Question:

Create a series of dashboards comparing wallet behavior for buying and selling NFTs on Flow compared to Ethereum and Solana. Is there more or less "whale" activity on Flow compared to each of the other chains?

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What do "whales" tend to focus on in Flow? How common is "flipping" on Flow (selling within 24 hrs, within a week etc) compared to other chains, or do wallets tend to hold onto their NFTs? Are wallets more interested in new projects, or already existing projects on Flow?

Definitions:

Instance- This would be used to calculate the total transactions in which a wallet has been able to sell an NFT on the marketplace after buying it from there itself

Whale - Any address which has been able to buy an NFT at more than 100 times the average NFT price (across all NFTs) on the chain

‘Old’- Anything before 90 days has been considered old here while anything within the last 90 days is considered to be new

Introduction:

FLOW is a very popular L1 known for being gasless and having popular NFTs on it’s platforms like NBA TopShot. One can read more about flow here.

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Methodology:

• To get the flipping instances in NFTs on Ethereum, Solana and FLOW, the chain.core.fact_nft_sales was used to get the sales and the particular id from the collection was taken . This was clubbed with the time at which the ID was sold and the time difference was taken. This was then grouped into three categories- day, week and month and all such instances were taken and a comparison was made

• To get the ‘whale’, the average price on each chain was tabulated first and then the number of whales was tabulated as users who bought NFTs at 100x the average price of an NFT on the chain

• To get the behaviour of such whales, the number of transactions and volume daily and over time was taken into consideration. This was then compared across chains

• To get the top projects among whales and non whales, the nft collection was grouped and the total occurrences were considered

• To get a comparison of whether the old projects are more popular or are the new ones gaining more popularity, the projects were grouped based on the first sale ever made and if it was in the past 90 days it was considered as a new project otherwise it’s an old project

• After that, the number of transactions made by the wallets were taken into account

  
  
  
  
  
  We will divide the dashboard into two sections- one on the left which has all the insights and other on the right with all the visuals

Explanation & Insights:

• There have been a total of 15M, 400k, and 1M occurrences of flipping on ETH, SOL and FLOW of which about 3M, 130K and 400k+ flipped in a day respectively

• There have been a total of 15M, 400k, and 1M occurrences of flipping on ETH, SOL and FLOW of which about 8.3M, 245K and 746k+ flipped in a week respectively

• There have been a total of 15M, 400k, and 1M occurrences of flipping on ETH, SOL and FLOW of which about 12M, 341K and 974k+ flipped in a month respectively

• By % of such instances, 21% have been able to flip in a day for ETH or 1 in 5 have flips in a day

• By % of such instances, 40% have been able to flip in a day for SOL or 2 in 5 have flips in a day

• By % of such instances, 33% have been able to flip in a day for FLOW or 1 in 3 have flips in a day

• By % of such instances, 53% have been able to flip in a week for ETH

• By % of such instances, 70% have been able to flip in a week for SOL

• By % of such instances, 63% have been able to flip in a week for FLOW

• By % of such instances, 80% have been able to flip in a mont for ETH

• By % of such instances, 92% have been able to flip in a month for SOL

• By % of such instances, 88% have been able to flip in a month for FLOW

• This implies that if an NFT was flipped, the probability of it being in a month is the highest on Solana, followed by FLOW and SOL

• The average price at which NFTs are sold for FLOW, ETH AND SOL are about 25 FLOW, 2.4 SOL and 2521$

• There are 3500+ whales on ETH while FLOW has 500+ and SOL has about 1750 whales

• By users, FLOW has about 92k, ETH has about 1.7M while SOL has about 580k

• Coming onto the % of whales on each chain, FLOW stands out with about 0.56% whales!

• This implies that many users on flow are able to afford a 100x on average in comparison to SOL & ETH

• SOL has about 0.3% whales while ETH has 0.21%!

  
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Explanation & Insights Continued:

• About 6% of all transactions on FLOW are by whales
• By volume, whales account for about 25% of all transactions
• Of the total 2.2M transactions on FLOW , 150k are from whales alone
• By transactions, whales on some days account for as much as 12% of all transactions while on some others it’s less than 3% of all transactions
• By volume, whales on some days account for more than half of all volume while on some others , it’s less than 5% !
• Of the total 40M worth of transactions, whales account for about 13M worth!

Summary:

• In this dashboard, we will look into the following charts:
• Total Instances of flipping in a day
• Total Instances of flipping in a week
• Total Instances of flipping in a month
• % Instances of flipping in a day
• % Instances of flipping in a week
• % Instances of flipping in a month
• Average Price at which NFTs are sold on each chain
• Total Buyers, whales and % of whales on each chain
• Daily Transaction whale vs non whales normalised for FLOW,
• Daily Volume whale vs non whales normalised for FLOW
• Cumulative Transaction whale vs non whales normalised for FLOW
• Cumulative Volume whale vs non whales normalised for FLOW
• Distribution by Transactions for FLOW
• Distribution by Volume for FLOW
• Daily Transaction whale vs non whales normalised for SOL,
• Daily Volume whale vs non whales normalised for SOL
• Cumulative Transaction whale vs non whales normalised for SOL
• Cumulative Volume whale vs non whales normalised for SOL
• Distribution by Transactions for SOL
• Distribution by Volume for SOL
• Daily Transaction whale vs non whales normalised for ETH
• Daily Volume whale vs non whales normalised for ETH
• Cumulative Transaction whale vs non whales normalised for ETH
• Cumulative Volume whale vs non whales normalised for ETH
• Distribution by Transactions for ETH
• Distribution by Volume for ETH
• Popular NFTs among whales
• Popular NFTs among non whales
• Old vs New Daily Transactions
• Old vs New Cumulative Transcations

Explanation & Insights:

• About 1.4% of all transactions on SOL are by whales
• By volume, whales account for about 11% of all transactions
• Of the total 22M SOL worth of transactions on SOL , 2.3M are from whales alone
• By transactions, whales on some days account for as much as 3% of all transactions while on some others it’s less than 0.5% of all transactions
• By volume, whales on some days account for about a third of all volume while on some others , it’s less than 5% !
• Of the total 10M transactions, whales account for about 130k!

Explanation & Insights:

• About 1.8% of all transactions on ETH are by whales
• By volume, whales account for about 51% of all transactions
• Of the total 60B$+ worth of transactions on ETH , 30B$+ are from whales alone
• By transactions, whales on some days account for as much as 5% of all transactions while on some others it’s less than 1% of all transactions
• By volume, whales on some days account for about 80% of all volume while on some others , it’s less than 2% but they were mostly at the start of 2021. After 2022, a huge spike is seen in the volume of the whales
• Of the total 22M transactions, whales account for about 430k!

Explanation & Insights:

• TopShot is more popular among non whales than it is among whales. Even PackNft and RCRDSHPNFT are more popular among non whales
• AllDay NFTs and UFC are more popular among whales and they hold a relatively stronger position among whales and are more popular
• Even Gaia and Genesis are more popular among whales
• Coming onto whether old projects are having more attention or are the newer ones, it’s very clear from the charts that the old NFTs are far more popular than the newer ones

Conclusions:

• The first part of the analysis helped us conclude that FLOW has the highest number of whales by %

• It also showed that if a flip is going to happen, the probability of it being in a month is more than 80% across all chains

• For a user to flip with ease, SOL is the most preferred chain followed by FLOW and SOL

• The second part of the analysis helped us made a comparison based on the whale dominance and behaviour across chains- ETH has the most by volume while SOL has the least despite having a relatively higher % of whales than ETH

• This implies that the whales of ETH are far more rich and whenever they transact, the accrue a lot of value whereas on SOL and FLOW that’s not the case

• TopShot is more popular among non whales than it is among whales. Even PackNft and RCRDSHPNFT are more popular among non whales

• AllDay NFTs and UFC are more popular among whales and they hold a relatively stronger position among whales and are more popular

• Even Gaia and Genesis are more popular among whales

• Old projects are having more attention or are the newer ones, it’s very clear from the charts that the old NFTs are far more popular than the newer ones

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