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What Is Flow?
Dapper Labs, the company behind the well-known video game CryptoKitties, created Flow as a response to CryptoKitties' ability to overwhelm the Ethereum network with only 10,000 players. The aim of Flow was to create a decentralized blockchain network that could handle billions of users. A decentralized blockchain called Flow makes it easier to create non-fungible coins and decentralized applications. Like other blockchains, Flow has its own native currency, which is represented by the letter FLOW. The reserve asset used to pay for transaction costs and network staking is called FLOW. Similar to most blockchains, Cadence, Flow's resource-oriented programming language, has certain characteristics that make it suitable for the generation of smart contracts. A strong static type system, built-in before and post conditions for functions and transactions, and capability-based security are a few features. The NBA Top Shot DApp now prefers the blockchain Flow.
Question
Time to do some NFT analysis. Compare and contrast the NFT market and ecosystem across at least three different chains (you can do more if you wish, but there must be at least three included.) Explain how the various chains differ in terms of metrics such as:
- Total Sales
- Total Unique Buyers
- Total Volume
- Average Sales/Day
- Average Buyers/Day
- Average Sales Price/Day
Methodology
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We compare the NFT ecosystem for buying and selling NFTs on Flow to that of Ethereum and Solana using the number of NFT sales, the volume of NFT sales, and the number of NFT buyers.
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Then, we compare the behavior of Whale on Flow NFT buyers to that of other chains.
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How widespread is "flipping" on Flow compared to other chains where we focus on weekly to monthly sales?
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Finally, the average holding duration for NFTs on the Flow, Ethereum, and Solana chains is examined.
The pie graphic depicts the proportion of total NFT sales transactions on the Flow, Ethereum, and Solana chains. Solana seems to have the highest volume of NFT sales, accounting for 45 percent. At 38.3 percent, Ethereum has the second-most NFT sales. Flow has the lowest amount of NFT sales at 16.7%. According to the graph, the Solana chain accounts for the bulk of NFT sales transactions.
The bar chart shows the average number of NFT sales per day on the Flow, Ethereum, and Solana chains. It can be seen that the Solana chain has the highest NFT sales per day, at around 62k transactions per day. Ethereum has the second-most NFT sales per day, at around 53k transactions per day. Flow has the lowest NFT sales per day, at around 23k transactions per day. Therefore, the Solana chain accounts for the majority of NFT sales per day.
The bar chart depicts the daily number of NFT sales on the Flow, Ethereum, and Solana chains. The trend for the daily number of NFT sales is unstable over time, with the Solana chain exhibiting the most prominent pattern. This result indicates that the Solana chain is the most popular in the NFT market.
The area chart shows the total number of NFT sales on the Flow, Ethereum, and Solana chains. We can see that cumulative NFT sales for all chains are increasing, but only Solana and Ethereum are increasing significantly over time. This finding shows that the growth rate of NFT sales is growing throughout all chains, with the Solana chain with the highest growth.
The pie graphic depicts the proportion of total NFT buyers on the Flow, Ethereum, and Solana chains. Ethereum obviously has the most, accounting for 55.8 percent of all NFT purchases. Solana has the second-highest percentage of NFT buyers (33.6%). Flow has the fewest NFT buyers (10.6%). The graph shows that the Ethereum chain accounts for the great majority of NFT buyers.
The bar chart shows the average number of NFT buyers per day on the Flow, Ethereum, and Solana chains. It can be seen that the Ethereum chain has the highest number of NFT buyers per day, at around 26 buyers per day. Solana has the second-most number of NFT buyers per day, at around 16k buyers per day. Flow has the lowest number of NFT buyers per day, at around 5k buyers per day. Therefore, the Ethereum chain accounts for the majority of NFT buyers per day.
The pie chart represents the fraction of the total volume of NFT sales on the Flow, Ethereum, and Solana chains. At 92.8 percent, it is apparent that Ethereum has the highest volume of NFT sales. Solana has the second-highest volume of NFT sales with 6.57 percent market share. At 0.595%, Flow has the lowest volume of NFT sales. The graph indicates that the Ethereum chain accounts for the overwhelming of the total volume of NFT sales.
The bar chart illustrates the average NFT sales volume ($USD) per day on the Flow, Ethereum, and Solana chains. It can be seen that the Ethereum chain has the highest average NFT sales volume, at around 81M $USD per day. Solana has the second-most average NFT sales volume, at around 5.7M $USD per day. Flow has the lowest average NFT sales volume, at around 520k $USD per day. Therefore, the Ethereum chain accounts for the majority of average NFT sales volume ($USD per day.
The bar graph represents the daily NFT sales volume on the Flow, Ethereum, and Solana chains. At first, it can be observed that the current bear market is causing the daily volume of NFT sales to fall with time. Additionally, the most dominant pattern is observed on the Ethereum chain, indicating that it is the most popular NFT market at the present time.
The cumulative NFT sales volume on the Flow, Ethereum, and Solana chains are shown in the area chart. The overall NFT sales volume across all chains is growing, but only Ethereum is increasing significantly over time. According to this information, all chains are seeing an increase in the growth rate of NFT sales volume, with the Ethereum chain experiencing the fastest rise.
The three bar graphs above illustrate the volume of NFT sales by buyers on the Solana, Flow, and Ethereum chains. We'd like to point out that the aforementioned charts are used to identify NFT Whale buyers across all three blockchains under consideration. Solana's NFT whales have 544 users, Flow's have 35, and Ethereum's have 6041 users, according to the results. As a result, there are more Whales on the Ethereum NFT market than on the Solana and Flow NFT markets.
The pie graphic displays the proportion of NFT sales transactions completed by Whales on the Flow, Ethereum, and Solana chains. Evidently, Ethereum accounts for 83.4 percent of all NFT sales transactions. Solana has 12.3 percent of the second-most NFT sales transactions. Flow has the fewest NFT sales transactions, at 4.3%. The graph indicates that the preponderance of Whale users' NFT sales occurs on the Ethereum chain.
The bar chart shows the average number of NFT sales per day that were completed by Whales on the Flow, Ethereum, and Solana chains. It can be seen that the Ethereum chain has the highest NFT sales per day, at around 10.7k transactions per day. Solana has the second-most NFT sales per day, at around 1.5k transactions per day. Flow has the lowest NFT sales per day, at around 554 transactions per day. Therefore, the majority of Whale users' NFT sales transactions occurs on the Ethereum chain.
The pie graphic depicts the proportion of total NFT sales volume in USD generated by Whales on the Flow, Ethereum, and Solana networks. At 98.8 percent, Ethereum has the highest USD volume of NFT sales. At 1.15 percent, Solana has the second-highest NFT sales volume. Flow has the lowest NFT sales volume at 0.0662%. According to the graph, the vast bulk of NFT sales volume produced by Whale users are on the Ethereum chain.
The bar chart illustrates the average NFT sales volume ($USD) per day generated by Whales on the Flow, Ethereum, and Solana chains. It can be seen that the Ethereum chain has the highest average NFT sales volume, at around 62.3M $USD per day. Solana has the second-most average NFT sales volume, at around 733k $USD per day. Flow has the lowest average NFT sales volume, at around 42k $USD per day. Therefore, the Ethereum chain accounts for the majority of average Whale’s NFT sales volume ($USD per day.
The pie chart illustrates the percentage of flippers who sold their NFTs on the Flow, Ethereum, and Solana blockchains in less than a week. At 67.7 percent, the Ethereum chain has the largest proportion of 7-day flippers. At 27.7%, Flow has the second-highest proportion of 7-day flippers. The Solana chain has the lowest percentage of 7-day flippers at 4.59 percent. The overwhelming majority of 7-day flippers issued by NFT users may thus be attributed to the Ethereum chain.
The line chart displays the daily number of Flow, Ethereum, and Solana flippers who sold their NFTs within seven days. All line graphs are very volatile over time, with the Ethereum chain exhibiting the most obvious trend. The most frequent 7-day flippers are thus found in Ethereum.
The pie graphic depicts the proportion of flippers who sold their NFTs within a month on the Flow, Ethereum, and Solana blockchains. The Ethereum chain has the highest percentage of 1-month flips at 67.5 percent. Flow has the second-highest percentage of one-month flippers, at 28 percent. At 4.5 percent, the Solana chain has the lowest percentage of one-month flippers. Consequently, we may infer that the Ethereum chain is responsible for the vast majority of 1-month flippers generated by NFT users.
The line graph depicts the daily number of Flow, Ethereum, and Solana flippers who sold their NFTs during one month. All line graphs are quite volatile over time, with the Ethereum chain exhibiting the most pronounced tendency. Consequently, Ethereum has the most number of one-month flippers.
The above line graphs depict the average holding time of NFTs on the Flow, Ethereum, and Solana chains. At around 42 days, Flow has the longest average holding time among NFTs. With around 10 days, Ethereum has the second-longest average holding time among NFTs. The minimum average storage duration for NFTs in Solana is around seven days with around 8 days. Therefore, we may infer that Flow NFT users are more likely to hold their NFTs for a longer period of time than Ethereum and Solana users.
Summary
- We discovered that the number of NFT sales transactions on the Solana chain is much higher than on Ethereum and Solana.
- We found that the amount of NFT sales and the number of NFT buyers on the Ethereum chain are much higher than on the Flow and Solana networks.
- The majority of Whale users' NFT sales and NFT sales volume happens on the Ethereum chain.
- Unlike the Flow and Solana networks, the great majority of 7-day and 1-month flippers are found on the Ethereum chain.
- Lastly, we observed that Flow NFT users are more likely than Ethereum and Solana users to store their NFTs over a longer period of time.
The bar chart depicts the daily number of NFT purchasers on the Flow, Ethereum, and Solana chains. The trend for the daily number of NFT purchasers appears unstable over time, with the Ethereum chain displaying the most prominent pattern. This result indicates that the Ethereum chain is the most popular in the NFT market.
The area chart depicts the cumulative number of NFT buyers on the Flow, Ethereum, and Solana chains. The cumulative number of NFT buyers on all chains is rising, however, Ethereum has a greater share of NFT buyers than the Flow and Solana networks. This information demonstrates that the growth rate of NFT purchasers is increasing across all chains, with Ethereum having the highest growth rate. All chains will boost their NFT marketplace adoptions in the near future.
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