Outline

For this question, we are taking a look at the ShroomDK NFT, an NFT that is offered by Flipside Crypto, and is free to mint.

Users of ShroomDK can use their NFTs to access their API key, which enables them to access the comprehensive set of blockchain data offered by Flipside Crypto. Previously, to access this set of data, users had to use Flipside’s console to run their SQL queries. But now, they can request the subset of data that they require through a unique NFT/API.

Flipside started offering their ShroomDK NFT (for free!) on June 29, 2022. And every user was eligible to mint two of those. In this report we want to take a look at what happened to these NFTs during the past few days, both when they were minted and when they were sold on the secondary markets.

The first thing we want to take a look at is the number of mints executed so far. We have found that up until now there are 309 minted ShroomDKs.

We also took a look at the trend of minting in the past 4 days. We can see that the most number of mints happened in the first day of debuting the ShroomDK, 144 mints. On the second day the total number of mints decreased by 1/3. But on the third day, the number increased once more.

Note that since this report is being created on July 2, 2022, the numbers on this day are subject to change.

Number of Mints

Now, lets take a look at the number of unique accounts that have minted those 309 NFTs.

Those amount of mints have been performed by 204 unique accounts. So, this means that there are about 1.5 Shrooms per account. But lets see how did the Shrooms were distributed accurately.

As mentioned above, every user was eligible to mint a maximum of 2 Shrooms. The figure on the left shows what percentage of accounts decided to mint both of their NFTs, and what percentage decided to mint only one. We can see that the number of 51.5% and 48.5% respectively. So, there is not a meaningful difference between those who minted only one, and those who minted both of their NFTs.

Failed Mints

Gas Payed

Finally, we want to know how much gas were payed during the past 4 days to mint those Shrooms.

In total there were 59.5 Million Gwei or 0.0595 ETH were spend to mint 309 ShroomDK.
The following figure also shows the average gas per hour in Gwei that were spend. We can seen three spikes, once each day. On June 29 and July 1, the spikes happened at 13:00 o’clock. But on June 30 it happened on 16:00. These were the initial release time that Flipside decided to distribute the Shrooms.

Number of Transfers and Secondary Market Analysis

Not all of the minters were successful in their execution!

There were 4 failed mints up until now. An interesting thing is that two of these failed mints were performed by the same account, with the address of (0xb8c2d03cafffe98e35ceea1a399372dd8fafa91a) and back-to-back.

There are no patterns that can be found on the time of minting or any other feature that can relate these failures together. We have found that all of these failures had “Execution Reverted“ in their logs. Generally execution reverted means the transaction was canceled due to slippage. Every transaction has a slippage percentage and if that percentage is exceeded the transaction is reverted.

Unique Minters

Appendix

To create this report we used:

Contact

You can find me at:

Discord: simplyfarzad#9366

Twitter: @SimplyFarzad

Lets take a look at the number of transfers and what happened to those Shrooms on the secondary markets.

The following statistics tell us what happened to Shrooms.

Our observations:

In total there were the Shrooms were transferred 6 times from minters to other accounts.
Of those 6 transfers, 4 were the result of resale on the secondary markets.
On average each Shroom was sold for about 88$, or about 0.08 ETH.
The average creator’s fee, the fee that will return to Flipside after every sale, was 8.8$ for those 4 resales. This means a 10% creator fee.

We are also interested in those who sold their Shrooms on the secondary market.

Those 4 resales were performed by 3 unique accounts. And among them the account with the address of (0xaac2260b5950a27595cf0fbde6c188a0937593da) sold two Shrooms.
On the right, we can see the full information for Shroom resales. We can see that OpenSea was the only platform of choice for this activity.
Given the fact that these NFTs were minted for free, an 70-80$ margin of profit is not bad (creator fee was deducted).

Conclusion

Flipside, recently, offered an API wrapped in an NFT, to ease the process of working with its databases for developers for free.
Up until now, there are 309 minted ShroomDK in the wild. About 100 per day since its inception.
Though these NFTs were offered for free, they were sold for about 80-90$ on the secondary markets.

flipside