March has been a difficult month for those in the crypto market. NFT collectibles and sales were hit. This is especially true for Flow Blockchain, which saw a significant decrease of around $165 million in its NFT sales.
In the early months of 2021, Flow was the go-to blockchain for developers of NFT projects and crypto games. Developed by Dapper Labs, it became one of the blockchains integrated into NFT collections such as NBA Top Shot and NFT marketplaces like Rarible.
Flow Blockchain’s Decrease in NFT Sales Volume is Unexpected
Because of its development and increasing popularity last year, it’s surprising to see its sales volumes dip throughout the first months of 2022. Its NFT sales fell by 22% from its February 2022 sales of around $57 million.
Based on Be[In]Crypto Research, Flow blockchain recorded a total sales volume of around $44 million in the third month of 2022. Compared to its sales in March 2021, which is approximately $209 million, there is a 78% decrease. The difference between March 2022 and March 2021’s sales volume was $165.32 million.
Two factors may have caused the decline in NFT sales. First is the decline of unique buyers. According to CryptoSlam, an NFT statistic website, the unique buyers went down to 52,085 in March 2022. This is three times lower than it was in March 2021.
In addition, there is also a decrease in average sale value. In March 2021, the average sale value was $157.82 and after a year, it went down to $29.56.
What could the decrease in NFT sales volume mean for the future of Flow Blockchain? I guess we can only wait to find out.
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