Flow NFT Sales Test 2022 Low Crashing More Than $50 Million

Flow NFT Sales Test 2022 Low Crashing More Than  Million

Sales of Flow NFTs plummeted in June as the bearish market that took root in May deepened, leading to a lack of investor interest in non-fungible tokens.

Flow is the fourth most successful blockchain in NFT sales of all time, with total sales of approximately $1.08 billion. In June, Flow’s sales in the region were $11.29 million.[In]Encryption Research.

Source: June 2022 Flow NFT Sales Chart by CryptoSlam

Due to the slump in sales, Flow has seen lower trading volumes compared to Solana and Ethereum over the same period. However, the chain’s sales of digital collectibles outpaced Ronin, Polygon, WAX, Avalanche, Arbitrum, Theta, Cronos, Tezos, Fantom, Ziliqa, OEC, Palm and Panini.

Having said that, sales in the sixth month of the year were down 39% from May. In May, NFT chains generated around $18.7 million.

Source: CryptoSlam May 2022 Flow NFT Sales Chart

New to Flow NFTs?

Dapper Labs announced in September 2019 and Flow began operations in May 2020. Flow is a highly scalable, decentralized, and developer-friendly blockchain designed to underpin 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 are sales falling?

When you examine the decline in the number of unique buyers for the top-performing digital collectibles, their decline in sales led to a decline in the number of transactions on Flow, with 31,862 unique buyers and 502,440 transactions.

Relative to the annual high monthly sales in January 2022, there were 65,402 independent buyers, equivalent to 1.84 million transactions. Flow’s sales in the first month of the year were about $61.93 million.

Source: CryptoSlam January 2022 Flow NFT Sales Chart

Flow hit a low in June, after falling below $15 million in monthly sales for the first time since December 2020 ($869,161)

In addition to sales, the average sales value of NFTs has also taken a hit. The average selling price in June was $22.49, down 33% from $33.74 in January.

FLOW price reaction

FLOW opened on June 1, trading at $2.71, hitting a monthly high of $2.72, testing a monthly low of $1.17, and closing the month at $1.50.

Overall, this represented a 44% decline between June’s opening and closing prices.

Source: FLOW/USD chart from TradingView

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