Task

• Create a secondary market dashboard for NFT sales on Quixotic, the largest NFT marketplace on Optimism!

Methodology

Define Quixotic marketplace contract address

• Quixotic marketplace contract 1 (QM 1): 0x20975da6eb930d592b9d78f451a9156db5e4c77b - The oldest Quixotic marketplace contract address which has a low volume before July 1st and be terminated after that.
• Quixotic marketplace contract 2 (QM 2): 0x065e8a87b8f11aed6facf9447abe5e8c5d7502b6 - The second main Quixotic marketplace contract address until July 1st and be terminated after that from being exploited
• Quixotic marketplace contract 3 (QM 3): 0x3f9da045b0f77d707ea4061110339c4ea8ecfa70 - The latest main Quixotic marketplace contract address which has been created since July 2 after the exploit.

What include in this dashboard

• First, we show the interesting event including Exploited and Be a part of Optimism’s new on-boarding flow to show the effect of each event for relevant measures.
• Then we show the overall sales information to provide the big picture of the Quixotic’s secondary market with many measures and sales information based on collections.
• Finally, the daily sales volume, sales count, and sellers and users are shown to visualize the change over time on each measure.

Interesting Event

Be a part of Optimism’s new on-boarding flow on July 27th, 2022

Exploited on July 1st, 2022

Exploitation announcement

According to Quixotic’s tweet on the right, Quixotic is exploited on July 1st, 2022 which cost more than 100k USD.

Which contract and token are exploited?

The graphs on the right show the daily sales volume based on the Quixotic marketplace and daily token volume compare to sales volume, respectively.

• The hacker stole around 220k OP tokens from around 870 wallets which cost more than 115k USD using offer feature via QM2 contract (0x065e8a87b8f11aed6facf9447abe5e8c5d7502b).
• There is no sale on July 2nd because of the sales pause from the exploit.
• We will exclude the sales activities from the exploit actions for the rest of this dashboard.

Exploit effect

With exploit

Without exploit

Effect on total sales volume for each marketplace contract

• Without the exploit, QM3 has highest sales volume instead QM2 while there is the exploit effect.
• The volume from op is almost disappear when we remove the exploited volume.

Effect on sales volume percentage based on token

• Without the exploit, the op volume percentage drop from 32% to 0.7% of the total sales volume.

Effect on sales volume percentage based on marketplace contracts

• The sales volume percentage of QM2 decreases by 18% which makes the rank of QM2 drop to 2nd without exploit volume and vice versa for QM3.
• There is a subtle difference in the percentage of QM1 but it does not make a change in rank.

Be a part of Optimism’s new on-boarding flow announcement

According to Quixotic’s tweet on July 27, Quixotic has joined Optimism's new onboarding flow which is a step-by-step introduction to a new user.

• This process allows new users to mint 1 of 5 NFTs from Quixotic’s Optimistic Explorer collection.
• This move from Quixotic can attract new users to mint NFTs from their collection and boost the sales transactions which will be shown in this section.

Effect on Optimistic Explorer sales count

• Although be the latest collection in the Top 10 sales count that joins the secondary market, joining the Optimism new onboarding flow can boost the Optimistic Explorer collection to the highest sales count.
• Optimistic Explorer is the highest portion of sales count (31% of total sales count) which is almost three times the runner-up, however, the average sales volume per sales count is around $0.77 which is 250x less than the top sales volume collection (OptiPunks, $193.15 per sale)
• Optimistic is the tenth in sales volume which has only 1.67% of total sales volume.

Change after exploit period

• Quixotic paused all sales activities on July 2nd.

• They changed the marketplace contract address from QM1 and QM2 to QM3 only.

• They have paused all op-based nft sales activity since July 2nd.

Overall sales information

Daily sales information

Daily sales volume

The graphs above show daily sales volume and daily cumulative sales volume of the top ten highest sales volume collections, respectively

• On June 23, the Optipunk has skyrocket sales volume which make it become highest sales volume in USD and stay still since then.

Daily sellers and buyers

The graph on the right depicts daily unique sellers and buyers compare to their daily unique count.

• The number of unique, and new unique buyers is the highest on June 16th, while the sellers peak is on Jul 27th.
• The effect of joining new onboarding flow has huge effect on selling activities count because it can attract new seller from minting the Optimistic Explorer collection during the introduction procedure.

Daily sales count

The graphs above show daily sales count and daily cumulative sales count of the top ten highest sales count collections, respectively

• As information shown in joining onboarding flow event, the sales count of Optimistic Explorer collection has overwhelmed the rest since July 27st.
• The group of high sales count of the Optimistic Explorer make it become top sales count collection in less than a week.

Conclusion

Interesting event

• Exploited on July 1st - The hacker stole around 220k OP tokens from around 870 wallets which cost more than 115k USD using offer feature via QM2 contract.
• Joining Optimism’s new onboarding flow on July 27th - Optimism new onboarding flow can boost the Optimistic Explorer collection to the highest sales count (31% of total sales count) which is almost three times the runner-up, however, the average sales volume per sale is around $0.77 which is 250x less than the top sales volume collection (OptiPunks, $193.15 per sale) that make it be the tenth in sales volume.

Insight sales information

• On June 23, the Optipunk has skyrocket sales volume which make it become highest sales volume in USD and stay still since then.
• The group of high sales count since July 27th of the Optimistic Explorer make it become top sales count collection in less than a week.
• The effect of joining new onboarding flow has huge effect on selling activities count because it can attract new seller from minting the Optimistic Explorer collection during the introduction procedure.