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Flow Blockchain NFT Ecosystem

Kavitha
Source :

In this article, we want to dive deep into the ecosystem in that process we will examine NFT sales activity on the Flow network.

Introduction

Dapper Labs has launched one of the most popular NFT gaming collections ever named CryptoKitties, which choked the Ethereum blockchain. There is no need to describe what happens when Ethereum’s blockchain chokes, gas prices rise to unreachable heights, and access to the blockchain becomes uneconomical for regular users. 
Flow Blockchain was launched by Dapper Labs in response to Ethereum’s high gas fees and low transaction capabilities. Flow is a fast, decentralized, and developer-friendly blockchain designed for high transaction throughput for gaming networks, digital assets, and mobile apps that require millions of transactions. 
Flow’s blockchain architecture follows a totally different route than Ethereum, with a multi-role architecture built on top of a unique architecture that handles scalability without sharding. 

source: onflow.com

What is NFTs?

As the name implies, NFTs refer to non-fungible tokens, which are unique items that cannot be exchanged for another item. There is no such thing as a piece of Art that is identical to another as both will have different characteristics. An NFT is a token that represents ownership of a unique item on a blockchain. These NFT tokens will generally contain unique information about them, such as a unique token name, symbol, etc., and will be owned by their creators or artists. A sell & buy transaction will be performed on the blockchain to sell these NFT tokens.

As a result of The Flippening, both @solana and @flow_blockchain users have traded more NFTs in total than those on @ethereum by more than double. The tweet below illustrates this. 

Approach

 We can proceed with the deep dive into the FLOW Blockchain by examining NFT sales activity on the Flow network:

FLOW Blockchain NFT Sales Activity By Collections

Flow blockchain’s NFT collections have grown rapidly since April 2022, as shown in the below graph.  The maximum collection of 51 was observed in June 2022, and the minimum collection of 3 was observed in May 2022.  A trend of increasing collections can be seen. 

Below is a timeline of NFT Collections launched on Flow blockchain since April 2022. The timelines of these individuals can be identified by their ranks. By looking at their timeline of NFT collections which are launched on Flow, we can see that most of them were launched during the week of Jun12-18 2022.

According to the below graph, 51 NFT collections were launched on June 2022 and again on Sept 2022 there was a next maximum number of NFT collections launched. Initially there is no much NFT collections launched. As a result, we can say that collections are on the rise

The total number of transactions by Collections is 213.06K. 91.66% of total transactions came from the Top 2 Collections (AllDay and TopSpot). The lowest total Transactions are 56 (Flunks) and the highest are 156.87K (AllDay). There are 33.33K sellers in all Collections. Of the total sellers, 85.86% came from the Top 2 Collections (AllDay and TopSpot). 

Looking at the recent distribution of sales volume by collection, the total sales volume is $6.5M. Over three quarters (78.7%) of total sales volume comes from AllDay collections. Fluks has the lowest total Sales Volume of $4.2K and AllDay has the highest total Sales Volume of $5.1M

Here from the below graph we can see the distribution recent weeks avg. sale price by collection.  Avg Sale Price for DimensionX Collections contributed 31.2% and Top 2 Collections contributed over half (52.35%). UFC_NFT has the lowest average sale price of $13.13 and DimensionX has the highest average sale price of $171.04,

A total of 88.75% of total buyers came from the Top 2(AllDay and TopSpot) collections. In terms of total Buyers, the lowest is 27 (Flunks) and the highest is 16.9K (AllDay).

A total of 85.86% of total sellers came from the Top 2(AllDay and TopSpot) collections. In terms of total sellers, the lowest is 32 (Flunks) and the highest is 22.18K (AllDay).

According to the weekly NFT Sales Volume since April 2022, the total is $84.82M.  Maximum Sales Volume of $6.55M was observed in August 14-20, 2022, and minimum Sales Volume of $2.02M was observed in July 03-09, 2022. There is not much sales volume at first, but later we can see that it is increasing. 

On this graph, we can see an increase in the week-over-week change in sales volume over the past couple of weeks. 

It is evident from this chart that the number of buyers has been increasing over the past few weeks. The maximum number of buyers was 28.32K in W33, 2022, and the minimum number of buyers was 11.98K in W26, 2022. Almost 55% of sellers can be seen here weekly for NFT sales. But recent weeks there is a decreasing trend of sellers can be noticed here.

According to this graph, we can see the average sale price at a movement for all top collections. The lowest average sale price is $19 (TopShot), and the highest is $173 (Gaia). W31, 2022, saw the highest average sale price of $82 and W18, 2022, had the lowest average sale price of $13. The average sale price of all NFTs CricketMoments ,AllDay, TopShot and UFC_NFT are in between $10 – $50 range. But the average price of Flunks and Gaia collections are went a maximum of 166$ and 249$ respectively.

This graph shows the cumulative sales volume of top NFT collections on Flow blockchain, excluding NFT AllDay and Top Shots for a clearer picture. Among all collections, the PackNFT Sale volume provides the highest sales volume. In terms of sales volume, UFC NFT is in second place, followed by CricketMoments in third place. 

Here is a graph showing how unique NFT buyers across all NFT collections on Flow have been distributed since April 2022. Top 2 collection names (Allday and TopShot) contributed for 78.82% of total Buyers . The lowest total Buyers is 2 (ItemNFT) and the highest is 246K (TopShot). Later, we see they came down and AllDay NFT Collection was placed second among all NFT collections in terms of buyers. 

Based on the below graphs, we can see the week-over-week growth of top NFT Collections on Flow Blockchain since Jun 2022. Here is a screenshot of the TFCItems Collection, we can see that their sales volume increased almost 500% when compared to their previous week during the 2nd week of July 2022. When we compare July 10-16 2022 with the previous week, CricketMoments sales volume also increased 240%.  

From the below graph, we can see the week-over-week sales volume growth of NBA TopShots and NFL AllDay since July 2022. When we compare AllDay collections’ sales volume to their previous weeks, we can see that it has increased by more than 200% in many times . 

Observations

Reference Query

WITH txns as (
select
   		split(nft_collection, '.')[2] as collection_name,
  		nft_collection,
		--team,
   		 nft_id,
    	tx_id, 
    	block_timestamp,
    	buyer, 
    	seller,
    	price
   		

from flow.core.fact_nft_sales sale
WHERE price is not null
  AND block_timestamp > CURRENT_DATE -  {{days}}
--join flow.core.dim_topshot_metadata meta using(nft_id) 
),
metrics as (
	SELECT	
  		date_trunc(week, block_timestamp) as date, 
  		count(distinct tx_id) as txns, 
  		count(distinct buyer) as buyers,
  		count(distinct seller) as sellers,
  		sum(price) as sales_volume,
  		avg(price) as avg_sale_price
  	FROM txns
	GROUP BY date
)
SELECT 
  *
FROM metrics
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