Optimism NFT Purchasing Behavior
Show the distribution of all NFT sales on Optimism by price. What percentage of all sales have been above .01 ETH? Above .1 ETH? 1 ETH? Do you think that there is a limit to how high a floor for a NFT collection on Optimism can reach compared to on Ethereum?
Intro
Optimism is a layer two (L2) scaling solution that inherits Ethereum’s security while making Ethereum transactions rapid and inexpensive.
NFT stands for non-fungible token. It's generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that's where the similarity ends. Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another
Method
In this dashboard using ez_nft_sales
table on Optimism and Ethereum databases I was able to show distribution of all NFT sales on these chains and find average price of NFTs that sold on them in order to compare the networks and find how high a floor for a NFT collection on Optimism can reach compared to on Ethereum.
Conclusion
Around 73% of NFT sales on Optimism network has been traded on a price below 0.01 ETH.Total number of these sales are 124.8K transactions. About 20% of NFTs sold with the price between 0.01 to 0.05 ETH. Total number of them is 34.7K. NFTs that have been traded with the price between 0.01 to 0.05 ETH growing over the past two months. This will help to increase the floor price of NFTs in the future. Average price of NFTs on Optimism have opposite relation with number of sales. Unlike Optimism, Sales volume of NFTs on Ethereum network is decreasing over time 33% percentage share of NFT sales on Ethereum has a price between 0.1 to 0.5 ETH. Average price of NFTs on Ethereum along with number of sales are decreasing on this chain over the past months
So far, Most of NFTs on Optimism sold with a price below 0.01 ETH. Total number of NFTs which traded on this price rang are 124.8K sales.
Percentage share of this group is 73.6% among sixth price groups. Price in a rang between 0.01 to 0.05 ETH has second top sales by 34.7K transactions and 20.5% share.
Over the past months above two price group are increasing their volume. Rang between 0.01 to 0.05 ETH started to growth from past two months showing it's possible that higher floor price
will happen on Optimism network in the future even though We're in bear market and popular chains such as Ethereum are losing sales volume and floor prices.
Below graphs shows distribution of all NFT sales on Ethereum by price. On the monthly graph of NFT sales we can observe the downward trend which leads to decreasing volume on trading NFTs.
Distribution of price groups on this chain shows 0.1 - 0.5 ETH rang as the price pack with highest number of sales which traded on Ethereum marketplaces.
NFTs by price below 0.01 ETH has 10.6% of sales among eight different price packs.
Average price of NFTs that sold on Optimism (in USD) shows early days of trade on this chain average price was much higher compare to these days but number of trades hasn't any significant or notable volume.
It seems like volume of NFT sales has a opposite correlation with average price of them. Second graph on right side above shows the average price of NFTs with sales volume with each other and as you can see
growing NFT sales lead to decreasing average price of NFTs.
Below graphs shows sales volume of NFTs on Optimism based on two popular currencies, ETH and OP (native token of Optimism). Almost all of trades on NFTs on Optimism network are getting done with ETH token.
99 % of sales happening on this currency while OP only has 1%. So far 5.35M ETH has been traded on NFTs on Optimism network and OP volume is 14K tokens.