Key takeaways

1. Most of the chains have witnessed a reduced growth over the last two months. ==Algorand appears to have lost a lot volume over the last months while polygon is among the few chains that have an increased volume growth.==
2. ==Ethereum is still the king, accounting for 80% of the volume in the last 3 months. Solana and polygon are the next best chains.==
3. While the number of NFTs sold on solana was very high during the start of September , it has row reduced.
4. The number of new users buying an NFT is the highest in ethereum and solana. However, optimism is among the new Favorite ones
5. ==The median price of an NFt is highest (33$) in ethereum and lowest in near (0.5$)==
6. ==Though Algorand users are low, they hold a lot of NFTs. NFTs that necessarily not costly as the average spend by them is less.==
7. ==As expected, Humpback whales (5000$+) trades happen in ethereum.==
8. Blur marketplace has been a rising star since launch, with it now accounting for approximately 20% of the volume in ethereum.
9. There was a sharp increase in user activity when the aera pack launched. It initially outgrew NFT store front but things have settled now.
10. An intense battle is brewing between algoxnft and randgallery. with algoxnft looking to overthrow rand gallery’s monopoly.
11. There was a sharp increase in user activity when the FIFA pack launched but things have settled now.
12. Most of the NFTs (75%) on near are less that 10 USD. look like nfts on near are not that valuable.

Introduction

A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.[1] The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs can be created by anybody, and require few or no coding skills to create.[2] NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.

Proponents of NFTs claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. The ownership of an NFT as defined by the blockchain has no inherent legal meaning, and does not necessarily grant copyright, intellectual property rights, or other legal rights over its associated digital file. An NFT does not restrict the sharing or copying of its associated digital file, and does not prevent the creation of NFTs that reference identical files.

Reference :

Sections in this dashboard

Sections in this dashboard

1. Introduction

2. Overall analysis

3. Ethereum

4. Solana

5. Flow

6. Algorand

7. Near

8. Conclusion

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Overall analysis

Observation

1. Most of the chains have witnessed a reduced growth over the last two months. Algorand appears to have lost a lot volume over the last months while polygon is among the few chains that have an increased volume growth.
2. Ethereum is still the king, accounting for 80% of the volume in the last 3 months. Solana and polygon are the next best chains.
3. While the number of NFTs sold on solana was very high during the start of September , it has row reduced.
4. The number of new users buying an NFT is the highest in ethereum and solana. However, optimism is among the new Favorite ones
5. The median price of an NFt is highest (33$) in ethereum and lowest in near (0.5$)
6. Though Algorand users are low, they hold a lot of NFTs. NFTs that necessarily not costly as the average spend by them is less.
7. As expected, Humpback whales (5000$+) trades happen in ethereum.

Ethereum

Observation

1. The volume on ethereum has been on a decline in the last few month.
2. Blur marketplace has been a rising star since launch, with it now accounting for approximately 20% of the volume in ethereum. However, Opensea is still the king.
3. The activity of buyers has reduced over the time. Lesser and lesser people are now active on the marketplaces
4. On an average, half of the users use the NFT services only for a week in the last few months. That is they dont keep coming back.
5. Moreloot and dreadfuz are the most volume generating NFT collections on Ethereum.
6. Sudoswap and rarible have the highest wash trading among all the NFT marketplaces on ethereum.

Solana

Observation

1. The NFT volume on solana has been on a decline in the last few month.

2. Coralcube marketplace has been a rising star since launch, and the only one that looks like it can give magic eden a fight. However, Magic eden is still the king.

3. The activity of buyers has reduced over the time. Lesser and lesser people are now active on the marketplaces. The user activity has dried up especially after the FTX blowup.

4. On an average, 75% of the users used the NFT services only for a week in the last few months. That is, they dont keep coming back.

5. communi3labs, dead kings and degods are the most volume generating NFT collections on Solana.

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Flow

Observation

1. The NFT volume on Flow has been more or less a constant in the last few month.

2. aera nft marketplace has been a rising star since launch, and the only one that looks like it can give NFT store front a fight.

3. There was a sharp increase in user activity when the aera pack launched. It initially outgrew NFT store front but things have settled now.

4. On an average, 90% of the users used the NFT services only for a week in the last few months. That is, they dont keep coming back.

5. Flowverse scoks, Zeedzino are amongst the most volume generating NFT collections on Flow.

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Algorand

Observation

1. While The NFT volume on Algorand showed a lot of promise in the month of September because of the FIFA NFTs, the hype has hettled now.

2. An intense battle is brewing between algoxnft and randgallery. with algoxnft looking to overthrow rand gallery’s monopoly.

3. There was a sharp increase in user activity when the FIFA pack launched but things have settled now.

4. On an average, 50% of the users used the NFT services only for a week in the last few months. That is, they dont keep coming back.

5. 99 wise uncles, FIFA and ai-goanna are amongst the most volume generating NFT collections on Algorand.

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Near

Observation

1. The NFT volume on Near has been volatile for the last few weeks. Constanly hitting between 250-1000 $ a day.

2. While Paras has a commending presence in the NFT marketplace on NEAR, mintbase has been slowly chipping off the share to its own.

3. There was a sharp increase in user activity when the FIFA pack launched but things have settled now.

4. On an average, 75% of the users used the NFT services only for a week in the last few months. That is, they dont keep coming back.

5. scretskellissociety, ASAC are amongst the most volume generating NFT collections on Algorand.

6. Most of the NFTs (75%) on near are less that 10 USD. look like nfts on near are not that valuable.

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References

1. Polygon NFT sales from alitaslimi :
2. Near NFT sales from sksandeshkandagal:
3. NFT stats calculation from k2rbpz :
4. Daily active user classification from adriaparcerisas :
5. Month on month from self (sksandeshkandagal) :
6. NFT wash trading on ethereum from pinehearst :

Twitter link :

Conclusion

1. Most of the chains have witnessed a reduced growth over the last two months. ==Algorand appears to have lost a lot volume over the last months while polygon is among the few chains that have an increased volume growth.==
2. ==Ethereum is still the king, accounting for 80% of the volume in the last 3 months. Solana and polygon are the next best chains.==
3. While the number of NFTs sold on solana was very high during the start of September , it has row reduced.
4. The number of new users buying an NFT is the highest in ethereum and solana. However, optimism is among the new Favorite ones
5. ==The median price of an NFt is highest (33$) in ethereum and lowest in near (0.5$)==
6. ==Though Algorand users are low, they hold a lot of NFTs. NFTs that necessarily not costly as the average spend by them is less.==
7. ==As expected, Humpback whales (5000$+) trades happen in ethereum.==
8. Blur marketplace has been a rising star since launch, with it now accounting for approximately 20% of the volume in ethereum.
9. There was a sharp increase in user activity when the aera pack launched. It initially outgrew NFT store front but things have settled now.
10. An intense battle is brewing between algoxnft and randgallery. with algoxnft looking to overthrow rand gallery’s monopoly.
11. There was a sharp increase in user activity when the FIFA pack launched but things have settled now.
12. Most of the NFTs (75%) on near are less that 10 USD. look like nfts on near are not that valuable.

Glossary

1. Marketplace : platform used for selling and buying NFTs. Example : Opensea
2. Collection: A collection of similar NFT . EX: BYAC
3. Daily active user : users who have been active (making a transaction) for atleast 2 days in that week.
4. New users : Users who have made their first transaction recently. In this analysis we consider only the first transaction.
5. Spending budget : Amount a user collectevily spends
6. Wash trading: A wash trade is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace. 

Optimism

Observation

1. The NFT volume on Optimism witnessed a sharp increase on sept 20 because of the optimism quest NFt. However, since then it has Constantly been hitting between 250k$ a day.

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2. On an average, 85% of the users used the NFT services only for a week in the last few months. That is, they dont keep coming back.

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3. Most of the NFTs (75%) on optimism lie between 10 USD and 100 USD.

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