Buyers & Purchasing Volume Relationship

As showcased on the left, we can see that the number of unique buyers monthly does not seem to have a distinct growth pattern as the number of unique buyers seem to vary month to month. For example, we saw a huge increase in buyers between September and October 2022 but saw a huge decrease right after between October and November 2022. Furthermore, when looking at the total purchasing volume in SOL, we saw a similar result in which a distinct growth pattern was not detected. For example, we saw a huge increase in purchases between March and May 2022 whereas we saw a significant drop between May and July 2022. However, this changes when we view the relationship between the buyers and the purchasing power. It seems that there is a slightly positive relationship between the two variables during August 2021 and September 2022. For example, during August 2021 and September 2022, we saw an increase in both monthly buyers and purchasing volume for the most part with certain months being an exception due to market conditions. On the other hand, we started seeing a negative relationship between the two variables between October 2022 and January 2023. For example, between October 2022 and January 2023, we saw a huge decerease in monthly unique buyers but saw a steady increase in the purchasing volume. Hence, during different time periods, both variables had a positive and negative relationship.

Solana NFT Analysis (MetricsDAO 201)