NBA Top Shot and NFL All Day continue to be leading NFT marketplaces on Flow
As we delve into Flow’s performance for Q3 2023, one pivotal development stands out: the transition towards EVM (Ethereum Virtual Machine) compatibility. This strategic move not only exemplifies Flow’s commitment to interoperability, but also underscores its vision to seamlessly integrate the best of both worlds: the robustness of Ethereum’s ecosystem and Flow’s innovative features. In this report, we’ll explore the nuances of this transition, along with Flow’s on-chain activity, the resilience of its NFT market, and the vibrancy of its gaming sector.
Key Takeaways
- Flow had 36,605 daily unique active wallets in Q3 2023, with 91% coming from gaming and the remaining 9% from NFT trading activity.
- NBA Top Shot and NFL All Day are leading NFT marketplaces on the Flow blockchain, with respectively 39% and 34% dominance.
- Three mobile games by Joyride Games were the top dapps on the Flow blockchain in Q3 2023.
Table of Contents
- Flow On-Chain Activity Overview
- Flow’s Transition to EVM Compatibility
- Flow’s NFT Market
- Flow’s Flourishing NFT Landscape: Sports & Beyond
- Joyride Games Lead the Way on Flow
- Conclusion
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.
In Q3, Flow saw a significant rise in its Unique Active Wallets (UAW). While September peaked with 62,150 daily UAWs, the quarter’s average settled at 36,605 daily UAWs, reflecting an impressive 178% increase from the prior quarter.
Furthermore, we can clearly see that this quarter’s dominant activity on Flow has been gaming.
However, it’s worth noting that despite the UAW surge, transaction counts dropped by 36%, culminating in 18.7 million for the quarter.
2. Flow’s Transition to EVM Compatibility
On 5 October, right at the kickoff of Q4 2023, Flow’s team unveiled a groundbreaking proposal. The intent? Making Flow more interoperable than ever before. This strategic move aims to enhance accessibility for ETH developers to Flow’s potent features and Cadence, while also offering the Flow community an entryway to Ethereum’s vast network resources and tools.
With EVM integration, Flow promises developers the following benefits:
- Harness Ethereum’s Momentum: Utilize the existing influence of the Ethereum Virtual Machine and simultaneously transcend its constraints by tapping into Flow’s advantages.
- Next-Gen User Experience: Prioritize users with a protocol-level account abstraction, account linkage, and a mobile-centric approach, all bolstered by support for standardized hardware secure enclaves.
- Robust Blockchain Architecture: Address the perennial challenges of scalability and security. Flow’s modular approach includes a protocol-native data availability stack, a distinct separation of compute, consensus, and settlement mechanisms, all achieved without resorting to sharding. The result? Enhanced security, seamless developer experience, and heightened ecosystem interoperability.
- Empower Smart Contract Development: With Cadence’s resource-centric paradigm, developers gain access to a fortified security model, thus catalyzing the creation of increasingly intricate smart contract functionalities.
Rather than urging Web3 developers to start from scratch, EVM on Flow offers them a bridge: the opportunity to harness Flow and Cadence’s unique offerings while continuing to leverage Ethereum’s established ecosystem.
For a comprehensive breakdown, delve into the official proposal.
3. Flow’s NFT Market
The NFT market on Flow showcased resilience in Q3 2023, with a steady trading volume of approximately $14 million and just over 1 million sales transactions—consistent with the prior quarter’s figures.
While on the surface these figures might seem static, a deeper dive reveals a promising outlook. Notably, Flow’s NFT on-chain activity comprised 9% in Q3, a sharp decline from the previous quarter’s 40%. In the backdrop of a global contraction in the NFT sector, as highlighted in our Dapp Industry Q3 report, Flow’s unwavering NFT trading volume stands as a testament to its robust community and the platform’s stability.
4. Flow’s Flourishing NFT Landscape: Sports & Beyond
From its inception, Flow’s NFT market has been intrinsically linked to sports memorabilia thanks to NBA Top Shot. The allure of sports-centric NFTs transcends mere fanfare; it opens up a new revenue stream for teams and leagues. The prospect of monetizing unforgettable game moments or landmark victories via exclusive NFTs has not only introduced a fresh revenue channel but also bolstered fan engagement and allegiance. In essence, sports-themed NFTs on Flow aren’t just assets—they’re an experience.
To underscore this trend, the visuals below highlight the parallel between the top NFT marketplaces and collections, further underscoring the dominance of sports within Flow’s NFT arena.
This quarter ushered in another innovation: Flowverse introduced “Flowverse XP”. This pioneering point system aims to celebrate and incentivize the marketplace’s dedicated users. The concept is simple: accumulate Flowverse XP to ascend the ranks and unlock exclusive rewards. Your XP tally directly influences your access to these perks.
For a deep dive into this novel initiative, read the detailed blog post.
5. Joyride Games leads the way on Flow
Joyride Games have consistently claimed the spotlight on Flow. Since their debut, they’ve not only dominated our top game rankings but have also become synonymous with popular gaming on Flow. This quarter is no exception, as the visual below attests.
However, Flow’s gaming panorama is diverse and expansive. Joyride Games are just the tip of the iceberg. Dive into our Flow games rankings page to uncover more exceptional gaming experiences awaiting you on Flow.
6. Conclusion
Reflecting on Q3 2023, Flow has shown itself to be a dynamic and evolving ecosystem. The platform has witnessed significant on-chain activity, with a notable rise in Unique Active Wallets. While the NFT market on Flow has demonstrated resilience amid global trends, its NFT marketplace continues to innovate, offering new avenues for user engagement and loyalty.
The sporting realm remains a strong pillar for Flow’s NFT market, bringing both revenue and enhanced fan engagement. At the same time, Flow’s gaming sector, led by stalwarts like Joyride Games, continues to thrive, underscoring the platform’s versatility and broad appeal.
As we look ahead, Flow’s move towards EVM compatibility is set to usher in a new era of interoperability, promising an even more vibrant future for developers, users, and the broader Flow community.
