Try Quests to earn cryptoOpen Analytics Bounty: Optimism (October 15)
Introduction
- In this dashboard, You will read about NFT crossovers on the Optimism chain. I picked the top 10 top collections based on sales volume and analyzed crossovers.
- We want to know Which communities tend to provide the most signal that another NFT project will do well? As in, is there any alpha if you were to see a certain PFP buying another collection? Which communities tend to be most active in minting new collections? Which communities have the most diamond handed on other projects?
Method
- First I extracted the top 10 NFT collections based on total sales volume from the NFT sales table. In order to extract the collection names, I joined to DIM label table. Now I have the top 10 collections based on total sales volume in the last 120 days. All I need was sales volume in USD. We have a Fact hourly table on Optimism tables. I joined my findings to that table and extracted volume in USD.
- From that table, I calculated total sales, buyers and sellers, Volume in USD and avg volume per collection.
- After that, I analyzed the user’s breakdown based on NFTs and Volume. I counted the number of nfts that users bought from the Top collections.
select collections , count(DISTINCT(buyer_address)) as buyers, case when total_nfts = 1 then '1 NFT' when total_nfts = 2 then '2 NFTs' when total_nfts = 3 then '3 NFTs' when total_nfts = 4 then '4 NFTs' when total_nfts >= 5 then '=+ 5 NFTs' end as type
- I needed crossovers too. So I counted the number of projects per user to find how many Crossovers there were. I understood that there are some users that bought from two, three and … collections.
- In order to find community and unusual activities, I analyzed each type of user separately.
- The last thing I did was Mint activities. I extracted Mint sales from the Fact event log and joined DIM labels to filter NFT labels. I Had users of each collection. I looked up the fact event table and joined my previous findings to find which NFT collection community minted more.
A Summary of the most important findings
- Based on total sales volume, Optimism, Optichads, Mortorheadz, Optimistic Explorer, Dope wears hustler, Apetimism, Mirror, Optipunk and Optimismc apes are my top 10 collections.
- Optimistic Explorer had the highest number of sales with 59.3% of total Top collections sales.
- The optimistic Explorer collection had the highest number of buyers and sellers.
- Optimism Explorer, Apetimism and Motorheadz had the highest sales volume.
- Most users have bought only one NFT from Top collections.
- A large group of buyers and sellers buy and sell from one collection. The second and third large groups of users buy and sell two and three collections.
- Optimism Apes collection has a diamond community because they hold their NFTs more than other NFTs.
- Based on two and three and four Crossovers, It seems Optichads, Motorheadz and Optimism Explorer have a relationship together.
- Based on Crossovers, the Optimism Explorer community are everywhere.
Full Analysis
Sales
- The weekly shares of top collections are based on the number of transactions following the same pattern. For Example, After mid August Optimistic Explorer Weekly sales increased. Optimism Explorer had the highest number of sales in the last 120 days. After that Mirror with 11.4% and Motorheadz with 10.3% had the highest number of sales.
Optimistic Explorer, Motorheadz, Mirror and Optichads have the highest number of buyers and sellers. The number of Buyers and sellers of these collections was similar to each other in the last month. Maybe these users led each other to buy collections.
Based on sales volume, Optimistic Explorer has had the highest sales volume in the last 120 days. After that Motorheadz is in second place. The third place is Apetimism. I can see some unusual activities based on the average price of NFTs. For example, Optipunk's avg price increased on one day and dropped the day after. On that day, the average price of Apetimism increased. Maybe Optipunk users sold their NFTs and buy Apetimism collections.
Most Top collection users spent Up to 1$ on these NFTs. However, Motorheadz and Optimism Explorer users spent 10-100$. Also, Optimistic Explorer and Mirror users sold most NFTs Up to 1$ .
Crossovers
- As you can see, About 14.8K Users bought NFT from one collection. About 1.4K Users bought NFTs from two collections and 278 Users bought NFTs from three collections. If we ignore Users that bought 1 collection, Other types of users could follow a path to increase other NFT collections. Seller activities were like Buyers with lower numbers.
In order to understand user activities, I drew some charts that show the total number of sales based on users that bought from Two, Three and four collections. You can see in the specific time frame, The total number of Top collections increased together.
- During August we have Optimistic Explorer and Motoheadz and During September we have Mirror and Optimistic Explorer.
- The sales of these collections increased significantly in a specific time.
- Optimistic apes hold their NFTs more in comparison to other collections. The second top collection is Optipunk with an average of 30 days. During September and October The total number of flippers of Mirror, Motorheadz, Optichads and Optimistic Explorer increased.
> Motorheadz and Optimistic Explorer users minted new collections more in comparison to other collections.