribution of volume is so low, due to Ethereum exceededs the 96% of the contribution.

  Ethereum and Solana have again the highest values in terms of average daily sales, followed by Flow. Optimism is far from the others.

• The average NFT buyers has leadered again by Ethereum followed closer by Solana. Flow is on the third position and again and far from the others is Optimism.

• The aberage volume is leadered by Ethereum with a huge difference against the rest.

Sources:

• How NFT works?