Introduction

Flow is a Proof-of-Stake blockchain that went live in 2019 after the founders of Dapper labs got fed up with the slow and expensive state of Ethereum blockchain with Crypto Kitties and NBA Topshots soaring in popularity. The main advantage of Flow chain is its fast, low cast transactions supporting smart contracts. In this article, we will explore the NFT market and ecosystem on Flow chain and provide insights in terms of various standard metrics such as the daily NFT sales volume, daily users who has bought/ sold NFTs, total number of NFTs sold etc.. with supporting visuals.

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What are NFTs ?

NFTs stands for Non-fungible tokens, where in Non-fungible can be defined as something that cannot be exchanged for another item because its unique. For example, one piece of Art is not equal to another as both will have unique properties.

Basically, NFTs are tokens that lives or survives on a blockchain and represent ownership of unique items. These NFT tokens in general will contain bit of information specific to it, such as unique token name, symbol etc.. and will be owned by the creator or artist of that token. These NFT tokens will be sold by performing sell & buy transactions on the particular blockchain.

Let us explore the NFT market and ecosystem on Flow network in terms of NFT sales activity, with supporting graphs or visuals.

Conclusion

From the above graphs and visuals, here are few observations regarding the NFT Flow Collections:

• Among the 9 NFT Collections available on Flow NFT marketplaces, TopShotMarketV3 seems to the most popular NFT collection in terms of maximum Total sales volume (in USD) and highest number of NFTs sold over the flow chain.

• When assessed in terms of average sales volume of NFTs across each NFT collection, TheFabricantMarketPlace collection outstands being the most popular NFT marketplace on Flow blockchain.

• Around 56.1% of Unique Buyers have bought NFTs on TopShotMarketV3 marketplace compared to other NFT collections.

• Approximately 60% of distinct sellers have sold their NFTs on TopShotMarketV3 marketplace, followed by NtStoreFront Collection in second place.

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Methodology

As part of this analysis, we will first look at the flow.core.ez_nft_sales table to analyze the overall and daily trend of NFT sales activity in terms of standard metrics such as

• Total Average NFT Sales Price
• Daily Average NFT Sales Volume
• Total NFT Sales volume on Flow
• Daily NFT Sales Volume (in USD)
• Total distinct Sellers who have sold NFTs
• Daily distinct Sellers count who sold NFTs
• Total Unique Buyers who purchased NFTs
• Daily unique Buyers count who purchased NFTs
• Total number of NFTs sold on Flow chain
• Daily trend of NFTs sold on Flow network

Observations:

When we look at the daily trend of NFT sales activity, here are few observations:

• Maximum number of NFTs have been sold on 6th May 2022, with a count of 66.064K. However, there seems to be a significant downward trend since 12th September 2022.

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• Highest Sales volume for NFTs of 2.24M has been recorded on 19th August 2022, later which we could see a slight decline while approaching towards the third week of September 2022.

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• A maximum NFT Sellers have been noticed on 6th May 2022 with around 16K, where as highest buyers count of 22.3K who purchased NFTs have been noticed on 19th August 2022.

Top NFT Collections

Now, let us see the Top NFT Collections on Flow chain analyzed in terms of NFT sales activity such as

• Total number of NFT Collections on Flow
• Total Sales volume across each NFT Collection
• Average Sales volume of each NFT collection
• Total unique Buyers who bought NFTs by each Collection
• Total distinct Sellers who sold NFTs across each Collection
• Total number of NFTs sold across each NFT collection
• Top 5 NFT Collections based on Total Sales Volume
• Top 5 NFT Collections based on maximum NFTs sold
• Top 5 NFT Collections based on Average sales volume

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References