Since the early days of blockchain and NFT, everyone remembers the buzz around crypto kittens. Dapper Labs is the brain behind Flow blockchain, founded by Crypto Kitties founders.
The funny story behind Flow’s development is that when crypto kitties were at the height of their popularity, Ethereum’s transaction costs and scalability issues made “kittie’s” transactions even less appealing! As a solution to these issues, Dapper labs created a Blockchain and focused on NFTs. These NFTs include music, art, gaming, real estate etc.
The company is backed by some of the biggest names in the crypto space, including Coinbase Ventures, Samsung Next, Andressen Horowitz, Warner Music Group, etc.
Flipside crypto recently introduced a community console for Flow blockchain. Let’s take a deep dive into Flow blockchain using their dashboard.
Transactions
The average daily transactions in Flow sit around 150K. Comparing it to 1.2M transactions per day in Ethereum Flow have a long way to grow. The spikes in transaction volume usually happen when there is a new NFT drop. The last such “spike†was on October 15 after the NBA Top shot NFT drop.
At any given time, withdrawals outperform deposits to the chain, which is not a good thing. Flow should incentivise users to stay inside the chain rather than making a quick buck after an NFT drop.
But as a blockchain-primarily dedicated to NFT’s, a comparatively new space, the future of Flow will be bright if NFTs have robust applications and Flow can capture that audience.
Account details
Current total unique accounts in the Flow blockchain, which made at least one Transaction sits at 2.25M. Its been a steep increase of users from Flows inception back in Feb 2021 until now.
But the more interesting data is the active accounts that make a transaction on any particular day is declining. Another interesting fact is the number of new users who make at least one Transaction is almost constant throughout the year after a steep decline in May triggered by the Bitcoin crash.
New accounts are being made in Flow at a modest average rate of 200K per month. But most accounts stay inactive, or the activity is in a decreasing trend.
Users become more active in the events of NFT drops, such as NLB-NFT drops for purchasing and withdrawing purposes. But interestingly, the number of new accounts created on those “special” days are comparatively smaller. Maybe less publicity?
NFTs
The number of unique NFT is on the rise in Flow which currently sits around 17.8M. The listed/purchase ratio is also healthy, according to the data, as most of the listed NFTs are purchased on the same day itself. Most of the hot NFTs that is purchased is from NFT Topshot, followed by Viv3.
Conclusion
Flow is Blockchain, mainly concentrating on NFTs right now. For a new concept such as NFT, Flow is doing well but have room to grow. Flow has to compete against new blockchains like Immutable X shortly to capture NFT market share. As more and more innovations come to NFTs, Flow’s future will be bright if they capture and adopt those trends early.
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