The non-fungible token (NFT) market remains one of the leading growth catalysts behind the Flow blockchain. To some platforms, NFTs offer ways for gauging growth and activity levels. FLOW remains on a lucrative path when assessing recent performance with such metrics.
Flow ranked 2nd on August 19 in leading blockchains according to NFT sales (CryptoSlam data). The report showed that FLOW had more than $1M in 24hr NFT sales volume. It came 2nd after Ethereum, which noted a 44.54% surge in non-fungible token sales.
FLOW attained the attractive ranking due to the massive demand that NFL All Day propelled following its August 19 beta launch. This development highlights the demand level the platform can attain via sports-associated NFTs.
FLOW On Revival Mode?
Flows native token FLO lost over 30% within the past ten days. The altcoin saw its price action plunging from the latest $3.25 peak to the $2.09 low over the August 19 trading session. While publishing this blog, FLOW traded at $2.20. the non-fungible token sales volume could have ensured a positive impact in the brief recovery.
Organic demand related to the NFT sales only isn’t enough to influence a massive recovery. Nevertheless, it might ensure a substantial investor sentiment boost. Therefore, backed an upside revival.
Flow has retained impressive NFT activity within the past 30 days. That shows that the recent NFT trades surge isn’t an isolated development. Also, it helps as the network maintained a lucrative development activity over the past four weeks. That remains encouraging for market players and could bolster investor confidence.
FLOW’s price revival remains impressive as investor sentiment appears to improve in the bulls’ favor. The FTX funding rate plunged significantly over the past three days, matching the sentiment change amid the plunging price. Nevertheless, it recorded a healthy upsurge within the past 24 hours, affirming a bullish sentiment resurgence.
How’s the ‘FLOW?’
FLOW’s performance within the past few days mimicked the overall cryptocurrency market conditions. Impressive organic demand could have influenced the recovery. Nevertheless, the present crypto market sentiment affected the asset’s capability to rebound swiftly following the recent pullback.
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