NFT Wallet Behavior Comparison

Create a series of dashboards comparing wallet behavior for buying and selling NFTs on Flow compared to Ethereum and Solana.

Introduction

Flow is designed for Web3 applications that need great user experience, whether NFTs, gaming, Metaverse, or even decentralized finance. An NFT is like other crypto assets in how it can be bought, sold and exchanged over the internet without a middleman.

In this dashboard, we are going to:

look for NFT sell/ buy behaviours
look for whales activity
flipping activity by whales and other users
new vs old projects
compare Flow with Ethereum and Solana in mentioned items.

Top Collections

The following charts show the top collection on Flow blockchain.

Top shot is the top NFT collection on FLOW by a high margin.

Flipping Activity

the following charts show the whales flipping activity in each blockchain. First thing that can be seen is that both whales and other users have almost the same behaviour. among those who sell their NFTs at most after a month, almost 50% flip their NFT after a month, almsot 35% sell their nft after a week and around 20% sell their nft in 24 hours.

Other Users Buy Analysis

it can be seen that Other users have almost the same behaviour as whales. most of the points mentioned in the last section apply here as well.

Whales Daily Buy Analysis

The following charts show the whales daily NFT buy activity.

It can be seen that:

On Flow the number of daily transaction decrease daily.
On Ethereum the number of daily transaction fluctuates.
On Solana the number of daily transaction is trending upward.
In the period under study, on Flow the amount of average amount spent decreased by 2x.
In the same period, Ethereum have seen a drastic dip in amount traded.
Despite increase in Solana tx count, it is seeing a slow decrease in amount.
Let’s not forget the analysis was done in a bear market, where all tokens have seen a large amount of correction.

Buyers Transaction Count

The following charts show the number of buy transaction each user has done.

It can be seen that most users have done around 5 to 10 transactions on Flow network, and around 5% of them have done more than 100 transaction, as already mentioned we consider them as whales for Flow network.

We have chosen the whales for Ethereum and Solana in the same manner.

Approach

the FACT_NFT_SALES tables from Flow and Solana schema and EZ_NFT_SALES from Ethereum schema is used to gather most data, EZ_NFT_SALES contains USD equivalent for sold NFT prices, but in order to get the price of SOL and FLOW following tables from Ethereum and FLOW schema were used: FACT_PRICES, FACT_HOURLY_TOKEN_PRICES. some other information was extracted from DIM_LABELS table from corresponding schema.

Whales are defined as top 5% of the users with the most number of transactions, for Flow network this number equals 100 NFT transactions, for Solana 50 NFT transactions and for Ethereum 25 NFT transactions.

For flipping data, users who flipped their NFT after 24 hours, a week and a month is considered.

The Study begins from 2022-04-20 for all chains. Other important points will be pointed out in each section.

New or Old

The following charts show the number of sales for each collection based on the day of their first transaction on each blockchain, in the first chart, all the NFTs (created after and before 22-04-20 and all created after that date) are shown. the the next chartonly NFT created after that date is compared. this gives us a better understanding.

It should be noted that almost all the collections that have a first date on 2022-04-20 are introduced before that time and transaction count is based on transactions that occured after that date, and its obvious that they dominate each blockchain. so it seems that older are more loved that newer ones.

Buyer Seller Ratio

The following charts show the number of daily buyer and sellers, the next chart shows the daily ratio of sellers to buyers.

In this dashboard Flow graphs come first, then Ethereum graphs and finally Solana graphs.