Try Quests to earn cryptoFlash Bounty: Reddit NFTs
Introduction
What Is Reddit?
Reddit is a popular networking site that allows users to discuss, vote on and share content. Any user who joins Reddit can provide posts with a downvote or upvote, which determines how popular a post is when it comes to search rankings.
Reddit exists as a forum and networking site with more than 430 million active monthly users. These users can search Reddit for entertainment, news, updates, marketing and memes that cover all manner of topics. The website was placed online in 2005 and is likely the most popular discussion website in existence.
How Does Reddit Work?
When a user first joins Reddit, they create a profile and username that represents them when they make posts or comments across the forum. Reddit users are commonly referred to as redditors. Along with being a forum where users can create communities and topics about practically anything, Reddit is a news aggregation site, which means that any important piece of news is posted on Reddit for discussion among members. The various types of content that can be placed on Reddit include text posts, images, audio clips, videos and external links.
If a redditor wants a community where they can host more specific discussions, they can create a subreddit. Once a dedicated subreddit is made, redditors who are interested in the topic of discussion can join the subreddit. Thousands of subreddits cover subjects such as TV shows, movies, politics, stock trading, gaming and cryptocurrency.
As of this writing, it's believed there are more than 140,000 active daily subreddits. When content is shared on a subreddit, the post gains more interest from redditors. The voting system mentioned previously provides redditors with the opportunity to determine which content goes viral. Any negative or uninteresting post will be ignored or downvoted, which means that it won't be spread around.
Subreddits that center around the stock market and the crypto industry are some of the most popular subreddits on the website. In fact, the r/CryptoCurrency subreddit has around 5.3 million members. Recently, r/CryptoCurrency launched the crypto token known as MOON. Another crypto token known as BRICK was recently formed by the r/FortNiteBR subreddit, which is designed specifically for the Fortnite: Battle Royale game by Epic Games.
What Is a Reddit NFT?
A Reddit NFT is a type of avatar that can be purchased on the Reddit avatar marketplace. This marketplace provides redditors with the opportunity to buy blockchain-based images for a set amount of money.
If you decide to purchase an NFT-based avatar, you can do so with a crypto wallet, credit card, debit card or Reddit's Vault. Reddit has partnered with many independent artists to create over 90 designs, released alongside the marketplace’s launch. However, the total number of NFTs up for sale is in the tens of thousands.
In the event that you buy a limited edition NFT on Reddit, you're given the licensing rights to the token, which means that you have the ability to use the avatar on and off Reddit. In addition, buying one of these avatars allows you to alter its look with different merchandise obtainable within the avatar builder. As mentioned earlier, these avatars come with a glowing effect when you make a comment under a Reddit post.
Method
Whereas, we haven’t Polygon NFT transactions Sales table, so we have to rely on polygon.core.fact event logs table.
By use of this table and the 'TransferSingle' event name I tried to find all Mint transactions. I found the value of event inputs:” _from” is addressed to NFT seller for secondary sales when its not NULL address as "0x0000000000000000000000000000000000000000000000000000", But when from address is this NULL addresses then transactions refer to Mint a NFT. While The event inputs:” _to” field indicates which party (minter or buyer) will receive the NFT, whereas the event inputs:” _id” field indicates a specific NFT. The NFT Collection is also referred to by the contract address. Reddit NFT mint transactions have the origin function signature of 0x669f5a51, 0x5a86c41a.
The Transfer event name is broadcasted by NFT sales and mints in other Polygon collections. To verify that the sale or minting of a new NFT is associated with the transaction, I filtered event inputs: tokenId to not be NULL. Similar to Reddit, the value of event inputs:from is "0x000000000000000000000000000000000000" for mint transactions and "NFT seller" for secondary sales. The NFT's token ID can be found in the event inputs:to field, whereas the NFT's recipient (minter or buyer) can be found in the event inputs:to field. I have only taken Completed Transactions into account by tx_status = SUCCESS.
To calculate the sales volume, I used polygon.core.fact_token_transfers table and joined it with event_logs table by mutual TX_HASH, and filtered transactions by raw_amount > 0. So considered those transactions that had amount value in ETH, and obtained volume calculated in terms of ETH volume.
At the final part I tried to distinguished the user who have transactions before buying Reddit NFTs or not, also who has interactions with NFT marketplaces or not, and new users who bought NFTs for the first time.
- In the Above tape you can choose a NFT collections to see comparision on launch date whit Reddit NFT.
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- Author: Hojjat
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Reddit NFT Sales State
- As you can see in the columns on the left reddit NFT count is in a second place compared to other units.
- Reddit NFT sales count is a very successful number of 1.213195M on Oct 29th.
- In the bellow left graph from Jul 9th to Oct 29th we can see all the NFT and Buyers and Sellers count and what is visual is that about almost 36% of the whole counts belongs to the NFT’s.
- The total number of Sales or the Cumulative amount is shown in the bellow right graph which starts from Jul 9th to Oct 29 which is at its peek total of 48.861k.
Reddit’s Total Sales (in ETH)
- During Aug 30th to Oct 29th we can see the sum of reddit’s sales volume which is a total rising graph that reaches the highest of its amount by the end of Oct 29th.
- The maximum amount is 174.6 and the Arc of the change of the amount approximately happens around Oct 23rd’ which we can see a great increase from that point towards Oct 29th.
- In the bellow left we can see the Average’ Median and Floor price over time (between Aug 30th and Oct 29th). All of the prices rise to highest peek in the Sep 29th and after that there is a huge drop bit we still see some rising trends towards the end.
- In the secondary market sales in bellow right image, It is shown that the sales count and volume graphs are changing along side each other but in Oct 25th sales volume tops sales count for a brief time by a small amount.
Reddit Sales VS. Other Collections on Polygon
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In the two images bellow we can study that Reddit’s sales volume and count starts at Aug 30th and before that we see no Activity by Reddit.
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As the time moves forward from Aug 30th Reddit becomes quite active with its collection until the end of Oct 29th that we can almost say reddit’s collection is at its own top and the sales count is 6.5% of the total of other collections. The sales volume also is at a 1.7e-5% of the total Volume in other collections.
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At the second row of images (bellow the first two that we discussed in previous lines) we have Reddit’s Average sales price and floor price. What we can understand is that in sales price’ Reddit’s amount is very small compared to the other collection’s but in the Floor price we can see Reddit toping other collections by a huge difference.
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At the 3rd row of the graphs (bellow the two that we talked about in the last line) we see Reddit’s cumulative sales and volume compared to other collections from start of Jul 31th to the end of Oct 29th (same as the 1st and 2nd row) which is a rising trend for Reddit in both graph all the way towards the end.
New Users and Interactors
- On the left there is a visual of new users and new NFT interactors over time, And as we can see the amount of all units rise to the top of their own graph in Oct 24th which new users and new NFT interactors both increase simultaneously.
- At the bellow left column form we can see that even though there are a lot of NFT buyers over time but the amount of Users who actually interact with them become more little and little as the time gets closer to Oct 29th, After Aug 7th and Aug 10th which we have 100% of new Users interacting with NFT’s we can see that New users that bought NFT eventually lose their interest over time.
- The sum of new users and NFT users and buyers is shown by a visually linier graph at bellow right image, and what we can see is that very close to the previous information we have a very limited amount of interactors compared to total users.
Prices and Sales of Reddit VS. Martians
- In the image on the right there is a column form of Martian’s and Reddit’s prices that clearly tells us reddit has much less prices compared to Martian’s.
- in the 6 blocks bellow we can have a comprehensive information of Reddit’s total sales, volume, buyers and sellers.
- As we can see through all the blocks Reddit’s amount of sales and buyers and sellers are extremely higher then Martians.
- But what Martian is successful at is the Volume of sales through the time (from Feb 8th to Oct 29th) which proves that Martian is not totally defeated but as the time goes on the cumulative amount of sellers on reddit extremely tops Martian towards the end of Oct 29th which is probably the result of lower prices in Reddit NFT.
Conclusion
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3 metrics to compare the Reddit NFT launch to the launches of other major NFTs: As well we can understand from all the information we have until now, NFT is obviously late to NFT market but slowly and surly is getting a hold of its place in this area. Reddit’s start its work practically from Aug 28th as you can see in the start of this dashboard and it is safe to say that it has now a small portion of NFT market at its grasp.
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At the end we compared Reddit to one other successful NFT market which is called Martian and as we can see reddit is already as known as other strong NFT markets (maybe not so successful as) but definitely we can say that it is becoming more and more popular with selling smaller and lower price NFT’s.
SMALL NOTE FROM AUTHOR: NFT market had a good launch when it was introduced but looking at its current state as well as shown in the information above we can see that people are losing interest in NFT over time and realizing that (in my personal opinion) it is not a safe investment. Why waste money on something that does not exist and practically has no use?? at it can easily be stolen and copied by non paying interactors? But who am I to judge every person is free to do as it pleases I simply stated my thought.\
Appendix
The solution of this question and the queries are completely used from the filipside database
The construction of the dashboard was also used from the site app.flipsidecrypto.com/velocity, which belongs to flipside
Some ==queries== and charts and the ==method== description section are copied from the following dashboards:
Thank you very much dear ==0xHaM☰d==
