Introduction

How much are users spending on NFTs on Optimism? And how has this changed over time? In this dashboard, we will explore the NFT purchasing behaviours of Optimistic users, by looking at the daily number of sale transactions as well as the sales volume, coloured by a price distribution. In a later section, we will also consider whether there is a limit to how high a floor price per NFT project can reach, comparing our findings to Ethereum.

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Some Background

Optimism is a layer 2 chain, meaning it functions on top of the Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to the mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway.

Optimism is the second-largest Ethereum layer 2 with a total of $313 million locked into its smart contracts, as of this writing, according to Defi Llama. NFTs on Optimism have been quite popular lately, so let’s dive in to find out how much users are keen to spend!

The data is set to refresh daily.

Key insights:

• The biggest number of sales transactions belongs under the category of NFTs cheaper than 0.01 ETH, which implies that users are most likely to buy the cheapest NFTs on Optimism. However, by looking at the sales volume, we also see that category 0.1 - 1 ETH is also semi-popular amongst users.
• The normalised distributions tell us when users were more interested in spending more money per NFT. For example, on September 20th 2022, there was an increase in sales transactions for the 1-5 ETH price bracket, with over 10% of the total number of sales transactions accounting for this distribution tier.
• The scatter chart on the left allows us to understand the purchase behaviour even better, as we can see clearly when the spikes of increased interest in more expensive NFTs occurred (we can see that this took place especially in the end of September 2022).

In order to answer whether there is a limit to how high a floor for a NFT collection on Optimism can reach compared to on Ethereum, I decided to look at the maximum NFT price per project on both platforms. We can see that the top 5 (most expensive) Ethereum NFT projects are A LOT more expensive compared to the ones on Optimism. On Ethereum, cryptopunks are the most expensive with the maximum price of over $500M! In comparison, Optimism’s most expensive project stands at only $14k - which is a huge difference.

The answer to the question of whether Optimistic NFTs can and will reach a limit, I must say that there is definitely a lot of potential for the growth of Optimism’s NFTs. We can see that the maximum prices are nowhere near what is found on Ethereum, which implies that the floor prices have not reached the top yet, and that in the future, once the bear market is over, Optimism’s NFTs could increase in value by a big margin.

Conclusion

This dashboard has investigated the user behaviours when it comes to purchasing NFTs on Optimism. We have looked at some key daily metrics, such as daily sale transactions or sales volume, coloured by the price distribution. We have seen that users lean towards the cheaper NFTs, however, we have also seen certain days where purchasing more expensive NFTs was more popular. In the last section of this dashboard, we also asked the question of whether Optimistic NFTs can reach a floor price limit compared to Ethereum. Our findings told us that the limit has not yet been reached, and that there is a lot of potential for Optimism to increase its NFTs value, given how much more expensive the most expensive NFT projects are on Ethereum.

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• Dashboard by -pine-nat-#4310
• Twitter:
• Refresh Rate - Daily
• Data from FlipsideCrypto