Flow is a widely recognized blockchain, and in the year 2022, it gained prominence as the third-largest blockchain platform for NFT transactions, while maintaining its position as the top-performing blockchain in terms of all-time sales. The following report will explore its performance in the first quarter of 2023.
Key Takeaways
- Flow had around 12,971 daily unique active wallets in Q1 2023, with NFT activity representing 50.5% of total activity and games activity representing 49.5%.
- NFT sales volume in FLOW tokens rose by 13.8% this quarter, increasing from 37,100 FLOW in January to 42,400 FLOW in March.
- NBA Top Shot and NFL All Day are leading NFT marketplaces on the Flow blockchain, with 51.6% and 31.5% dominance, respectively.
- Joyride Games’ trio of games were the top games on the Flow blockchain in Q1 2023.
- Flow DeFi’s TVL increased by 24% this quarter, rising from $5 million to $6.1 million, drived by Increment Finance.
Table of Contents
- Flow on-chain activity overview
- Cross-Chain Interoperability takes a leap forward with Doodles 2 on Flow
- Sports NFTs take center stage on Flow
- Exploring the most successful sports-related NFT Collections on Flow
- Joyride Games’ trio of games leads in Q1 2023
- Increment Finance propels Flow DeFi TVL to new heights
- Investments in Flow ecosystem exceed $4 billion with Blocto App’s latest funding round
- Closing
1. Flow on-chain activity overview
Disclaimer: The report’s calculation for transaction count does not reflect all the transactions executed on a blockchain; it considers all the transactions from the dapps tracked by DappRadar on that specific network.
Flow Blockchain has been one of the most talked-about blockchain platforms in recent times, thanks to its unique approach to scaling, which has proven to be highly effective.
At the end of 2022, Flow Blockchain experienced a downward trend in daily unique active wallets. However, in Q1 2023, the number of daily unique active wallets seemed to consolidate around 12,971. This is a positive development for Flow, as it suggests that the platform is retaining its user base.
Looking at the dominance in activity, we can see that NFT activity represents 50.5% of total activity, while games activity represents 49.5%. This is an interesting development, as it suggests that NFTs are still a significant driver of activity on the platform, even as games continue to gain in popularity.
In Q1 2023, Flow Blockchain did around 26 million transactions, according to our data. This represents a decrease of 14% from the previous quarter. However, it’s important to note that these calculations do not reflect all the transactions executed on the blockchain. They only consider transactions from the dapps tracked by DappRadar on the network.
According to Flowscan, in Q1 2023, Flow Blockchain performed 58.5 million transactions. This represents a 25% decrease from the previous quarter.
Overall, Flow Blockchain’s on-chain performance in Q1 2023 has been relatively stable, with daily unique active wallets consolidating and NFTs continuing to drive activity on the platform.
2. NFT Cross-Chain Interoperability takes a leap forward with Doodles 2 on Flow
The NFT market on the Flow blockchain has seen a decline in the first quarter of 2023, with a 34.71% decrease in trading volume compared to the previous quarter. Despite this, the sales count only decreased by 4.29%, indicating that while fewer transactions were taking place, they were of higher value.
Furthermore, according to Flowverse, there was a significant decrease in unique NFT buyers in March, with only 17,600 compared to 26,200 in January 2023, representing a 32.72% decrease. However, despite the overall decline in most NFT metrics, the sales volume in FLOW tokens increased by 13.8%, from 37,100 FLOW in January to 42,400 in March. This could indicate that investors are starting to see the value in holding FLOW tokens as the Flow blockchain continues to develop and attract new projects.
Without question, one of the most exciting developments on the Flow blockchain was the launch of Doodles 2. Doodles is a well-known brand in the web3 world, with a vibrant community and a recognizable aesthetic. The Doodles core collection features 10,000 unique collectibles on Ethereum, and now they are expanding to the Flow blockchain. Read this article to find out more about the project.
The Doodles team chose Flow for its powerful composability, which allows for portable and interoperable NFTs across various platforms, including social media, gaming worlds, live events, streaming content, and retail activations.
The launch of Doodles 2 collectibles on Flow is a significant step towards creating a more cohesive web3 world, with cross-chain interoperability being crucial to the success of the ecosystem. As more projects choose to launch on Flow and other blockchains, we can expect to see increased adoption and usage of NFTs across various industries.
3. Sports NFTs take center stage on Flow
The NFT market on Flow blockchain has been dominated by sports-related marketplaces, with NBA Top Shot leading the way with a staggering $9,329,493 trading volume in Q1 2023 and a market dominance of 51.6%. The platform has gained immense popularity among fans and collectors, offering officially licensed NBA collectibles in the form of NFTs that feature their favorite players and moments.
One of the most notable examples of NBA Top Shot’s success is the surge in sales and activity surrounding LeBron James’ Moments after he broke the NBA’s all-time scoring record on February 7th, 2023. The market saw a significant spike in daily sales, sales volume, and unique buyers, with the average sales price increasing steadily post-event, suggesting that the market valued LeBron James’ Moments even more highly post-event.
The NFL All Day marketplace is another popular NFT marketplace on Flow blockchain, with a trading volume of $5,695,646 in Q1 2023 and a market dominance of 31.5%. The platform allows collectors to buy and trade officially licensed video highlights from the NFL, and it saw a significant impact from the LVII Super Bowl on February 13th, 2023.
Moments from the two finalist teams experienced a 2x higher average price than non-finalist teams, with the winning team’s Moments experiencing an increase in prices in the post-Super Bowl period compared to the days before the Super Bowl. Legendary and Ultimate Moments increased in price, while Common and Rare Moments experienced a decrease.
Overall, the success of NBA Top Shot and NFL All Day on Flow blockchain is a testament to the growing popularity of NFT marketplaces and the potential for sports-related collectibles to drive sales and activity. Moreover, with the launch of NBA Top Shot’s mobile application, the NFT market on Flow blockchain is set to become even more accessible and innovative, offering fans and collectors a personalized and immersive experience.
4. Exploring the most successful sports-related NFT Collections on Flow
As mentioned in our previous section, the NFT market on Flow blockchain has been largely dominated by sports-related marketplaces, with NBA Top Shot and NFL All Day leading the way in terms of trading volume and market dominance. However, the popularity of sports-related NFT collections is also on the rise, as demonstrated by the Q1 2023 trading volumes for each collection.
LaLiga Golazos, a collection of NFTs featuring some of the best goals from the Spanish football league, saw a trading volume of $1,554,392. UFC Strike, a collection of NFTs featuring iconic moments from the world of mixed martial arts, had a trading volume of $826,887. The Football Club, a collection of NFTs representing football clubs from around the world, had a trading volume of $370,100.
These collections demonstrate the growing popularity of sports-related NFTs as a way for fans to connect with their favorite teams and moments. The use of blockchain technology and the ability to buy, sell, or trade these digital collectibles on a peer-to-peer marketplace has added a whole new dimension to the world of sports memorabilia.
In addition to providing fans with a new way to engage with their favorite teams and moments, sports-related NFTs also offer a potential revenue stream for teams and leagues. The ability to sell official NFTs of game-winning moments or championship wins can provide a new source of income, while also increasing engagement and loyalty among fans.
5. Joyride Games’ trio of games leads in Q1 2023
Blockchain gaming is an industry that is growing rapidly, and the Flow blockchain is one of the platforms leading the charge, where gaming activity represented 49.5% of chain activity. In Q1 2023, the top three games on the Flow blockchain were Trickshot Blitz, Solitaire Blitz, and Carrom Blitz which are developed by Joyride Games.
Trickshot Blitz was the top game in terms of daily unique active wallets, with an average of 2,750 dUAW per day. The game saw a total of 4.4 million transactions during the quarter, which means that on average, a unique active wallet did 16 transactions. The game’s popularity can be attributed to its engaging gameplay, which combines billiards and puzzles to create a unique experience for players.
In second place was Solitaire Blitz, which had an average of 2,409 dUAW per day. This game had a total of 4.8 million transactions during the quarter, which means that on average, a unique active wallet did 22 transactions. Players can earn rewards by completing challenges and competing against other players on the leaderboard.
Lastly, we have Carrom Blitz, which was launched late in 2022. In Q1 of 2023, this game had an average of 210 dUAW per day, with a total of 533,825 transactions. Carrom Blitz is a digital version of the popular tabletop game, Carrom. The game allows players to compete against each other in real-time matches and earn rewards for their performance.
In March 2023, Unity updated its Asset Store to include a category for decentralized gaming technology, featuring the brand new Flow SDK for Unity.
The Flow SDK for Unity is a collection of tools that makes it easier for game developers to build Web3-native games with fungible tokens, Flow-based digital collectibles, and other on-chain elements within Unity games. This move will help bridge the gap between modern decentralized technologies and native game development, making Web3 gaming more accessible and transparent for everyone.
6. Increment Finance propels Flow DeFi TVL to new heights
Flow DeFi’s total value locked (TVL) experienced a significant growth of 24% in the first quarter of 2023, reaching $6.1 million, up from $5 million at the start of the year. The total TVL comes from one DeFi dapp, Increment Finance, which is leading the way in building DeFi infrastructure on the Flow blockchain.
Increment Finance is a decentralized finance platform focused on boosting on-chain volumes and liquidity through the development of DeFi infrastructure. The team behind the platform comprises experienced blockchain veterans with years of experience in smart contract development, DeFi, oracles, and security.
Increment Finance offers a range of DeFi services, including a permissionless automated market maker (AMM) swap, a decentralized money market, and non-custodial liquid staking. These services enable users to access a diverse range of DeFi products and services on the Flow blockchain, increasing overall liquidity and functionality of the network.
The impressive growth of Increment Finance is a testament to the team’s dedication to building a DeFi platform that meets the needs of the Flow community. The platform’s focus on liquidity and volume has attracted a growing number of users who appreciate the speed, security, and transparency of the Flow blockchain.
In addition to the growth of Flow DeFi’s TVL, the price of FLOW has also been on the rise this quarter. FLOW started the year at $0.65 and reached its highest point this quarter on 21 February 2023 at $1.39, representing an increase of 52% since the beginning of the year. FLOW closed the quarter at $0.99, indicating sustained growth and investor confidence in the Flow ecosystem.
7. Investments in Flow ecosystem exceed $4 billion with Blocto App’s latest funding round
Investments in the Flow ecosystem have been on the rise for years, with over $4 billion raised by projects building on Flow, according to Flowverse. And the trend has continued into Q1 of 2023, with Blocto App raising an undisclosed amount in their Series A funding round, valuing the company at $80 million. The funding will be used to simplify onboarding and promote Web3 mass adoption.
Blocto App is a cross-chain mobile wallet that provides a unified experience for managing crypto, dapps, and NFTs. With a dev-friendly SDK, built-in DEX BloctoSwap, and non-custodial NFT marketplace BloctoBay, users can enjoy a seamless experience in one platform. Onboarding is incredibly fast, taking just 30 seconds, and the platform offers a plethora of experiences.
The platform is also designed to help dapps scale from Web 2.0 to Web 3.0, creating a cross-chain dApp ecosystem for exponential growth. Blocto App has partnerships with well-known brands such as Vault by CNN and MotoGP ignition, and their SDK service has been adopted by other IP on the Flow blockchain. Additionally, their collections are also available on BloctoBay.
Blocto App’s Series A funding round was backed by investors such as Mark Cuban, a well-known entrepreneur and investor. The investment underscores the growing interest in the Flow ecosystem and the potential for projects building on Flow to disrupt the status quo and drive innovation.
As more projects build on Flow, we can expect to see more innovative solutions that simplify onboarding, promote mass adoption, and create new business opportunities.
8. Closing
In conclusion, Q1 2023 has been a promising quarter for the Flow blockchain, with significant growth and activity across various sectors.
NFT activity continues to be a driving force, representing 50.5% of total activity, with NBA Top Shot and NFL All Day leading the marketplaces on the Flow blockchain. Joyride Games’ trio of games also emerged as top games, showcasing the potential for gaming on the Flow blockchain.
Additionally, Flow DeFi’s TVL saw a 24% increase this quarter, driven by Increment Finance. With around 12,971 daily unique active wallets in Q1 2023, the Flow blockchain is demonstrating its potential as a growing ecosystem.
Overall, Flow blockchain’s diverse offerings and consistent growth make it a promising player in the blockchain space.
