Hello everyone! in this dashboard we are going to compare to most popular Ethereum and Solana NFT marketplaces, Open Sea and Magic Eden, at first lets get familiar with each of them:

What is Open Sea?

Open Sea is the world’s first and largest NFT marketplace which is created on Ethereum originally. It is the premier destination to browse, buy and sell NFTs including music, collectibles, art, and gaming items. Open Sea is dedicated to empowering creators and entrepreneurs by transforming the way the world understands digital ownership and helping to build the open, digital economy of the future. The Open Sea leadership team comes from Google, Palantir, Lyft, Uber, Stanford and Berkeley. Investors include a16z, Paradigm, and Coatue.

What is Magic Eden?

The Magic Eden NFT marketplace was launched in September 2021 and quickly became a dominant force in the NFT ecosystem. In a virtual world where most NFT marketplaces are built on Ethereum, Magic Eden’s position on Solana gives it a competitive advantage. The uniform 2% transaction fee makes it popular with traders, and the recent launch of sought-after tokens has only increased its profile.

Research cases

The things we are tracking in these 2 marketplaces are:

The daily and overall trades counts and the sales volume, the effects of the blockchain’s native coin price changes ($ETH for Ethereum and $SOL for Solana) in these marketplaces, Share of these platforms in transactions and also the active wallets of each blockchain and some information about the users and their activity in these marketplaces and their trading activity .

• Note: Our analysis starting date is 01-01-2022

At first lets take look to daily status of the trades counts and the trades volume in these platforms:

The first thing we can see in this chart is the majority of the Open Sea’s trading volume comparing with Magic Eden, but if we closer we see both platforms are experiencing a fall in their trading volume since May 2022. In fact the Bear market had negative effect on whole NFT Market, including the these giant platform in Ethereum and Solana.

However the falling trend in Open Sea is much sharper than Magic Eden! Open Sea sales volume has been decreased 10x (or even 20x if we compare with tops) after May 2022. This caused to lowering the gap between the Open see and the Magic Eden’s sales volume.

Also we see a big spike in sales volume, happened on Open Sea on 1th May 2022, this spike is related to sales of the virtual land plots, which released by the Bored Ape Yacht Club (BAYC) creators Yuga Labs.

People Spent 472m $USD on Open Sea in this date which is the record of the most trading volume one single day in NFT market

If we look at the trade counts chart we see , despite of huge gap (of curse it’s lowered in decreased in recent months) between Open Sea and Magic Eden’s sales volume, but the daily trades counts are close together in most days, which mean more money is spending on Open Sea comparing with Magic Eden or in other words, Ethereum NFTs are more expensive than Solana NFTs in general.

The most trades in one single day record belongs to Magic Eden, with 236.65k trades happened on 8th September, which can be because of the y00ts collection release and bringing a fresh hype on Solana NFTs

One more thing we can understand from this chart is the higher rate growth of the trades counts in Magic Eden through time, Which leaded to flipping Open Sea in this case.

You can see this growth and finally the flipping in below chart in a better way:

Is there any correlation between the native coins of each chain and their NFT marketplaces? let’s find out!

The charts say: Yes! When $ETH and $SOL was on higher prices, Open Sea and Magic Eden had higher sole volumes (in $USD) in general and when $ETH and $SOL felled due to the bear market, the volume of these market started to decrease too (the is sensible in both charts but more in $ETH and Open Sea volume).

A interesting thing which is seeable in both charts is the high volume of sales right before the big crashes in prices. we see the highest volume record in Open Sea was happened in 1st day of May and some days later $ETH started to fall down, and in Magic Eden Some huge money transferred in several days during the $SOl price fall rally!

After getting some information in daily basis, now we are taking ta look to overall stats on each platform:

In the first look to the these 3 charts we see the priority of Open Sea in all cases, especially on trades volume, but if we compare these charts together and analyze the numbers given by them, we can understand :

A unique NFT trader on Solana, trades more than a unique NFT Trader on Ethereum but spends less money!

The below charts can prove above phrase:

As we see a Solana user on Magic Eden has been traded NFTs 3.2 times on average while An Ethereum user on Open Sea has done this action 1.84 times, But the Solana wallet has spent 433k $USD on these trades on average while the Ethereum user spend almost 6x more! ( 2487 $USD) averagely.

How these platforms are performing in attracting the new users?

If we look at the cumulative trading wallets counts chart on each platform, we see Open Sea new user gaining have higher rate comparing with Magic Eden, so new wallets are coming to Open Sea quicker than Magic Eden.

What’s the share of each marketplace on its chain? on this part we will answer this:

(Due to the very high loading time of the Solana database, I restricted the results the recent 3 month, and from now on, all the data I’m presenting is in recent 90 day timeframe.

6.31M of all Solana transactions in recent 3 month are related to Magic Eden, but if when compare this amount with 3.18B transactions related to the other platforms related to Solana, we can understand Magic Eden transactions have a very small share on Solana Blockchain, despite of being so famous as the pioneer NFT marketplace in Solana ecosystem by far.

In Ethereum, The umber 1 NFT Marketplace have higher share in all transactions of the chain, 4.39M of all Ethereum transactions in recent 90 days are related to Open Sea which is almost 4.5% of all transactions.

By the way it’s interesting this amount is less then the Magic Eden’s transactions on Solana which was just 0.02% of the chain!

Now let’s do this again, but this time for Open Sea and Ethereum:

We talked about the transactions but how about the users share? let’s see:

Here the results is not similar to the Magic Eden’s transactions share!

7.58% of the wallets which had at least 1 transaction on Solana are the ones who traded on Magic Eden, which is 252k unique wallets

We see wallets here have lower share in total active wallets comparing wit the Solana. Open Sea’s 499k unique interactors are almost 3.2% of the total wallets, in other word, 96.8% of the Ethereum users have never experienced a NFT trading on Open Sea!

Repeating this for Open Sea and Ethereum:

How active are NFT traders on Open Sea and Magic Eden? We talked about before at the fist parts of this dashboard but let’s look closer:

As we see, 139K of wallets integrating with Magic Eden, has purchased NFTs up to 5 times on maximum, so they are not a frequent users of Magic Eden, this wallets are the 54.5% of the Magic Eden Users, after these group, the ones with 10~50 trades are the second major group, with 55k member (wallets) and 21.6% share.

In Ethereum and Open Sea marketplace, 310K of the integrators are the low activity traders which is 62.4% of total wallets, (we talked about more trading activity from Magic Eden Users and this one is another prove for it), the second major group the wallets with 10~50 trades , with 55k member and owning 18.3% share.

As we see more than 60% of Magic Eden traders are not interested to mint NFTs, and just do their NFT trading, by the way this can be because of very low fees of Solana and east to having more than one wallets for NFTs, one for mint and one for Selling due to the possible phishing mints

The last part of this dashboard are about minting NFTs, Are Magic Eden and Open Sea traders are minters too?

The result for Ethereum wallets and Open Sea is completely different!

As we see 64% of the wallets who done a trade on Open Sea, have minted at lest 1 NFT and only 36% of them are not interested in minting.

Summery

• The bear market had negative effects on both Solana and Ethereum NFT and their marketplaces, lowering their trade counts and also the trade volumes in $USD.
• The highest total dales volume in 1 single day belongs to Open Sea, having 472M $USD sales volume on 1st May, and the main reason of it was the virtual land plots sales , which created by the Bored Ape Yacht Club (BAYC) creators Yuga Labs.
• The most trades in one single day record belongs to Magic Eden, with 236.65k trades happened on 8th September, which can be because of the y00ts collection release and bringing a fresh hype on Solana NFTs.
• A unique NFT trader on Magic Eden, trades more than a unique NFT Trader on Open Sea but spends less money, the average trade counts for a user in Magic Eden is 3.2while on Open Sea it’s 1.84, however the Magic Eden user has spent 433k $USD on these trades on average while the Open Sea user spend almost 6x more! ( 2487 $USD) averagely
• Open Sea new user gaining have higher rate comparing with Magic Eden, so new wallets are coming to Open Sea quicker than Magic Eden.
• 6.31M of all Solana transactions in recent 3 month are related to Magic Eden, but if when compare this amount with 3.18B transactions related to the other platforms related to Solana, we can understand Magic Eden transactions have a very small share on Solana Blockchain, despite of being so famous as the pioneer NFT marketplace in Solana ecosystem by far.
• 4.39M of all Ethereum transactions in recent 90 days are related to Open Sea which is almost 4.5% of all transactions.
• 7.58% of the wallets which had at least 1 transaction on Solana are the ones who traded on Magic Eden.
• 96.8% of the Ethereum users have never experienced a NFT trading on Open Sea!
• In Both Platforms the majority of the wallets are trading less then 5 times in total.
• 60% of Magic Eden traders are not interested to mint NFTs, and just do their NFT trading, but in Open Sea 64% of the wallets who done a trade on Open Sea, have minted at lest 1 NFT.

Resources

Contact

Discord: Hessish#9153