Quick take:
- Flow blockchain has been one of the leading NFT marketplaces.
- The platform became famous following the launch of the NBA Top Shot NFT collection last year.
- A new report by Messari shows that Flow leads other blockchains in peer-to-peer NFTs transactions.
Flow blockchain’s parent Dapper Labs recently launched a $725 million fund to scale ecosystem development. The Layer-1 proof-of-stake (PoS) solution offers one of the fastest blockchain platforms for non-fungible tokens (NFTs) and gaming.
And according to a recent report by Messari, Flow is already the dominant force in the peer-to-peer NFT transactions, leading the likes of Ethereum and related sharding protocols.
The Flow NFT platform became popular last year after launching the NBA Top Shot NFT collection, which has since gone on to inspire the launch of several other sports NFTs.
The platform now has more than 3 million active users including delegators and validator nodes, which makes it one of the largest NFT marketplaces in the industry. However, while Flow has dominated owner-to-owner NFTs transactions, it continues to trail Ethereum and other L1 platforms like Solana on secondary sales.
According to the report published by Messari, Flow Blockchain accounted for approximately 20.7 million owner-to-owner NT transactions through May 17. That is more than double the number of transactions recorded on Ethereum, and nearly seven times the Solana-based P2P transactions.
The platform also has over 800 smart contracts, which shows continued growth as it seeks to expand within the NFT space with continuous engagement between native Flow projects and new project releases.
Flow’s fast blockchain ecosystem also saw it onboard several developers to the platform last year, helping it outperform rivals in the market.
According to the report, Flow ranks second to Ethereum in terms of total unique NFT buyers. However, the leading L1 platform dominated the segment for the majority of last year before Ethereum started to gain ground in August.
The Flow blockchain has maintained the second position throughout 2022 in terms of total unique NFT buyers and sellers with Solana ranking third and Polygon fourth.
After its massive fundraising, which saw leading venture capital firms back the blockchain platform’s project, Flow revealed that it has already surpassed 7,500 developers, adding that it will distribute the fund to developers spread across the globe.
The company is creating an ecosystem that will become the preferred choice of blockchain game developers and NFT project creators.
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