Author : Zack

Date : Dec 20,2022

Flow Makes It Through the Crypto Winter

The amount of NFT trade on Flow, Dappr Labs' decentralized blockchain, has drastically decreased. NFL All Day and NBA Top Shot are two NFT platforms on the Flow blockchain that have experienced month-over-month volume declines. What you should know about the recession is as follows:

On the Flow Blockchain, NFT Sales Are Declining

According to DappRadar, the blockchain made famous by NBA Top Shot saw a decline in volume from roughly $39 million to $15.5 million. Remember that this startling decline happened over the course of around two months. The NFT trading volume in December was less than the $7.7m recorded in the preceding month.

NBA Top Shot also experienced its worst month in more than two years, according to Crypotslam, gathering only $2.1m in market transactions. When compared to the project's NFT volume in August, this represents a decrease of $4.9 million. Evidently, the number of distinct buyers also fell, hovering at 7100. NFL All Day has also experienced a similar decline in activity. Around $1 million worth of trades have been made on the NFL All Day market so far in December. Having its worst month ever, to put it another way.

Flow Makes It Through the Crypto Winter

Many businesses, like Dapper Labs, the creator of the Flow blockchain, reduced their employees as a result of the crypto winter. Additionally, the business claimed a 22% decline in employment in November, but no other details were provided.

It's important to note that Solana and Ethereum, two networks closely related to NFTs, have both experienced significant declines. The repercussions of this difficult market have been felt throughout the entire NFT market, even though prices didn't drop as much. Dune Analytics reports that the overall volume of NFTs has dropped 97% from the year's beginning.