Flow NFT sales crashed in June due to the deepening bearish market trends that gained roots in May and have led to a lack of investor interest in non-fungible tokens.
Flow is the fourth best performing blockchain by NFT sales volume of all time, with combined sales of approximately $1.08 billion. Flow recorded sales volume of around $11.29 million in June, per be[In]Cryptographic research.
Due to the sales crash, Flow had lower volumes when compared to Solana and Ethereum within 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 in the sixth month of the year fell 39% from May. In May, the NFT channel generated approximately $18.7 million.
New to Flow NFTs?
Announced in September 2019 by Dapper Labs, Flow became operational in May 2020. Flow is a highly scalable, decentralized, and developer-friendly blockchain designed as the basis for a new generation of applications, games, and digital assets that power them.
The most popular NFT on the channel 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 the number of unique buyers of the best-performing digital collectibles, the dip in their sales volumes led to the falling transaction counts on Flow, with 31,862 unique buyers, and 502,440 transactions.
Compared to January 2022, which was the annual high for monthly sales, unique buyers stood at 65,402 and corresponded to 1.84 million transactions. Flow generated approximately $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 reached a low point in June, and this was a $50.63 million plunge from Jan.
Along with sales volume, the average NFT sales value has taken a hit. The average sale value for June was $22.49 and this was down 33% from January’s $33.74.
FLOW price reaction
FLOW opened on June 1, with a trading price of $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 44% decline from the June opening to closing price.
