Flow became the third-largest blockchain for NFT trade

According to a recent report, 7000 new developers joined Flow in 2022 to deploy their projects to testnet. This represents a 250% increase compared to 2021. 

Let’s look at the main areas in which last year this blockchain performed best. 

Flow became the third-largest blockchain for NFT trade. The trading volume on Flow represented 2.7% of the total volume for the year. Ethereum dominated the market with 83.9%, and Solana ranked third with 7.9% of the total volume. The overall trading volume of Flow reached $634 million. 

One of the best results showed a Flow-based NFT marketplace Blocto Bay with over $419 million in trades, representing 64.5% of the total NFT trading volume. The marketplace focuses on collectibles and virtual lands.

Blocto Bay is followed by NBA Top Shot, which had over $201 million and 29.5% in 2022. This marketplace allows users to buy and sell officially licensed NBA collectibles in the form of NFTs. 

NFL All Day, launched in August 2022, became the most profitable collection. Its trading volume, including re-sales, exceeded $36 million, while the original sales amounted to $1.2 million. NFL All Day allows football fans to collect highlights of great plays in the form of NFT.

Play-to-Earn games became another important area for Flow, with gaming activity representing 44% of all blockchain activity. Last year 30 games were launched on the network. The most popular are Solitaire Blitz and Trickshot Blitz developed by Joyride Games. Their total number of unique active wallets daily reached 76,000 with 3.9 million transactions.

On December 31, 2022, Increment Finance’s smart contract TVL amounted to 4.84 million, representing an 85% increase since the project launch.

Increment Finance is the only DeFi platform on the Flow blockchain. It is a DeFi infrastructure that aims to increase network liquidity and volume. Increment Finance offers swap trading, staking, and decentralized market making services. 

In the last year, Flow signed partnerships with two major companies – Ticketmaster and Meta. 

Ticketmaster, a ticket provider and event manager, showed interest in the use of NFTs as the tickets. Flow helps to create unique and authenticated digital tickets for events, to attract users, and prevent ticketing fraud. 

Meta also uses Flow to launch NFTs on Instagram. The partnership assumes that the popular media platform will support all non-fungible tokens issued on the Flow blockchain.

Flow Ecosystem Fund focuses on the growth of the blockchain platform and Web3. Thus, its income will be directed to support developers, scale products, expand projects, and operating expenses. The priority is blockchain games and DeFi. 

Andreessen Horowitz, AppWorks, Cadenza Ventures, Digital Currency Group (DCG), Fabric Ventures, HashKey, and many other investment companies have already made their contribution.

Let’s wait and see what results the Flow blockchain will show in 2023.