Try Quests to earn FLOWNFT Buying Behavior on Flow
Q10. Create a series of dashboards comparing wallet behavior for buying and selling NFTs on Flow compared to on 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
The Flow network is a high-performance blockchain that was created with the sole intention of making it easier to create non-fungible tokens (NFTs), huge crypto games, and applications. Unlike blockchains created specifically for public use, such as Ethereum, Flow was designed on December 31th, 2021, to easily expand to accommodate potentially billions of users interacting with non-fungible tokens (NFTs), such as in-game items. This is in contrast to other blockchains, such as Bitcoin, which were developed specifically for private use.
Method
I used NFT tables in each blockchain for basic metrics like buyer and sales volume.
This is a list of the top 100 wallets on each network that spent the most volume on NFT tokens. 100 wallets each for FLow, Solana, and Ethereum make up the whale population.
Beginning on May 9th, the Flow NFT began generating real data. Since May 9th was the beginning of the month, I analyzed all blockchains until today.
It was a two-step process for the final question. For starters, I look at three different blockchains to see if whales purchased from older or newer collections. Before the year 2022, everything is ancient, and everything after that is brand new.
To put it another way: Before June 2022 is considered "Old" and after that date is considered "New".
- As of above chart, with 53.6 percent of total NFT purchases on May 9th, 2022, Ethereum takes the top spot. With 34.3% of the unique buyers, Solana is the runner-up. Unique purchasers account for around 12% of total Flow.
NFT buyers who purchased NFT tokens on Flow (Green Bars), Ethereum (Red Bars), and Solana (Blue Bars) from May 9, 2022 are shown in these charts. There is no denying that Ethereum has the most unique users. Solana is the second, while Flow is the third. For a brief period of time, Flow had more unique users than Solana . The Flow platform had 22.66K unique purchasers on May 26th, whereas the Solana platform had 17K unique buyers at that time.
- In terms of unique buyers, Ethereum is growing the fastest compared to Solana and Flow, as shown in the cumulative data.
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On the market for NFTs, Ethereum and Solana have a longer track record of success than Flow has. Only Flow's success was able to draw new users to the platform.The two cryptocurrencies with the lowest volume are Flow and Solana, whilst Ethereum has the highest volume.
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All of this three Blockchain are in the downward trend since May 9th on volume.
These graphs make it possible to examine the activities carried out by whales on each Blockchain. The most active whales are associated with Solana, Ethereum and Flow network. Each whale in Flow makes a purchase of approximately 20-30 NFTs on a daily basis, on average (NFT). On a daily basis, fewer than half of the Solana and Ethereum whales made purchases of NFTs.
The cumulative growth of whales activity on each blockchains are shown in the following chart, it indicate that the growth on Flow are sharpen than others.
- In the Ethereum Network, the majority of the most expensive NFTs and the most affluent whales may be found. The daily volume in USD of three blockchains is shown in the above graph. First and foremost is Ethereum. deference between Ethereum chain and others are too much and very significant.
- As of the above PIE chart TopShot NFTs appear to be of interest to Flow whales. Ninety-one percent of Flow Whales have purchased at least one NFT from the Topshot collection, which is a record. In the Allday collection, 6.14 percent of Flow Whales purchased an NFT item. 1.54 percent of the respondents were interested in UFC nft and the other NFTs.
It appears that the whales on each blockchain do not enjoy holding on to an NFT for an extended period of time. It takes about one day on average to hold an NFT in Ethereum. 2 and 4 days approximately on Solana and Flow, respectively.
Findings
Compared to Solana and Ethereum, Flow possesses a substantially larger proportion of active whales than either of those two cryptocurrencies.
According to Solana, humpback whales are the most responsive of any whale species.
Ethereum is distinguished by modest levels of activity but significant levels of financial investment. [Citation needed] [Citation needed]
They don't want to keep an NFT in their possession for an extremely protracted period of time. There are a lot of individuals that are interested in New NFTs, and when they feel it is the appropriate moment, they will go ahead and buy some of them.
