Introduction

• In this Analysis, You will Read about the NFTs bridge from Ethereum to Optimism. Lately, Users can bridge their NFTs from the Ethereum chain to Optimism.
• I went through NFTs bridge and analyzed these parameters:
• Total and Daily Users
• Total and Daily Transactions
• Total and Daily Collections
• Total and Daily NFTs
• Top Collections
• Average Bridged NFTs prices
• Bridge Fees

Analyzed by Hess - Reading Time Almost 8 Min.

Method

• I read Optimism DOCs and found the bridge locker contract address which is 0x5a7749f83b81b301cab5f48eb8516b986daef23d. First I examined some transactions hash in tables. Then, I used the Ethereum fact event table to extract all bridge data. I understood all transactions were sent to the bridge locker contract address on Ethereum. So I put filtered origin_to_addres by locker address which is 0x5a7749f83b81b301cab5f48eb8516b986daef23d. Contract address is collection addresses and event_inputs:tokenid is NFT token ID.
• In order to find the Collections name, I joined my findings with DIM labels.
• For average NFT prices, I extracted the last price of bridged NFTs with the MAX function.
• In the end, I extracted tx hashes and joined them with a transactions table to calculate bridge Fees in USD and ETH.

Full Analysis

Collections

• Based on the total number of Unique NFTs per bridged collection, Consensys Collection with 882 Unique NFTs is in the first place. The second collection is More Loot a huge difference from the first place. About 124 Unique NFTs bridged from that collection to the Optimism chain. The third one is the Secret Society with 101 Collections.

Floor Price of Bridged NFTs

• The numbers on this chart are not 100% correct. Because I extracted the last sales price of NFTs and the last price is not only in October. Maybe 6 months ago or 1 week ago.
• Based on this parameter, The highest number of Bridged NFTs is worth 100-1K US dollars. The average price of bridged NFTs is 638 US dollars.

Bridge Fees in USD and ETH

• In nearly 6K transactions, Users spent 19 ETH on Fees which is worth 27K US dollars. The average bridge transaction was 4.6 US dollars. The average fees in USD and ETH decreased over time. More than 60% of fees were paid by users on October 28 when the highest number of bridges happened.

What is NFTs?

A non-fungible token is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership

What is Bridge?

UA bridge or bridge between chains is a service (centralized or decentralized) that allows you to create a connection between two blockchains that normally cannot communicate with each other, so that tokens can be transferred between them.

A Summary of the Most Important Findings

• Total Users: 5250
• Total Bridges: 5430
• Total Collections: 1312
• Total NFTs: 4920
• Average Floor Price: 638 US dollars
• Top Collections: Consensys
• Total Fees in USD and ETH: 19 ETH or 27K US dollars
• Average Bridge Fee: 4.69 US dollars

NFTs Bridge

• 5250 Unique users bridged their NFTs from Ethereum Chain to optimism in the last 21 days. The growth was significant. Especially after October 20 when 432 Unique users bridged their NFTs from Ethereum to Optimism. The highest number of Users bridged their NFTs on October 28.
• I examined the reason for growth on October 28 when around 2864 Unique wallets bridge their NFTs. I found that Quix has a promotion on Layer3 that encourages users to transfer their NFTs and earned 25 OP if they transfer from selected collections by QUIX. Until Now, more than 3K wallets participated in that task on Layer3. Based on Last Table Updates, we can see 2864 users.

According to the total number of transactions which is 5830 transactions, We can understand that each user almost bridged once. Because we know that 5250 unique users bridged their NFTs. Like number of Users, The highest number of transactions was on October 28 with 2916 transactions in one single day.

Until Now, More than 4.9K unique NFTs bridged from Ethereum to Optimism Chain. There were some key points in the last 20 days. Between October 20 and October 21, Users bridged 1450 unique NFTs. The highest number of NFTs bridged on On October 28. Almost 50% of total NFTs bridged on that day. It’s a new ATH for Optimism.

Those 4920 NFTs belongs to 1312 unique Collections. It means Users bridged NFTs from 1312 different collections. It’s a huge number for Optimism. Like any previous parameters, The highest number of Collections was bridged on October 28 with 844 Unique Collections.

The Currency is the top collections based on average floor price of bridged NFTs. The average price of this NFT collection is 30K US dollars. With a huge difference, The second collection is Bloot. The average floor price of bridged Bloot collection is 6.6K US dollars.

Conclusion

• We have seen so many Bridges when users bridged their tokens from one chain to another. NFTs Bridge is a new movement, At least for me. As you’ve seen, So many users in a short time bridged their NFTs from Ethereum to Optimism. Maybe lower transactions fee be a motivation for holders to bridge their NFTs. However, It’s too soon to talk about the NFT bridge and its future. From what I can see, The growth is significant and with multiple promotions, They keep their growth.

THANK YOU FOR READING!

ALL CODES AND CONTETNS WERE WRITTEN BY HESS.

:bird: Twitter: @hessaminanloo

:t-rex: Discord: hess#0890

:calendar: Analyze Date: 2022/OCT/28