Flow NFT Sales Test 2022 Low Crash More than $50 Million
Flow NFT sales crashed in June due to the deepening bearish market trends that took root in May and have led to a lack of investor interest in non-fungible tokens.
Flow is the fourth most successful blockchain by NFT sales volume of all time, with total sales of around $1.08 billion. Flow had a sales volume of around $11.29 million in June, per Be[In]Crypto research.
Due to the sales crash, Flow had lower volumes compared to Solana and Ethereum during the same period. However, the chain generated more sales from digital collectibles than Ronin, Polygon, WAX, Avalanche, Arbitrum, Theta, Cronos, Tezos, Fantom, Ziliqa, OEC, Palm and Panini.
That said, sales from the sixth month of the year were down 39% from May. In May, the NFT chain generated approximately $18.7 million.
New to Flow NFTs?
Flow was announced in September 2019 by Dapper Labs, and became operational in May 2020. Flow is a highly scalable, decentralized and developer-friendly blockchain designed as the foundation for a new generation of applications, games and the digital assets that power them.
The most popular NFT on the chain is NBA Top Shot. Others include, but are not limited to, Flovatar, Flunks, Evolution (Ben Mauro), UFC Stroke, Matrix World, BALLERZ, NFT ALL DAY.
Why the decline in sales?
When you examine the drop in unique buyers of the top digital collectibles, the decline in sales volume led to the declining transaction numbers on Flow, with 31,862 unique buyers and 502,440 transactions.
Compared to January 2022, which was the annual high in monthly sales, unique buyers were 65,402 and corresponded to 1.84 million transactions. Flow generated around $61.93 million in sales in the first month of the year.
After generating less than $15 million in monthly sales for the first time since December 2020 ($869,161), Flow hit a low in June, down $50.63 million from January.
In addition to sales volume, the average sales value of the NFTs took a hit. The average sales value for June was $22.49, a 33% drop from January’s $33.74.
FLOW price reaction
FLOW opened on June 1st, trading at $2.71, reached a monthly high of $2.72, tested a monthly low of $1.17, and closed the month at $1.50.
Overall, this represents a decline of 44% between the opening and closing price in June.
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