Try Quests to earn FLOWNFT Wallet Behavior Comparison
comparing wallet behavior for buying and selling NFTs on Flow compared to Ethereum and Solana.
Introduction to Flow Blockchain
Flow (FLOW) is a high-performance blockchain specifically for creating NFTs, massive crypto games, and apps. Unlike general-purpose blockchains such as Ethereum or Solana, Flow is built to efficiently scale for potentially billions of people interacting with NFTs like in-game items.
Flow uses a PoS (Proof of Stake) consensus mechanism that requires validators to stake a certain number of FLOW tokens to participate in the network.
However, the way that validation works is unique amongst blockchains, as Flow splits validation tasks into four separate types of nodes: consensus, verification, execution, and collection. All four node types participate in the validation of each transaction.
in this dashboard we going to:
compare 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.
and answer the following questions:
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?
Sales Volume (Chart #1)
as we can see on the chart there’s a massive difference between NFT sales volume of Flow and other chains, most expensive collections are on Ethereum blockchain and some of them like BAYC have more daily volume than total daily volume of NFTs on Flow or Solana, since there more liquidity on Ethereum, usually the mint fee is also way higher than other two chains, specially Flow.
average volume on Flow is way lower than other two chain with a peak at 2MM on May 26th, since NBA finals took place between May 17th to May 29th, i believe this sudden peak in average sales is tied to this event as NBA Top shot is one of the most popular collections on Flow.
i analyzed the NFT sales and metrics during NBA finals in my FLOW Usage During the NBA Playoffs dashboard.
Unique Daily Buyers/Users (Chart #2)
just like the first chart Flow also has the lowest daily users compared to the other two chains but during the NBA Finals number of Flow users experienced a sudden jump and passed Solana in May 26th.
Cumulative Users (Chart #3)
we can see that Flow users grow in a lower rate compared to Solana and Ethereum.
Whale Focused Collections on Flow Chain
as we can see from the chart, whales (wallets with more than 100K value of NFTs purchased) on Flow chain are focused on Sports NFTs.
this is different behavior to Solana and Ethereum as Whales on Ethereum as mostly focused on PFP projects like BAYC, PUNKs, etc… and main focus on Solana is Utility and Gaming. (according to Opensea and MagicEden metrics).
Flipping on FLOW
as the bar chart indicates whales on Flow are more likely to hold onto their new purchased NFT than whales on Ethereum.
one of the reasons that catalyzes more flipping on Ethereum is the current NFT ‘Meta’ on this blockchain, after the rise of GoblinTown.wtf collection and it’s derivatives, the new Meta on ethereum NFTs is Meme driven free mints which their hype usually die off in less than a few days, so most wallets that mint these collection (mostly directly from the contracts and using Bots) flip NFTs right after the mint.
this is not the case with Flow NFTs as the Meta was always been Sports NFTs from Verified Collections.
Whale Interest in New and Old Projects
as the bar chart indicates Flow whales completely interested in new collections as opposed to Ethereum whales which are mostly are interested in already existing collections.
daily ranking of OpenSea also shows this conclusion as OG collections like BAYC, MAYC, Azuki and etc.. have the most popularity.
in other hand on Solana Old and New collections are closely favored by whales.