February 24, 2022

Guide to Flow Blockchain for Ethereum users

Written by: 

Flowverse

Read the full article here
Ethereum users guide to Flow Blockchain
Written by James and Nish
Publish Date: 24th Feb 2022

What is this guide?

This guide has been written and edited by James and Nish - founders of Flowverse. Flowverse is an independent central hub for Flow Blockchain covering all aspects of the ecosystem and enabling people to easily discover NFTs, applications, companies and projects building on Flow.

In this report, we aim to introduce Ethereum and other layer-1 blockchain users to what's happening on Flow Blockchain. This includes how to get involved, covering some key misconceptions as well as discussing leading applications and infrastructure.

The report is entirely free!! Though if you're an investor or company looking to explore and/ or analyse opportunities within the Flow Blockchain ecosystem, Flowverse does offer an enterprise solution. Perhaps you're an Ethereum or Solana project wanting to make the move over to Flow? Just reach out via flowverseportal@gmail.com for more information.

Disclaimers

1 - Introduction to Flow Blockchain

What is Flow Blockchain?

Flow is a fast, decentralized, and developer-friendly layer-1 blockchain. It was created by Dapper Labs, the team behind CryptoKitties, to solve problems they had scaling CryptoKitties on the Ethereum network.

Flow aims to be the foundation behind mainstream consumer applications that will scale crypto from its current user base to the billions.

Flow differs from other blockchains because it was explicitly designed to support games and consumer applications on day one, with the throughput necessary to scale to millions of active users.

What is the $FLOW cryptocurrency?

The Flow cryptocurrency ($FLOW) is the native currency for the Flow network - the exclusive token for staking, governance, payment of transaction fees and the principal reserve asset on the network.

On 7 Feb 2022, Flow announced that $wFLOW (wrapped $FLOW) will be available soon enabling the community to bridge their $FLOW from Flow to Ethereum with just a few clicks and deploy the value held in their $FLOW tokens on the Ethereum ecosystem.

2 - Misconceptions

Two common misconceptions regarding Flow is that (1) it's the blockchain just for NBA Top Shot and (2) it's centralized by Dapper. Another more general misconception is that all NFTs are bad for the environment. To briefly address these:

Looking at the Flow Blockchain sales rankings leaderboard below reveals more information about the vibrant ecosystem of projects building on Flow (see flowverse.co/rankings).

Flowverse Rankings leaderboard showing Primary, Secondary sales of Flow projects at 15/2/2022

2 - Crypto wallets (i.e. what's similar to MetaMask on Flow?)

Most Ethereum users would be familiar with a crypto wallet such as MetaMask to navigate the ecosystem and connect to applications such as Uniswap and Opensea, as well as DeFi protocols.

Likewise, Flow also has crypto wallets which can be used to connect to NFT projects and applications built on Flow. Anecdotally, the two most widely used and integrated wallets across Flow applications and products are Blocto and Dapper but Ledger, Finoa and Kraken are also providers.

Blocto Wallet (Source: portto)

3 - Block Explorers (i.e. i.e. what's similar to Etherscan on Flow?)

All blockchains require a block explorer that enable users to search for real-time and historical information about a blockchain, including data related to blocks, transactions, addresses, and more.

The most used block explorer on Flow Blockchain is Flowscan. Another block explorer is Big Dipper.

Flowscan Block Explorer (Source: Flowscan.org)

Looking beyond block explorers

There are also a set of analytical tools that analyse on-chain data to provide insights into usage and growth of NFTs and applications on Flow Blockchain.

These include simple sales bots which monitor sales of Flow NFT collections on Twitter such as:

Beyond simple sales bots, there are full-feature platforms to monitor user activity and/ or transactions of different Flow NFT collections. Many will be familiar to Ethereum users as they also track NFTs on other blockchains

3 - NFTs

NFT marketplaces (i.e. what's similar to Opensea on Flow?)

On Ethereum the most used marketplace to buy NFTs is Opensea, so naturally a common question asked for those new to the Flow Blockchain community is what is the Opensea equivalent?

Flow NFT marketplaces are currently quite fragmented however general purpose ones do exist and include:

As at 22/2/22, BloctoBay was the fourth highest volume NFT marketplace (Source: DappRadar)

Given the fragmented nature of Flow marketplaces, many applications/ companies that launch Flow NFTs currently opt to operate their own independent marketplaces which exclusively list NFTs they produced or helped launch. Some examples:

Minting NFTs on Flow

I’m a creator/artist and I want to mint NFTs on Flow. What options are there?

PFPs / avatars

A profile picture, or PFP for short, is a form of NFT that has grown in popularity heavily throughout 2021 culminating in Twitter enabling users to set their Twitter profile picture to an Ethereum NFT. Successful Ethereum PFP collections include Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks, Doodles, Cool Cats and more.

What PFP can you use on Flow?

On Flow there are less than 15 total PFP collections to-date compared to probably 1000s on Ethereum. Though this number has been growing pretty rapidly over recent months...

It’s still too early to say what the 'blue-chips' will be (if there are any) but here are notable sets:

Going beyond PFP projects,  it is worth calling out Genies - a leading avatar technology company who raised $65m in their Series B in early 2021. They are building a culture driven marketplace for digital wearables to use on their avatars and eventually wants to become a 'Decentralised Disney', be your digital clone and enable people to create their own avatar ecosystems.

Gaming (play-to-earn and beyond)

Gaming has taken the crypto world by storm, with games such as Axie Infinity and Sorare catching the eyes of many. There are numerous innovative gaming applications being built on Flow such as:

Music

Music NFTs have a great opportunity to empower creators and disrupt the traditional music industry, which is full of middlemen and streaming services taking an exorbitant proportion of sales revenues. Here are some music applications and NFTs being built on Flow:

Sports (there's a lot more than NBA Top Shot now...)

Flow is the home for sports NFTs and the success of NBA Top Shot has paved the way for an entire ecosystem including:

Digital Fashion

Following Adidas' hugely successful "Into the Metaverse" campaign... it seems NFTs are coming for fashion. Here's the landscape on Flow:

The metaverse (i.e. what's similar to Decentraland / Sandbox on Flow?)

The primary player offering digital land on Flow Blockchain is Matrix World. This is a 3D programmable multichain metaverse.

Unlike other 3D world projects, Matrix World released land across two different layer-1s: Ethereum and Flow; selling out 10,000 lands to-date with 50% on Flow and 50% on Ethereum. The drop on Flow has also had solid secondary market traction placing in #3 overall on Flow Blockchain total sales.

A demo space is releasing shortly with a preview of the alpha build available here.

Matrix World land map

4 - Looking beyond NFTs (DeFi, fungible tokens, DAOs & more)

Though Flow is known known for and used pretty much exclusively for NFTs so far, we are starting to see innovative applications building beyond this. Indeed, Fungible tokens (the equivalent of ERC-20s) can also be built on top of Flow.

Fungible tokens

What's similar to Uniswap on Flow?

Uniswap is a decentralized exchange enabling people to swap fungible tokens on the Ethereum network.

Is there a launchpad like BSCPad, Polkastarter etc. for Flow?

What fungible tokens exist on Flow?

What’s the USDT/USDC (Stablecoin) of Flow?

DAOs

Dapper acquired Brud in late 2021 for an undisclosed amount with the view to make DAOs more user-friendly and accessible to a new generation of crypto web users on Flow Blockchain.

There are other players who are also building tools for DAOs including Emerald City (first DAO on Flow), Wonder and Collab Land

Other DAOs on Flow (or coming at somepoint in the future) include Blocto, Flovatar, Geniace, Mantle Finance, Starly and THiNG.FUND

DeFi Summer?

DeFi is very early on Flow, and so far is centred on NFTfi (DeFi applied to NFTs). However, eventually once there are more fungible tokens on Flow it could well expand beyond this.

Name services i.e. what's similar to ENS/ Unstoppable domains on Flow?

5 - Buying and selling the Flow token

Crypto Exchanges

Flow can be purchased on crypto exchanges such as the ones listed here.

Through Moonpay

You can use Moonpay natively within the Blocto wallet mobile app to buy $FLOW with a credit card or other payment systems (such as ApplePay, Google Pay).

Some users report issues purchasing $FLOW through Moonpay - in this situation buying $FUSD through Moonpay and then swapping it to $FLOW on Bloctoswap can help. Link to Bloctoswap can be found here.

Using Bloctoswap

Here is a tutorial on the above method.

Additionally, here is a useful video tutorial by EarlyAdopterNFT on how to swap $ETH for $FLOW and $FUSD.

Also, here are some helpful instructions to acquire or sell the $FLOW/$FUSD token, written by Flow Blockchain DeFi project Flowty.

6 - Buidl on Flow

If you're a developer and you want to start checking out Flow, we recommend these resources: 

Start building on Flow here

Flow Developer resources

Apply for a job in the Flow ecosystem

Jacob Tucker (Founder of Emerald City DAO) Youtube Tutorials

7 - What's Flowverse?

To learn more about Flow, check out the Flowverse community :)

What is Flowverse?

Flowverse is an independent central hub and discoverability platform for everything in the Flow Blockchain ecosystem. It was built by the Flow community for the Flow community. We provide information on Flow projects, upcoming NFT drops, project rankings, jobs and investors, as well as detailed research in the form of AMAs and research reports. To do this we make frequent Twitter posts, have an email newsletter, a website and of course, discussion in our community discord. Official links to these can be found below.

What is the Flowverse Discord? What can I do there?

The Flowverse Discord is a place for people to discover Flow Blockchain projects and chat/ ask questions to the broader Flow/ Flowverse community. Here you can share your unbiased opinion on upcoming Flow NFTs, projects and more!

Useful Flowverse Resources

Are you owned by Flow Blockchain?

Nope - we are Flow enthusiasts who love the mission and vision of Flow Blockchain and want to enhance the discoverability of all Flow projects.

I am a Flow Project, how can you help me?

You can be listed on the Flowverse through completing the two forms located on our website footer. We can also list any job positions you are hiring for, conduct discord AMAs with you, drop announcements and work with you on giveaways and user acquisition. Just DM Support in the Flowverse Discord.

8 - Official Flow Resources

Please find below a list of official Flow Blockchain resources:

9 - Additional reading

Read more Flow Blockchain tutorials & guides