The digital art and collectibles world has been hugely affected by the foundation of Non-Fungible Tokens (NFTs). The life of many digital artists has changed thanks to the sales of their products to a newly-formed crypto audience. Even celebrities try to join the show to have the opportunity to directly connect with their fans. Although digital arts are the pioneers of the NFT world, they are not the only application of these assets. In general, NFTs can be utilized to represent ownership of any unique asset.

NFTX is a liquid market for illiquid NFTs on the Ethereum NFT ecosystem. Users of the platform can deposit their NFT into a vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within that vault. These tokens can also be utilized to redeem a specific NFT from a vault. Users can earn yield rewards by providing liquidity for pools and through the staking of minted vTokens. Also, with this system, NFT collections have a better distribution and price discovery, in addition to being able to instantly sell their NFTs by minting them as ERC20 tokens.

Methodology

The sales data for the NFTs traded on the NFTx platform were collected from the ez_nft_sales of the ethereum.core schema. All the quantitative data were directly calculated by aggregating the columns of the aforementioned table. It is worth noting that the name of some of the projects has not been registered on the tables. Thus, the top collections were filtered using their addresses.

For determining the top NFT collections, both the sales volume of them based on the NFTX tokens could be utilized as well as the US dollar amount of their sales volume. Besides, the number of transactions and the number of traded NFTs could also be considered when selecting top collections. In general, the price of hyped NFT projects will rise over time while their transactions decrease. On the contrary, new projects tend to have a high number of transactions at low prices. To be able to compensate for this trend, the top collections were selected based on their NFTX sales volume which was aligned with the number of NFTs traded over the measured period.

It is worth noting that the NFTs of collections such as Bored Ape Yacht Club, CryptoPunk, etc. are among the top projects with the highest USD sales volume. However, the philosophy behind the NFTX platform was to develop a system that allows the users to own a part of expensive NFTs. Considering that, the sales volume of collections in NFTX tokens has been evaluated in this analysis.

Analysis

Conclusion

By considering the NFTX sales volume of NFT collections, the "Milady", "goblintown.wtf", and the "tubby cats" projects have had the highest volume over the last two months. As it is indicated in the following charts, the Milady collection has an almost 60% share of both NFTX and USD volume over the period. While the other two have had a close share of NFTX sales volume, goblintown massively outperformed the tubby cats considering its around 36% share of USD sales.

The price analysis of these collections has demonstrated that while all of them had an average price of around 1.045 NFTX, the average dollar-based price of NFTs for each of these collections differs considerably. This indicates that NFTs of goblintown are worth much higher compared to Milady which in turn is worth higher than the tubby cats.

The number of transactions and the number of NFTs traded for these 3 collections have had the same trend over the past 2 months with Milady accounting for more than 50% of the total share. One might expect the number of traded NFTs to be much lower compared to the number of transactions. Here, it is the opposite because each transaction on the platform act in a similar manner to group transactions, and multiple can be NFTs traded in a single transaction. Considering the fact that Milady and goblintown each have 10k NFTs and tubby cats has 20k NFTs in their collection, it can be concluded that a higher percentage of the holders of the two first collections tend to trade their NFTs and the holders of the tubby cats collection tend to hold and trade less.

Last but not least, the fees paid by the traders for both the transaction itself and for the platform have been depicted in the following charts. The Milady collection has brought the highest profit for both the Ethereum network and for NFTX. Besides, while the amount of the fees for both the NFTX tokens and their subsequent US dollar worth were the same for transaction fees, the tubby cat collection registered a lower USD platform fees while having higher NFTX fees compared to goblintown.

In this analysis, the top NFT collections on the NFTX platform have been investigated considering the platform design of the marketplace. Overall, the Milady collection has by far the highest sales volume and the highest level on other metrics. Besides that, the NFTs of goblintown and tubby cats collections have had a high sale volume in NFTX tokens.