NFT Sales Report: 2023 vs. Previous Year
I will provide information about NFT sales on the Flow blockchain in 2023 in this analysis. If you are familiar with or actively involved in Flow NFTs, you may be aware that NFTs on the Flow chain in early 2023 are incompatible with NFTs sold at the beginning of the same year.
Considering the Flow price, there has been a significant decline in the total sales and volume of NFTs on Flow compared to the corresponding days in the previous year.
Therefore, I examined FLOW NFTs and compared the sales activities between January and May 2022 with the same period in 2023, focusing on the number of sales and volume.
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Let's delve into the essential figures regarding NFT sales on Flow in 2023. Find the details below.
Upon reviewing some significant statistics on NFT sales on Flow in 2023, let's begin with analyzing new users joining the Flow blockchain. Over nearly six months since January 2023, only 7.7K new NFT users have joined the Flow chain. On average, there were 53 new buyers daily on Flow during this period.
Following the growth in token prices in January 2023, the number of new NFT users on Flow increased. However, after a month, the numbers experienced a decline. Since May 2023, the number of new users has increased again, reaching up to 200 per day. One possible reason for the influx of new users could be the introduction of new collections on Flow. However, it's worth noting that no specific new collections were highlighted. Another contributing factor could be the popularity of seasonal events, such as NBA playoff games, which featured certain NFTs.
To account for the different currencies used on the Flow chain for purchasing NFTs, I began by retrieving the Flow price data. I then combined this information with the NFT sales table. For NFTs sold using Flow tokens, I calculated the volume in USD, while for other tokens, I considered their value equivalent to 1 US dollar. I extracted all the relevant data from the NFT sales table.
To facilitate a comparison between the previous year and the current year, I utilized the rank function to determine the number of days elapsed from January to May 2022 and 2023. I created a chart highlighting the changes over time by replacing the actual dates with the corresponding day numbers.
Note: I analyzed the Flow chain and compared it with Solana and Ethereum in the following link. However, this analysis focuses on Flow NFTs and their comparison with the previous year. https://flipsidecrypto.xyz/hess/flow-down-bad-yb2jlB