Total Unique NFT Buyer by Chain

The chart on the left visualizes the comparison of Number of unique NFT purchaser(address) by chain. Solana yields the highest number of Unique NFT buyers at 672 K address.

Polygon, was defeated by Solana, managed to capture about 195 K unique address only, despite being an earliest blockchain of the three.

Flow, the newest blockchain has managed to capture 100 K unique NFT buyers. This is quite impressive as it is about half of Polygon market size.

NFT Buyer Growth over Time

Polygon is the (one of the) earliest player to enter the NFT arena. Looking at the chart, Polygon is actually building a steady NFT user base over time. On Dec 1st, it has already managed to accrue about 10 K unique users.

However, when Solana enters the game, it managed to attract large amount of new address, capturing a total 12K NFT buyers on the second day, minuting Polygon momentum which is still at 9.7K on the same day.

Flow enters later in the NFT arena on Apr 20th, `22. On the 3rd of inception, FLOW already scores 43.3K unique NFT buyers in total, double that of Polygon total NFT buyers on that day.

Polygon then had as sudden surge of new NFT buyers in May `22, allowing it to surpass FLOW in total Unique buyers. Up to this day, Solana dominates the NFT market with the largest NFT userbase, followed by Polygon and FLOW.

This may be the case due to the narrative of “NFT Summer” over the past months. Solana NFTs is the direct competitor of Ethereum NFTs and has large user base, strong community ( many NFT based DAOs) and offers cheap gas for transaction. This may be the reason why Solana NFT projects are more appealing than others.

Total USD Valuation of NFT Sales by Each Chain

The Pie Chart on the left visualizes the size of Sales made from NFT , valued in USD.

Solana returns the highest valuation at 1.9 B USD worth of SOL has been spent to purchase NFT.

FLOW, being the newest Chain, has reported 335 M USD worth of various tokens ( $FIAT,$FLOW and $FUSD). There are other tokens that is used in NFT purchase such as Dapper Utility Token, but it is not accounted the price table does not include this data. So it is safe to assume, the actual value is larger.

Polygon returns the lowest valuation at 85.9 M(in WETH). But this may due to Polygon Table is incomplete

Change in Average Buyer Per Day, Over time

This Metrics measures the change in average Buyer per day over time. This is useful to visualizes how active the NFT community are participating in each chains.

Polygon starts with the lowest average buyer per day since its inception up till March 1st, then to increase dramatically up to May 2022. This indicates, there are shift in NFT community participation to move to Polygon.

Flow starts with 12 K ++ average buyers per day on Apr , 2022. This is the highest average buyer record in any chains 1st Month. It then has been decreasing and plateaued till August 2022. However in Sept , the average buyers seems to show increase in buyer activity per day.

Solana record 8.79 K buyers per day in its first month, and has shown increasing trend till today, Sept 22. Currently, it records 17.7K buyers per day. This may be affected due to Bear Market and price drop in SOL, encouraging Solana users to buy NFTs from those who seek liquidity at discounted price.

This suggest, any NFT artists seeking to start a project, should consider Solana as the platform to launch their NFT. This is because, it records the highest average buyer per day against other chains, and shows and increasing trend of buyers activity over the past month

Findings

In conclusion, Solana NFT market triumphs in all 3 aspects; total sales, unique NFT buyer growth, and number of average buyer per day. The total sales in USD valuation is larger than Polygon and Flow sales combined, this means any projects that is launched on Solana can tap into NFT market that are willing to spend bug money. This is also the case for the number of unique buyers. There are more unique buyers on Solana, so NFT projects has more potential customer. Lastly is average buyer per day on Solana is 14.3 K, double that of Flow and almost 7 times than that of Polygon NFT market. This shows Solana ill have more potential buyers per day than the alternatives. Royalties based NFTs will yield huge returns based on these data.