Question:

Create a dashboard that shows the crossover between the Optimism OP NFT projects by market cap. Which of the strongest projects tend to have the most crossover, and which projects have a wider mix of other communities?

Which communities tend to provide the most signal that another NFT project will do well? As in, is there any alpha if you were to see a certain PFP buying another collection? Which communities tend to be most active in minting new collections? Which communities have are the most diamond handed on other projects?

Overview of analysis:

Optimism is an Ethereum-based layer 2 scaling solution. Optimism's essential feature is that it makes Ethereum application transactions relatively cheap.

Quixotic is the largest NFT marketplace operating on Optimism. Soon after announcing the optimistic airdrop, Quixotic announced its official launch to the masses.

The NFT collections on Optimism have been investigated from the various points of view like:

• Purchase behavior on various collections
• Crossover between collections
• Diamond in hand or purchasers hold their NFTs
• Participation on minting new projects

Methodology:

The Flipside date has been utilized to execute this analysis. The roadmap of this analysis has the following steps:

1. Determine the top NFT collections by:
   • Market cap
   • Sale count
   • Count of purchasers
   • Average sale price
2. Daily sale activity by top collections
   • Common metrics like sale volume, sale and purchaser count and etc.
   • Hold time of NFTs
   • Purchasers distribution by sale price
   • 7 day moving average for sale price
   • Purchasers retention
3. The Crossover between top NFT collections
4. Find out the purchasers who has diamond in hand
5. Participation on minting new projects

Part 1: Determination of top NFT collections

Part 2: Sale analysis of top NFT collection

Findings:

• The top NFT collections on Optimism determined by various aspects.
• The most expensive collection according to the recorded data is Omniforce collection.
• The Mirror collection has the highest count of sale and purchasers among other NFT collections on Optimism.
• From the market cap point of view, the OptiPunk, Optimism, Bored town, Elements of ganland and Mirror collections respectively. These collections have been selected for the rest of analysis.

Findings:

• Each collection has been sold on specific time period as can be seen like Mirror during May, 2022.
• The highest value of 7-day moving average belong to Elements of ganland on the first week of June.
• The Optimism and Mirror collection are cheaper than other ones and mostly sold by price under 50 USD.
• The OptiPunk is the expensive one among other top collections and about 54% of buyers bought them for 200-1000 USD.
• The Mirror and OptiPunk have been hold over 1 month by most of the purchasers and for Optimism collection most of the purchasers sold within the 24 hours.

Part 3: Crossover between top NFT collection

Findings:

• As can be seen, the purchasers of Mirror collection have been participated on other top NFT collections.
• On the Optimism collection, about 37% of buyers are exclusively belong to this collection.
• On OptiPunk collection, most of the purchasers came from Mirror collection and in the second rank buyers of Bored town stands.
• On Mirror collection, the small part of purchasers came from the top 5 selected NFT collections.

Part 4: Diamond in hand and participation on mint by users of top NFT collection

Findings:

Lets see the other features of top NFT collections purchasers:

• About 86% of Mirror purchasers has diamond in hand and did not sold their NFTs. The purchasers of this collection stands in the first rank among top 5 NFT collections selected by Market cap.
• The second NFT collection from purchasers diamond in hand is OptiPunk collcetion and about 54% of purchasers sold their NFTs and rest of them hold.
• The purchasers of Mirror collection participate on minting new collections on Optimism more than other top NFT collections.
• The Bored town with 169 unique purchasers who participated on minting NFTs stands in the second rank of this category.

Conclusion:

• The OptiPunk is the most sold NFT collection on Optimism by Market cap with over 4.8 million USD.
• On OptiPunk collection about 30% of purchasers bought more than 1 time and hold their NFT for more than 1 month mostly.
• The buyers of Mirror collection among top 5 NFT collections mostly participated on buying from other NFT collections.
• The purchasers of Mirror collection has diamond in hand more than other top NFT collections.
• The huge share of buyers of Optimism collection only bought NFTs from Optimism collection.
• It can be said that, the purchasers of Mirror collection participate on various NFT projects.

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani