Introduction

Flipside launched the GodMode NFT, a collection of 1,000 digitally generated brains which unlock unlimited claims from their bounty program, a learn-to-earn community enabled analytics project that brings together on-chain analyst with protocols in some of the world leading crypto ecosystems - Solana, Algorand, Thorchain or SushiSwap for example.

Prior to this NFT launch, there were limited claims on a first claimed, first served basis. These usually lasted only a couple of seconds since a lot of people wanted to participate. Moreover, only 4 claims were available, so it was difficult to work on multiple dashboard on a given time period. With the GodMode, one analyst could submit all bounties available in a week with a value over 1000$!

Additionally, other perks are in the making like access to gated sections of Flipside's Discord, training and workshops, and even IRL-events! If you are interested in SQL-queries, crypto or both, this NFT is a no brainer!

Analysis

Number of minters from the allowlist in the first hour

A total of 264 brains were minted between 16:00 and 16:59 on June 7th, with 88 being part of the public premint raffle (allow list) and 176 being from OG or partners (which minted for free). Only the allow list addresses will be considered for the profile analysis. According to the distribution information, a total of 634 spots are available through the raffle while the remaining 366 will be given to Flipside Employees, Cantinians (analyst which have shown outstanding work) and other partners.

Mint price - existing balance vs. transfers

The next graph will show the number of addresses which had enough ETH balance to pay the mint fee on the day before the mint compared to the ones that transferred at least 0.1 ETH to their account since June 6th. The latter have been divided between the ones transferring before the mint started and the ones that transferred when mint was live.

Out of 88 addresses analysed, 63 had enough balance to cover the mint fee compared to 18 which transferred before the mint started and 17 that transferred during the mint.

Note that addresses with enough balance could also have transferred the amount to compensate for the payment or gas fees.

Previous activity

NFT mints

The following graphs show the activity in NFT mints of the early minter addresses over the past six months. There are a small numbers of addresses with a very high activity in terms of transactions (more than 50 mints) and in terms of volume (more than 20k USD in mint fees) but the bigger group was the addresses which GodMode was their first NFT mint. The median number of transactions is 3 and the median volume is 175.19 USD or 0.1 ETH. (median values here are obtained directly from the charts due to simple distribution).

NFT purchases

The following charts show the prior activity of the early minters for NFT purchases. Only 43 of the 88 early minters (roughly 50%) did purchase an NFT prior to GodMode. The typical number of purchases is 2 and the volume is 3591 USD.

In terms of number of purchases, the distribution is more skewed than in terms of volume, which means that some high volume minters buy lots of cheap NFT while other buy only a few expensive ones. This also sets the median values into the context - 2 NFT for 3591 USD is definitely not cheap!

This NFT purchase activity takes place almost exclusively on OpenSea (96.8% of the purchases).

Typical profile

Here I would like to distinguish between two diferentiated profiles:

• First-time minters: for this profile, GodMode NFT was their first mint and they had not purchased an NFT before (46 out of 88 or 52%).

• Experienced minters: this group has minted some NFTs before, typically 3 NFTs per address with a volume of 0.1 ETH, and has purchased NFT before over the past 6 months, typically 2 NFTs for almost 2 ETH total value in OpenSea. I reckon these are good founded wallets, with enough purchasing power to buy at an average price of around 1 ETH per NFT. Also, there are a lot of NFT mints with mint cost 0 ETH, which signals OG mint actions or early supporters of a project who mint for free. 43 out of 88 minters or 48% can be assigned to this profile.

There are some curious findings when digging deeper into the mint transactions of the early minters. I was able to find this mint tx where over 3000 NFTs were minted for free - unfortunately these are labelled as fake McLaren NFTs in Etherscan so this address looks like a scammer who unfortunately was able to get one of our precious brains.

Technical data

This analysis was done by querying the ez_transfers, ez_nft_mints, ez_nft_sales tables from the Ethereum Core Database and the erc20.balance table from the Flipside Prod Database.

The early minters were filtered out as the nft_to_addresses which interacted with nft_address = lower('0x903E2F5d42EE23156D548DD46bb84B7873789E44') before block_timestamp < '2022-06-07 17:00:00' and the transactions with mint_price_eth = 0 were filtered out.

Analysis done by @Kask_CEA powered by Flipside Crypto