Try Quests to earn FLOWNFT Wallet Behavior Comparison
An overview of Flow
Flow was established by Dapper Labs, the makers of the famous CryptoKitties game, after CryptoKitties clogged the Ethereum network with just roughly 10,000 players. The goal of Flow was to develop a blockchain network capable of supporting billions of users on its decentralized apps.
Flow is a decentralized blockchain that facilitates the creation of decentralized apps and non-fungible tokens. Flow, like other blockchains, has its own native money, denoted by the symbol FLOW. FLOW is the reserve asset used to cover transaction fees and network staking.
Cadence, Flow's resource-oriented programming language, has certain unique properties that make it suited for smart contract creation, much like the majority of blockchains.
Built-in pre and post conditions for functions and transactions, a robust static type system, and capability-based security are a few characteristics. Flow is the blockchain of choice for the NBA Top Shot DApp at now.
Methodology:
- We compare the wallet behavior for purchasing and selling NFTs on Flow to Ethereum and Solana based on the amount of NFT sales and the number of NFT purchasers.
- Then, we compare the behavior of NFT purchasers classed as Whale on Flow to that of purchasers of other chains.
- We then attempt to determine what Whales prefer to concentrate on in Flow.
- How prevalent is "flipping" on Flow compared to other chains where we concentrate on selling between a week and a month?
- We finally analyze the average holding period for NFTs across the Flow, Ethereum, and Solana chains.
Question:
Create a series of dashboards comparing wallet behavior for buying and selling NFTs on Flow compared to 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?
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The pie graphic depicts the proportion of the total volume of NFT sales on the Flow, Ethereum, and Solana chains. It is evident that Ethereum has the highest volume of NFT sales, at 91.9 percent. With 7.51 percent, Solana has the second-highest NFT sales volume. Flow has the lowest NFT sales volume, at 0.598 percent. According to the graph, the Ethereum chain accounts for the majority of overall NFT sales volume.
The bar graph depicts the daily NFT sales volume on the Flow, Ethereum, and Solana chains. First, it can be seen that the present bear market is causing the daily volume of NFT sales to decrease progressively over time. Additionally, the most dominating pattern is seen on the Ethereum chain, which indicates that it is the most popular NFT market at now.
The area chart depicts the cumulative NFT sales volume on the Flow, Ethereum, and Solana chains. We can observe that all chains' cumulative NFT sales volume is rising, but only Ethereum is increasing substantially over time. This data shows that the growth rate of NFT sales volume for all chains is increasing, with the Ethereum chain showing the highest growth rate.
The pie chart illustrates the percentage of total NFT purchasers on the Flow, Ethereum, and Solana chains. With 56.8 percent of all NFT purchases, Ethereum clearly has the most. Solana has the second-highest percentage of NFT purchasers, at 33.9 percent. Flow has the fewest NFT purchasers, at 9.29 percent. According to the graph, the Ethereum chain accounts for the vast majority of NFT purchasers.
The bar graph illustrates the number of NFT purchasers on the Flow, Ethereum, and Solana chains on a daily basis. It can be observed that the trend for the daily number of NFT purchasers seems to be unstable over time, with the Ethereum chain showing the most prominent pattern. This finding suggests that the Ethereum chain is the most widely used in the NFT market.
The area chart illustrates the cumulative number of NFT purchasers on the Flow, Ethereum, and Solana chains. All chains' cumulative NFT purchasers are increasing, although Ethereum has a bigger proportion of NFT buyers compared to the Flow and Solana networks. This evidence reveals that the growth rate of NFT buyers is growing across all chains, with Ethereum exhibiting the greatest growth rate. In the near future, adoptions of NFT marketplace will increase across all chains.
The three bar graphs shown above depict the distribution of volume of NFT sales by purchasers on the Solana, Flow, and Ethereum chains. Here, we would like to state that the aforementioned charts are utilized to identify NFT Whale purchasers on all three blockchains under consideration. According to the results, Solana's NFT whales have 112 users, Flow's have 9, and Ethereum's have 3,683 users. Therefore, the number of Whales on the Ethereum NFT market is more than on the Solana and Flow NFT markets.
The pie chart illustrates the percentage of the total number of NFT sales transactions that were completed by Whales on the Flow, Ethereum, and Solana chains. Apparently, Ethereum has the largest number of NFT sales transactions, accounting for 89.5 percent. Solana has the second-most NFT sales transactions, at 6.83 percent. At 3.7%, Flow has the lowest number of NFT sales transactions. According to the graph, the majority of Whale users' NFT sales transactions occur on the Ethereum chain.
The bar chart depicts the daily number of NFT sales transactions on the Flow, Ethereum, and Solana chains. The trend for the daily number of NFT sales transactions is unstable over time, with the Ethereum chain exhibiting the most prominent pattern. This result indicates that the Ethereum chain is the most popular in the NFT market.
The pie chart displays the percentage of total NFT sales by Whales on the Flow, Ethereum, and Solana networks. At 99.2 percent, Ethereum definitely has the highest volume of NFT sales. Solana has the second-highest NFT sales volume at 0.77 percent. At 0.0562 percent, Flow has the lowest NFT sales volume. According to the graph, the Ethereum chain accounts for the great majority of NFT sales volume generated by Whale users.
The bar graph shows the daily volume of NFT sold by whales on the Flow, Ethereum, and Solana networks. The daily volume of NFT sales is firstly shown to be decreasing over time as a result of the current bear market. The most dominant pattern can also be found on the Ethereum chain, indicating that the NFT market there is now the most well-liked.
The pie graphic represents the proportion of Whales' total NFT sales held by each of Flow's NFT projects. At 64,2 percent, the NBA Top Shot project is the most popular. NFL All Day has the second-highest volume of sales, with 35.6%. NFL NFT sales represent for 0.0969 percent of total sales volume. Pack NFT has 0.0373% of the sales volume, while UFC NFT holds 0.03044%. According to the graph, NBA Top Shot and NFL All Day projects account for the majority of Whale users' overall NFT sales volume on the Flow network.
The pie graphic depicts the proportion of flippers who sold their NFTs on the Flow, Ethereum, and Solana blockchains in less than one week. The Ethereum chain has the highest percentage of 7-day flippers, at 71.6 percent. Flow has the second-highest percentage of 7-day flippers, at 23.5%. In contrast, the Solana chain has the least number of 7-day flippers, at 4.93 percent. We may thus infer that the Ethereum chain is responsible for the vast majority of 7-day flippers created by NFT users.
The line chart depicts the daily number of Flow, Ethereum, and Solana flippers who sold their NFTs in less than one week. All line charts are quite volatile over time, with the Ethereum chain displaying the most apparent pattern. Therefore, the most prevalent 7-day flippers are seen in Ethereum.
The pie chart displays the percentage of flippers who sold their NFTs on the Flow, Ethereum, and Solana blockchains within a month. At 71.5 percent, the Ethereum chain has the greatest number of 1-month flippers. At 23.7 percent, Flow has the second-highest number of 1-month flippers. The Solana chain has the lowest number of one-month flippers, at 4.81 percent. Thus, we may conclude that the Ethereum chain is accountable for the great majority of 1-month flippers produced by NFT users.
The line graph represents the daily number of Flow, Ethereum, and Solana flippers who sold their NFTs in less than a month. All line charts are highly volatile over time, with the Ethereum chain demonstrating the strongest trend. Therefore, Ethereum has the highest frequency of one-month flippers.
The above bar charts illustrate the average holding duration for NFTs on the Flow, Ethereum, and Solana chains. At around 21 days, Flow has the longest average holding period for NFTs. With around 13 days, Ethereum has the second-longest average holding period for NFTs. Approximately seven days is the shortest average storage period for NFTs in Solana. Therefore, we may conclude that Flow NFT users are more likely to store their NFTs for a longer duration than Ethereum and Solana users.
Conclusion
- We determined that the volume of NFT sales and the number of NFT buyers on the Ethereum chain are much more than those on the Flow and Solana networks.
- We discovered that the majority of Whale users' NFT sales and NFT sales volume take place on the Ethereum chain.
- We observed that NBA Top Shot and NFL All Day represent the majority of Whale users' NFT sales on the Flow network.
- We discovered that the vast majority of 7-day and 1-month flippers are located on the Ethereum chain, as opposed to the Flow and Solana networks.
- Finally, we discovered that Flow NFT users are more likely to hold their NFTs for a longer period of time than Ethereum and Solana users.