Introduction

Flow is a fast, decentralized, and developer-friendly blockchain designed for a new generation of games, apps, and digital assets that power them. Flow starts with HotStuff, a proven Proof-of-Stake (PoS) consensus mechanism, and adds a unique multi-node architecture to drive dramatic improvements in speed, throughput, and environmental friendliness without sharding or layer-2. They argue that Flow is the greenest Web 3 network among leading platforms. Minting an NFT on Flow costs less carbon than a post on a social networking site. Since the initial launch of the Flow blockchains, it has majorly revolved around the NFTs, and while the increase in their market cap made them a mid-cap blockchain, their focus has remained on NFTs. However, it still has a long way to reach the likes of Ethereum and Solana.

In this analysis, an overview of the NFT sales of some of the renowned collections on Flow, as well as the shifts in their sales activity based on their average and floor price has been provided over the last three months.

Methodology

The NFT sales data were selected from the fact_nft_sales table of the core schema of the Flow database. Since the sales amount is in multiple tokens, their prices were selected from the fact_prices table to convert them into U.S. dollars. The price of utility tokens was considered equal to $1. Six collections were selected specifically for this analysis and all the other collections were tagged as Others to have a better comparison between them. For the selection of the collections, the data on the Flowverse Flow NFT Statistics website was utilized. Also, the collections were selected in a way to represent different groups in the ecosystem, from the likes of NBA All Shots with relatively low prices on average generating massive sales, to collections such as Flunks with high prices and low sales volume. The last three months were considered as the time-frequency of the analysis to cover more recent data.

For the determination of the floor price for NFTs, simply the minimum sales price of the collection was selected, both on average and daily. Many marketplaces consider the minimum listing price for NFTs of a collection to determine the floor price, however, since those listings are off-chain and could not be accessed, the sales data for the NFTs of each collection were used to measure the price movements.

To more accurately analyze the distribution of NFT sales, the histogram of the sales amount has been charted in buckets with different ranges. The first bucket ranges with a width of $10 defined to group the total sales amount. A specific formula using the floor function was used to group the amount between a particular range in a single bucket. Ultimately, the number of traded NFTs, as well as the sales volume were counted and their amount was summed up to have two histograms. Due to the aggregation of data points in lower amounts, two other histograms were graphed by shortening the width of the buckets to $1 for staked amounts below $100. The sales of collections were only measured for the sales prices less than $1000 with $10 buckets.

Bucket Floor = FLOOR(amount / 10) * 10

Also, to measure the sales accumulation around a particular price point, namely the average and the floor price, two wide ranges covering from half the price to double were determined and the number of sales was calculated for those ranges. This metric is defined to observe how much of the sales activity was around those prices.

Sale Price BETWEEN Price (Averrage/Floor) * 0.5 AND Price (Averrage/Floor) * 2

Conclusion

In conclusion, the NFT sales analysis of various collections on Flow based on their sales prices has demonstrated that the number and volume of sales for the majority of collections, especially those evaluated in this analysis, have not correlated to the NFT prices. While all of these collections had an incredibly low floor price in the past three months, their sales were concentrated over their average price. In the case of NBA Top Shot and NFT All Day, as the two dominant collections on the network, the sales volume was even higher in ranges more than double the average prices. It is worth mentioning that from a distribution perspective, as the price decreases, the number of traded NFTs and the sales volume increase. Overall, while the sales activity for these collections has stayed relatively the same over the past three months, their average and floor prices have started to decrease to more affordable ranges.

Insights

• Overall, the moment NFTs of NBA Top Shots and NFL All Day have dominated the NFT sales on Flow over the past three months. UFC Strike has also had a considerable share of around 5%;
• The NFT price of these three collections is relatively average with the NFL All Day being the priciest and NBA Top shot being the cheapest among the three sports-related collections. They are in a similar range as all the other collections;
• On the other hand, two collections of Flunks and Meta Panda Club had the most expensive NFTs on average, especially the Flunks, with a price of nearly four times higher than the others;
• Interestingly, the floor price for all of these collections has been as low as $1 or less, except the Meta Panda Club with a floor price of $10;
• On a daily basis, the sales pattern is following the overall share of each collection. Although the NBA Top Shot moments had more than 50% of the total share over the first half of the measured period, the NFL All Day NFTs became the dominant collection and gained the number 1 spot from the NBA Top Shot. It is worth mentioning that the sales of these collections have started to equalize in recent weeks;
• The NFT prices of all of the collections have been decreasing over the past three months, except the Seussibles collection which has had an upward trend;
• Since the floor price of all of the collections, except the Flunks and Meta Panda Club, has been $1 and less, it has not changed over time. However, the NFTs of the two mentioned collections, it has also decreased to between half to one-third of their initial price over the measured period;
• To evaluate the correlation between the sales activity and the price of NFTs, the sales volume, number of sales, and number of buyers were plotted over the average and floor price of NFTs for each collection. Interestingly, there has been no clear correlation between each pair;
• Top collections such as NBA Top Shot and NFL All Day have had their sales activity regardless of the price. Although in general, a lower price resulted in slightly higher sales, there were cases of high sales volume with high average prices;
• Similarly, Flunks and Meta Panda Club NFTs had a few sales, regardless of their prices. Even the drops in their prices have not resulted in a higher sales number or volume;
• In general, the number of traded NFTs and the sales volume have been concentrated over the prices below $100;
• Below $100, the sales volume increases as the price decreases. However, there the number of traded NFTs has been evenly distributed in this range;
• This has also been the case for the selected collection and their sales activity increased in cheaper price ranges;
• Measuring the sales activity around particular price points, namely the average and the floor price has demonstrated that less than half of the total sales for each collection were concentrated around these price points;
• It is worth mentioning that widening the ranges to even cover sales between half and double the price did not result in a share of more than 50% for the sales of selected collections in those ranges;
• NBA Top Shot and NFL All Day NFTs are the only two collections that had most of their sales volume above the doubled average price;
• The number of sales and the number of buyers have been higher in ranges below average prices for all of the collections compared to higher price ranges.

Daily Sales

Sales Overview

Daily Prices

Sales vs Price/Floor Price

Total Sales Distribution Over Different Price Ranges

Collections’ Sales Distribution Over Different Price Ranges

Total Sales of Each Collection Over Half or Double The Price of NFTs