Pack openings and token launch drive serious user activity
The Flow blockchain is probably best known as the home of the top-flight NFT collection NBA Top Shot. Indeed, the popular NFT dapp has attracted over 149,000 unique active wallets to its platform in the last 7-days, representing a more than 100% increase week over week. Importantly, this is not in isolation as the entire Flow NFT ecosystem appears to be getting pulled along for the ride.
At the time of writing every Flow dapp tracked by DappRadar has seen a remarkable increase in users over the last 7-days. As mentioned, NBA Top Shot is claiming the lion’s share. However, MotoGP has seen an almost 1,900% surge in active users while BloctoSwap has seen a 480% increase week over week.
Animoca Brands, the developer, and publisher of the successful blockchain games F1 DeltaTime and The Sandbox, further expanded its push to bring mainstream consumers to the blockchain by announcing MotoGP Ignition. A competitive management, and collectibles game based on MotoGP, that would be built on the Flow blockchain. Thus far the platform represents a marketplace for buying and selling the NFT assets usable inside the forthcoming full game. Importantly, activity here is stimulated by the buying, selling, and opening of NFTs packs.
The number of unique active wallets interacting with the platform has jumped almost 1900% or up to 3,360 active wallets week over week. Transactions on the platform have increased by a whopping 4400%. Taking them to almost 20,000. What is driving all this activity?
Earlier this year MotoGP launched its first two sales of Ignition collectibles. Both sales were met with overwhelming demand and quickly sold out. The reason for the surge in activity is that the time finally came for purchasers to find out what hidden treasures their packs may hold. These pack openings brought thousands of NFTs on-chain and importantly users had to complete a transaction through the smart contract to mint their NFTs. Additionally, like the packs themselves, the cards are NFTs and they can be sold and traded. Hence a huge surge in activity was observed as speculators and fans prepared for the full game release.
If you bought a pack
If you are one of those purchasers then you need to know Animoca also released a pack minting feature that provides players with a function to prepare a wallet for receiving NFTs. So if you did not already prepare your wallet back then, please make sure to follow the prompts to set your wallet up so that your packs will be minted. This step needs to be completed before you can open packs. You can find more details here.
BloctoSwap is an Inter-chain automatic market-making decentralized exchange (DEX) and leading wallet option on Flow, with assets bridged from Ethereum. The sudden surge in users appears to be caused by the platform’s announcement of its native utility token BLT. Happening from July 13th to 15th. Further stimulation seems to be occurring as the platform also said that as a way to show gratitude to early Blocto users, it has decided to offer a limited number of users the same sale terms as the private sale backers.
The selection process of the sale is based on a 3-tier mechanism with Bloctopian quiz winners first in line. Then a lucky draw will be held for whitelisted Blocto users, and the orders from the winners will be accepted. If there are still spots left, the lucky draw will then be open to the general public. Importantly, there is a 1,000 tUSDT maximum purchase for every Blocto account/address. You can find more details here.
It is not surprising that the FLOW blockchain’s first real utility offer is gaining attention and moreover, traction. The platform is allowing users to move and view assets on FLOW dapps leading to a surge in activity. Although numbers are still relatively small when compared to leading dapps on Ethereum or Polygon. The intent is clear. For example, users of BloctoSwap can now see the Vault NFT Collection by CNN within the app. Which was launched on Flow earlier in July.
In the last 7 days, the platform has attracted over 457 unique active wallets which represents an over 500% increase week on week. These users have driven over 9,000 transactions generating a volume of $13.7 million dollars.
Flow ecosystem growth
As we are also observing on the Wax blockchain, Flow is starting to build out its own ecosystem of complimentary dapps. As a result, we are starting to see more and more activity flow through these applications on a daily and weekly basis. Whilst NBA Top Shot may be responsible for launching the Flow blockchain onto the world, we predict it won’t be the one to lead it into the next wave of existence. The multichain paradigm continues to unfold before us and it will be fascinating to watch and analyze.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, NIOX, AGIX, SAFEMOON, SDAO, CAIT, CAKE, LINK, GRT, CRO, SHIBA INU, AND OCEAN.