Introduction and methods

Flow blockchain is a fast, decentralised, developer-friendly PoS-based blockchain from NFT pioneer Dapper Labs that aims to provide high scalability to the next generation of Dapps without the use of complex scaling techniques such as fragmentation.

Flow applies the pipelining technique by separating the jobs of a validator node into four different roles: collection, consensus, execution and verification. For each role, a minimum participation deposit is required from each of the participating nodes. All these nodes work in parallel to perform their required actions. Each validating node still participates in the validation of each transaction, but does so only in one of the validation stages.

In this dashboard we are gonna track the NFT wallet behavior and we will compare with other L1 chains such as Ethereum or Solana. To do so, the following metrics have been computed for these three blockchains:

• Daily NFT active whales
• Flipping popularity

Going deep with Flow NFT wallet behavior, the following features in Flow have been computed as well:

• Most common NFT collection activity by whales
• Distribution of volume moved by whales for each NFT collection
• Transactions and users comparison between new vs existing projects

Results

> To carry out this first analysis, we need fist to define whales. In this case, I have defined a whale considering the volume moved. When a user moved more than 20k USD in volume then it is considered as well.

Then, in this first chart, we can see the daily NFT whales on each network. Here it can be see the big difference between Ethereum and the rest of the blockchiains. As well, the difference between Solana and Flow is considerably, having Flow the lowest number of whales. However, Solana and Ethereum daily active whales decreased over time. Ethereum passed from around 400 to 200 daily whales while Solana passed from around 35 to 2 or 3. Flow only shows puntual days when some whale movement is detected.

If we take a look at the NFT collection activity by whales we can see how all the activity is concentrated in 3 unique collections: NBA Top Shot NFL All Day and Pack NFT.

The major of the activity in both terms, number of whales and number of transactions are in the NBA Top Shot collections, with 6 unique whales and 93 total sales. For All Day only 1 whale is detected with a single transaction while in Pack NFT 1 unique whale is detected with 2 transactions.

Looking at the distribution of volume in NFT collections by whales, the difference is more clear between collections. While NBA Top Shot volume represents 84.5% of the total volume moved by whales (243k USD), NFL All Day represents 15.4% of them with 44.4k USD moved and Pack NFT represents less than 0.1%.

Regarding the flipping on FLow, Solana and Ethereum, it can be seen again how Solana and Flow show similar results. However, Ethereum is more different. While in Flow and Solana blockchains more than 97% of the NFT sales are done in less than 24h, in Ethereum represents less than 85%. The major difference between Flow and Solana is the percentage of sales within a week. While in Flow represents more than 1.3% in Solana only 0.38%. In Ethereum represents 4.05%. The sales within a month or higher represent less than 1% of the Flow NFT sales, while in Solana represent less than 0.5%. In Ethereum represent more than 8% of the sales.

Finally, looking at what NFT wallets are looking for, it seems like during the first days they were looking for new collections but now, they are using more consolidated ones. It could be possible as well because of I have considered old collections as the collections with more than 90 days after their launch. Maybe there is few collections launched during the past months on Flow.

In numbers, the daily NFT sales decreased over time, having 100% of them in new collections during the first days but passing to old collections during the past 2 months. The same occurred with the number of buyers. It is possible because of one of the main collections maybe become old collection on finals May.

Conclusions and key insights

In this dashboard we have explored the NFT wallet behavior on Flow and we have compared it with other important chains like Ethereum and Solana. Thanks to the analysis we have seen that there is a big difference between NFT activity on Ethereum and the other chains (Solana and Flow):

• The number of whales are higher on Ethereum than on Solana or Flow
• More than 97% of the sales have done within 24h on Solana and Flow while on Ethereum represents less than 85%
• The activity of Flow whales is concentrated in three main NFT collections: NBA Top Shot, NFL All Day and Pack NFT, being the first one the most common one
• The NFT users are looking now for more consolidated NFT collections than before