Introduction

Based on recent data, it appears that the trading volume of NFTs in the cryptocurrency market has dropped by 98%, suggesting a significant decline in the NFT markets. In this dashboard, we will investigate this claim on the Flow blockchain. Additionally, we will compare NFT trading activity on Flow to that on other blockchains. This analysis consists of two sections. In the first section, we will examine NFT trades in terms of number, volume, and the number of users. Additionally, we will explore Flow NFT markets to determine their current status. In the second section, we will compare NFT trades on Flow with two other blockchains, Ethereum and Solana. Lastly, we will assess the status of OpenSea, Magic Eden, and NFT storefronts within the three blockchains: Ethereum, Solana, and Flow.

Methodology

The data from three blockchains, Ethereum, Solana, and Flow, have been used. This data consists of solana.nft.fact_nft_sales, EVMs.nft.ez_nft_sales, and flow.nft.ez_nft_sales. Furthermore, for extracting prices in terms of US dollars, the tables crosschain.price.ez_hourly_token_prices and flow.price.fact_hourly_prices have been used. Two blockchains, Ethereum and Solana, have been chosen for comparison with Flow because they share some similarities with Flow. For example, all of them were launched before 2022 and experienced spikes in the number of NFT trades and volume in 2022.

All volumes are in USD dollars.

Has Flow Witnessed the Death of NFT trades?