Sales Velocity measure the rate at which NFTs are being sold or traded relative to their total supply. A high sales velocity indicates that there is a lot of demand for the NFTs, while a low sales velocity suggests that the NFTs are not in high demand or that they are being held for longer periods of time.

Jan 16th '23 reports a sudden hike in NFT velocity and has been increasing ever since, suggesting increasing NFT demand on Optimism

Section 1 : NFT Sales and Economics

Section 2 : NFT User Base

On the 90 days, date range, Quixotic and Opensea shows huge transaction traffic drop from 4.64 K unique txn to sub 1000 unique transaction (Quixotic) and 1.6 K txn to about 600 txn (Opensea). It has since ranging below 500 unique txn per day on both platforms. Opensea now managed to catch up to Quixotic daily txn traffic.

Overall, Quixotic makes up the total sales volume for the NFT market on Quixotic. however, occasionally, Opensea managed to get premium sales on a single day such as Jan 31st (425 K $USD) and Feb 2nd (125 K USD).

This shows that big purchases are still dominated by Opensea , despite overall dominance of NFT market by Quixotic

The Average NFT price increases from 16 USD to ~90 USD on Jan 25th' 23. The average NFT price represents the overall price of NFTs on the ecosystem. Higher value suggests the increasing demand of certain NFTs since then.

The chart above gives the average NFT purchased count per unique buyers. This will show the average number of NFT purchased in a day. Based on the chart, there is a huge increase in the metric in early Feb '23. This suggest that some address are buying huge amount of NFTs or overall increase in NFT purchase activity by the NFT community on Optimism

Quixotic brought in the most NFT users on Optimism . On Jan 16th, the number of NFT buyers and seller drop significantly, causing the NFT purchase txn falls too. The 16th Jan event has been occuring in multiple charts, suggesting an event may trigger the sudden drop in NFT activity on Optimism

The chart above shows the ratio of New NFT buyers and New Optimism users. This will shows the dominance of NFT community , among the Optimism user population. Overall, the NFT user dominance has been ranging between ~0.1 to 0.4 in 2022. Towards the end of Jan '23, the dominace has been reported to range at the lower values, suggesting less user growth of NFT community, relative to new Optimism users.

Section 3: Top Projects on Optimism

Buyer Seller Ratio divides the total unique buyer of project with total unique seller. Values larger than 1 suggests more buyers than sellers

Avg buy txn per address maps the projects repeating purchase txn per address. This gives us the idea of which project that has community that continue to accumulate specific projects

Introduction

What is Optimism ?

Optimism is a Layer 2 network, a kind of blockchain built on top of another blockchain (called a Layer 1 network) to speed up transactions and reduce fees.

What are NFTs ?

Non-fungible tokens, often referred to as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical.

What are NFTs for?

Currently, most NFTs are used as art or pfps. But since late 2022, many NFT projects began to create NFTs with utilities. Some NFTs can be used as membership tickets to access certain websites' additional perks, some allows you to vote in DAO governance, and some even are used to represent your Liquidity Pool position like on Uniswap. Overall, the non-fungibility of NFTs has began to see adoption n the crypto industry.

About this dashboard.

This Dashboard measures three aspect of NFT economics on a blockchain (Optimism):

                         i) NFT Sales and Economics
                         ii) NFT User Base
                         iii) Top Projects

this dashboard is meant to map the overall dynamics of NFT ecosystem and act as additional infographics. This dashboard only considers NFT activity within Optimism Network only.

Methodology

This dashboards uses transaction data, sales and volume from optimism.core.nft_sales table. User can toggle the time span between 14 days, 30 days and 90 days date range to see current trend and development regarding Optimism NFTs.

Conclusion

From the analysis, during Jan 16th '23, there is a significant fall in NFT purchase activity resulting from sudden drop in transacting NFT buyers and sellers. This may suggest (bot?) address leaving the Optimism ecosystem. However, this has triggered increase in NFT sales velocity and Average NFT price, indicating unique NFTs are changing hands more frequently and becoming more sought after. This can be proven when there is uptick of average NFT purchased per address as reported in Section 1, up till mid-Feb '23. Further investigation may be done to study this event.