According to the charts the blockchain recorded over 290,000 transactions in the last seven days. A figure which tops Ethereum and Solana’s 180,000 and 188,000 transactions respectively.
NBA Top shots contributed 70% of Flow blockchain transaction volume
What is behind these huge numbers? Data also reveals the bulk of the transactions came from one collection – NBA Top Shots. The collection recorded about 226,000 transactions out of the over 290,000 on the FLOW blockchain in the last 7 days. These numbers are quite impressive although it does not amount to more sales than other blockchains. But the figures show that NBA Top Shots accounts for about 78% of the NFT transactions on the platform in the last seven days.
What is NBA Top Shot?
In 2020, a partnership between the National Basketball Association and Dapper Labs (creators of the CryptoPunk collection) led to the launch of the NFT collection. The collection was launched on the FLOW blockchain developed by Dapper Labs.
NBA Top Shot collection include various highlights from matches throughout the NBA season. The NBA provides Dapper Labs with reels of each match and the NFT outfit mints NFTs from key moments of each match.
The partnership between the NBA and Dapper Labs has grown exponentially since its 2020 launch. And it’s easy to see why. Top Shot provided a platform where people interested in NFTs, collectibles, and — most importantly — basketball can assemble to trade pieces of sports history. This brought fans more closer than to their preferred teams, players, and sports moments.
The collection received widespread acceptance among the NBA fanbase and this is very clear in the numbers. In 2021, NBA Top Shots recorded more than 1.1 million registered users and traded over $800 million in NFTs.
Furthermore, the exceptional performance has not dwindled. In the last 24 hours FLOW recorded a transaction volume of 41,359. And most of these came from NBA top Shots of course. The transaction volume beats that of Ethereum, solana, Polygon and Avalanche. But despite these impressive figures the sales volume still pales when compared to the big boys. This is largely due to the low prices of the individual NFTs
As at the time of writing the price of the flow token is $4.57 USD with a 24-hour trading volume of $84,646,693 USD. And it is down by 4.62% in the last 24 hours.