Try Quests to earn cryptoOptimism NFT Purchasing Behavior
Introduction
What is Optimism:
Optimism is a layer two protocol and smart contract platform that aims to enable low-cost and near-instantaneous Ethereum transactions.
Optimism helps solve Ethereum’s scalability dilemma. Scalability refers to the rate of transactions per second (TPS) on a blockchain network.
What are NFTs:
==NFTs== are also non-fungible tokens and blockchain-held tokens representing a unique physical or digital asset.
- By setting up NFT marketplaces on the Optimism network, users can trade NFTs with high speed, low transaction costs, and security. Although the markets on Optimism are still not as famous as Ethereum platforms, they are growing well.
Methodology
This dashboard analyzes the data related to NFT sales Transactions on the Optimism blockchain. As a result, this analysis aims to examine the distribution of the volume of NFT sales deeply. Also, the behavior of users is examined and the growth of NFT sales on Optimism and Ethereum blockchains are compared.
For data preparation, the Flipside platform has been used. Tables optimism.core.ez_nft_sales and ethereum.core.ez_nft_sales are used to check the volume of NFT sales on two blockchains, Optimism and Ethereum.
Distribution of NFT Sales Price is the most significant topic that is analyzed,
that the NFT prices are divided into four categories:
- Tier 1 - Price < 0.01 ETH
- Tier 2 - 0.01 <= Price < 0.1
- Tier 3 - 0.1 <= Price < 1
- Tier 4 - 1 < Price
Key points:
- The total number of sales transactions made on the Quixotic platform is equal to 174K.
- The total number of buyers is 58.4K and sellers are equal to 45.8K wallets.
Key point: Fig 1 & 2
- The price distribution of NFTs in the mentioned tiers shows that in the Quixotic Platform, the most significant volume of transactions is related to Tier 1, which accounts for 73.8% of all transactions.
- Tier 2 ranks second with 23% of transactions.
- Since September 20, the volume of transactions has increased and Tire 2 has allocated more shares.
Key point: Fig 3 & 4
- If we measure the price of NFTs based on USD, we can see that 69.7% of transactions are related to tier 1 and have a price of less than 10 USD.
- 25.2% of transactions are related to tier 2, that is, they have a price between 10 and 100 USD.
- The share of tier 3 - price between 100 and 1000 USD - is 4.64%.
Key point: Fig 5 & 6
It can be said that during the discussed period, the share of Tier 1 has fallen below 70% in only 3 areas:
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Between April 14 and April 24
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Between June 4th and June 13th
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And from September 20 until now
In the last period, the share of Tier 2 has grown tremendously and has reached 52% in its maximum state.
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In total, more than 128K transactions in tier 1, ==39.6K in tier 2==, and ==4900 in tier 3== have been done.
Key point: Fig 7
It can be said that more than 75% of transactions have a volume of less than 0.03. Only on rare occasions did a small percentage of trades reach close to 0.2, including June 23, September 14, and September 20.
Key points:
The total volume of transactions is checked in different tires.
Fig 8:
Price based on ETH
Unlike the above graphs, here the largest volume is related to tier 3. It means that there are few but high volume transactions.
Fig 9:
Price based on USD
Here, the largest transaction volume is related to tier 3, which means the price is between 100 and 1000 USD, and after that, tier 4 ranks second with 24.8% of the transaction volume.
Fig 10 & Fig 11:
A small percentage of transactions have a volume above 1 ETH, and the volume of transactions has increased since the beginning of July, so that in September, the number of transactions above 0.01 ETH has reached 16.1K.
Key points:
Fig 12:
Unlike Blockchain Optimism, most transactions in Ethereum are in Tier 2 and 3.
Fig 13:
The number of buyers and sellers in Jedud Ethereum is 20 times that of optimism.
Fig 14:
In Ethereum, more than 79% of the sales volume is related to Tier 4 transactions, that is, NFTs with a value of more than 1 Ethereum.
Fig 15:
More than 50% of NFT transactions on Ethereum are worth more than 75% of transactions on Optimism.
Key points: Fig 16 & 17:
- From comparing the most expensive NFTs on the two networks, we realize that expensive projects choose the Ethereum blockchain due to the more significant popularity of Ethereum, the higher volume of transactions, and greater liquidity.
- The sales volume of the Cryptopunks Collection alone is equal to the total sales volume of NFTs on Optimism.
- The sales volume on Ethereum is very high compared to optimism, but it can be said that the most important reason is the long life of the Ethereum blockchain.
- On the other hand, the NFT tokens on the Optimism blockchain are newer and not much time has passed since their launch, so they are less known and as a result, have a lower price floor compared to the NFTs on the Ethereum network.
- It is expected that with more popularity of optimism and more familiarity of users with its benefits, the price floor of NFTs will increase significantly.
Conclusion
- Optimism is a newer blockchain compared to Ethereum and has been adapted to improve Ethereum's performance.
- NFTs on Optimism are relatively new, so it still has a long way to go to reach higher popularity and higher transaction volume.
- Most NFT transactions on optimism are related to Tier 1, that is, a volume of less than 0.01 Ethereum. But it seems that the volume of transactions has been increasing, significantly since September 20, when the number of transactions related to Tier 2 has also increased gradually and this trend is continuing.
- Valuable collections have been launched with optimism that they can acquire a higher value over time and a promising future awaits them.
- Due to the high speed and low transaction cost of the Optimism blockchain, users are gradually migrating to this blockchain and its NFT market, and the last month's data of the last 1 month shows this.