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-most successful blockchain by all-time NFT sales volume, with combined sales of around $1.08 billion. Flow had a sales volume in the region of $11.29 million in June, per Be[In]Crypto 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.
With that said, sales from the sixth month of the year were a 39% drop from May. In May, the NFT chain 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 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 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.
In relation to Jan. 2022, which was the yearly high in monthly sales, unique buyers stood at 65,402 and corresponded to 1.84 million transactions. Flow generated around $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.
Besides sales volume, the average sale value of the NFTs took a hit. The average sale value for June was $22.49 and this was a 33% fall from that of 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% decrease between the opening and closing price of June.