The NFT market stays one of many greatest progress driver for the Circulation [FLOW] blockchain. To some networks, NFTs present an avenue for measuring the extent of exercise and progress. Circulation is on the correct path if we decide its newest efficiency beneath such metrics.
Circulation ranked second on 19 August within the checklist of high blockchains primarily based on NFT gross sales quantity in line with current blockchain rating by Cryptoslam.io. In keeping with the report, Circulation had barely over $1 million in every day NFT gross sales quantity. It got here in second after Ethereum [ETH] put up garnering a 44.54% enhance in NFT gross sales volumes.
— CryptoSlam! (@cryptoslamio) August 19, 2022
FLOW managed to realize this spectacular rating courtesy of robust demand propelled by the NFL All Day after its beta launch on 19 August. This growth underscores the extent of demand that the community can obtain by way of sports-related NFTs.
FLOW on restoration mode?
Circulation’s native cryptocurrency FLOW is down by greater than 30% within the final 10 days. Its value motion dropped from its current peak at $3.25 to as little as $2.09 in the course of the buying and selling session of 19 August. FLOW had a press time value of $2.20. The NFT gross sales quantity knowledge could have had a optimistic affect within the slight restoration.
Natural demand related to the NFT gross sales volumes alone will not be sufficient to facilitate a powerful restoration. Nonetheless, it’d present a big increase to investor sentiment, thus supporting a restoration.
Circulation has maintained wholesome NFT exercise on its community within the final 30 days. Which means the most recent enhance in NFT trades volumes will not be an remoted occasion. It additionally helps that the community has maintained wholesome growth exercise within the final 4 weeks. That is encouraging for traders and will contribute to investor confidence.
So far as FLOW’s value restoration is anxious, investor sentiment appears to be bettering in favor of the bulls. The FTX funding charge dropped considerably within the final three days in keeping with the sentiment shift as the worth crashed. Nonetheless, it registered a stable uptick within the final 24 hours, thus confirming the return of bullish sentiment.
So how’s the FLOW then?
FLOW’s efficiency in the previous couple of days has principally been influenced by the general crypto market situations. Favorable natural demand could contribute to its restoration. Nonetheless, its means to bounce again rapidly after the most recent pullback is predominantly be affected by the prevailing sentiment within the crypto market.