Try Quests to earn FLOWNFT Comparison
Project : Flow
\n Bounty Name : NFT Comparison
\n Question: Compare and contrast the NFT market and ecosystem across at least three different chains (you can do more if you wish, but there must be at least three included.) Explain how the various chains differ in terms of metrics such as:
- Total Sales
- Total Unique Buyers
- Total Volume
- Average Sales/Day
- Average Buyers/Day
- Average Sales Price/Day
\n Date of analysis : 2022-09-17
NFT
An NFT is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. The market for NFTs was worth a staggering $41 billion in 2021 alone, an amount that is approaching the total value of the entire global fine art market.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.source
Optimism
Optimism is a layer 2 chain, meaning it functions on top of Ethereum mainnet (layer 1). Transactions take place on Optimism, but the data about transactions get posted to mainnet where they are validated. It’s like driving in a less crowded side street while benefiting from the security of a highway. source
Ethereum
Ethereum is a decentralized blockchain network powered by the Ether token that enables users to make transactions, earn interest on their holdings through staking, use and store nonfungible tokens (NFTs), trade cryptocurrencies, play games, use social media and so much more. source
Solana
Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.
Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed. source
Flow
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot. source
Which Marketplace is more popular?
In the Optimisim network, the only market place for selling NFT is Quixotic, and users of this network can only use it to buy and sell NFT. The volume of NFT transactions in this marketplace is 2.5 million dollars and the total number of NFTs traded is about 71k.
The Ethereum network has a large number of market policers due to its high traffic and popularity. The largest volume of buying and selling of NFTs was done in SudoSwap, so that the volume of transactions reached 104 billion dollars and the number of transactions was 81k.
Because the number of NFTs sold in this market place is very small, it cannot be considered as the most popular market place, and on the other hand, the Ethereum network has a Marketplace called Opensea, which has the number of NFTs sold in it. It is more than 22M , which is a very large number and in my opinion most popular Marketplace in Ethereum network is Opensea.
In the Solana ecosystem, we see a large number of NFT marketplaces. In Solana, the most popular marketplace is Magic Eden, which ranks first both in terms of the volume of sales and the number of sales. The trading volume of this marketplace is close to 13 billion dollars and the number of buying and selling NFTs is about 11 million.
There are not many marketplaces in the Flow network, and for this reason, there is a lot of competition between them, and so far the most popular marketplace is Topshot Market, whose transaction volume is about 45 million dollars and the number of NFT purchases and sales is about 2.4 million.
Do NFTs have fans?
Since April of this year, we have seen a jump in NFT transactions on the Optimism network, so that the number of transactions has increased from 100 transactions per week to 11,000 transactions per week, and this indicates that the users of this network have been attracted to NFT. The most registered buyers for a week are about 4,000 buyers and the most sellers in a week are 3,300 sellers. The total volume of NFTs traded in Optimism is 2.5 million dollars and the number of NFTs bought and sold is about 71k, while the total number of buyers is 23,000 and the number of sellers is 10,000.
In the Ethereum network, the trend of buying and selling NFTs has decreased very slowly. In the last week of January this year, we saw the most NFT transactions, so that the total number of transactions this week reached more than 544 thousand transactions. The most NFT buyers in one week are 193k and the most sellers in one week are 154k sellers. Up to this moment, more than 23.2 million NFTs have been bought and sold in this network, and the total number of NFT buyers is 1.89 million and the total number of sellers is 1.23 million, and the total volume of purchases and sales is about 171B dollars.
The situation of NFT in Solana network is different from other networks because the buying and selling trend of NFT in this network is upward, so that in the first week of September, the total buying and selling of NFTs reached 1 million. The total number of NFT buyers in this network is 673k, and the total number of Solana NFT sellers is about 843k. The total number of NFTs traded by buyers and sellers is about 14M and the volume traded is $14.5B.
In Flow, the trend of NFT transactions is downward, so that NFT transactions in this network have reached 333 k per week to 180 k per week. The total number of NFT buyers in this network is about 105k, and the total number of NFT sellers in this network is 116k, which means that the total transactions of NFT buyers and sellers in Flow network is $90m.
What happens on average?
On average, there are 124 buyers for NFTs per day in the Optimism network, and the average trading volume of NFTs has reached 9 thousand dollars per day. In this network, on average, 262 NFTs are bought and sold every day.
In Ethereum, there are an average of 6370 buyers for NFTs, whose total buying and selling is $191 million per day. The number of NFTs sold per day is 12k on average.
Solana has the most NFT buyers on average, so that the number of buyers has reached 14.7k per day.
The average volume of NFT transactions is 162 million dollars per day, and the number of NFTs sold is 47k per day.
On Flow network, 26 thousand NFTs are bought and sold on average every day, the volume of transactions is 597 thousand dollars per day, and the number of buyers is 5800 people on average every day.
Methods
Table I used :
optimism.core.ez_nft_salesethereum.core.ez_nft_salessolana.fact_swapssolana.core.fact_nft_salesflow.core.fact_pricesflow.core.ez_nft_sales
Metrics
- MarketPlaces
- NFT Buyers & Sellers
- Total Unique NFT Sellers
- Total Unique NFT Buyers
- Total NFT Sales
- Total NFT Sale Volume (USD)
- NFT Average Price (USD)
- Average NFT Buyers per Day
- Average NFT Sales per Day
- Average NFT Sale Volume per day
All metrics are shown for Optimism, Ethereum , Solana , Flow
Conclusion
The largest volume of buying and selling of NFTs, as well as the largest number of buyers and sellers, is in the Ethereum network, and it seems that you should definitely think about working in the Ethereum network to operate in the NFTs area, but among the reviews, the most important point that It is that the popularity of NFTs in Solana network is increasing because the volume of buying and selling NFTs in this network is increasing.
