Introduction

Flipside is a platform that let users to get paid to learn about protocols and chains, and level up to become a crypto-SQL superstar. There, users can do several specific tasks (called bounties) and be paid in tokens, while learn about different projects like Sushiswap, Polygon, Thorchain, Solana, Algorand among others.

Yesterday, Flipside Crypto launched its first NFT, called GodMode. GodMode is a collection of 1,000 community-generated NFTs rooted in utility. Each GodMode NFT unlocks unlimited claim access to analytical bounties at Flipside Crypto. Additionally, the NFT grants exclusive access to the gated GodMode section of Flipside’s Discord. Once inside, you’ll have access to the most gifted minds in crypto analytics, analytics training sessions for project analytics, early access to Flipside product launches, and much more.

Methodology

In this analysis we are gonna explore the Ethereum profile of the first GodMode minters. For that, we will consider those wallets that minted the NFT during the first hour after the launch.

The main metrics calculated are:

• Number of minters and volume during the first hour in minutes.
• Number of minters during the first hour separated by type of Flipside user,
• Number of early minters that moved the minimum .1 ETH into their minting wallet vs. already had at least .1 ETH in that wallet.
• Number of minters that have been active in NFT purchases over the past six months, elaborating aa “typical minter” profile/profiles based on their wallet behavior

Results

In terms of number of minters during the first hour, we can see that there were like waves of users. There are several minutes were more than 5 users minted an NFT while other minutes when any user minted. In terms of volume, we can see that it is more variated, it seems more constant than the number of users and it could be possible because of some members in Flipside didn't paid for his NFT (#bestanalyticalminds).

As said before, there are a type of users that have privileges on Flipside thanks to their capaicity and good practices. One of the benefits have been minting the NFT for free. If we split the users by the type of users (#bestanalyticalminds and others) we can see how there are similar numbers in terms of mintings. Then, in order to calculate the next metric about the amount of ETH in wallet, we will exclude the Cantina Members.

Taking into account an snapshot of the involved wallets 24h prior to the mint, we can see how (excluding cantina members) 63 of them had 0.1 ETH to pay the NFT while 25 don't have it, representing more than 28% of them.

For this task, we have taken into account all users again because of all of the minters can be purchased some NFT previously. In this case, we have considered the past 6 months and we have explored the behaviour of the users. From the total of 146 unique users that minted the GodMode during the first hour of minting, 48 of them (33%) purchased some NFT before. For the others 98 it supposes the first NFT transaction. Then we can see how for the major of the wallets, the GodMode minting supoosed a new experience.

Finally, from the 48 users that previously purchased some NFT, there are several profiles/behaviours taking into account not only the number of mints but also the number of NFT projects joined as well as the volume traded.

For the first approach, I have divided the users in different buckets according to the number of previous NFT bought. From that point, the major of the users purchased between 1 and 50 NFT, representing similar percentage for all of the three groups involved (1 NFT bought, between 2 and 10, and between 10 and 50). From these users, there are 2 catalogued as a “Typical minter” having more than 100 NFT purchases over the past 6 months.

The second approach is about the characterisicd of these different groups. In the second chart, we can see the average projects joined per user versus the average volume of purchases for each bucket. The size of the bubble is represented by the amount of users involved. Then, we can see that the groups with the low number of NFT purchases, also show the lower NFT purchasinf activity and viceversa. Then; we can determine that there is a correlation between the number of NFT purchased and the NFT activity behaviour.

Conclusion and key insights

In this dashboard we have explored the earlier wallets that minted the new GodMode NFT launched by Flipside yesterday. As well, we have explored the behaviour and the Ethereum profile of these wallets involved.

The main insights extracted from the snalysis are:

• There was a constant activity in terms of minters and volume over the first hour.
• A total of 146 unique wallets minted during the first hour, having similar numbers in terms of Regular vs Cantina users.
• 28% of the regular wallets got the minimum 0.1 ETH during the last 24 hours after minting.
• 33% of the minters had previous activity in terms of NFT purchases.
• The major of the minters with previous activity had purchased between 1 and 50 NFTs before the GodMode minting.
• There is a correlation between the previous wallets NFT purchsases and their NFT activity (average projects joined and average volume moved)