Question

• 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?

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Total Number of NFT Sales with $ETH in Ethereum and Optimism

Introduction

• Optimism is a fast, stable, and scalable L2 blockchain this means that works on top of the Ethereum Mainnet, but cheaper and faster than Ethereum.
• Although most of the transactions in Optimism requires ETH as gas fee, they have their native token the OP which has been airdropped successfully, and is used to governance in the Optimism Ecosystem.
• I’ll look to the sales of NFT in both blockchain Optimism and Ethereum, but only the ones that cost $ETH

Methodology

• Using Flipside data tables:
  • optimism.core.ez_nft_sales
  • ethereum.core.ez_nft_sales
• Both tables to get info about the NFT sales using filters:
  • currency_symbol ='ETH': To get only the $ETH related sales.
  • block_timestamp> '2022-01-01': To get info about this year, and get a better analysis, because if we consider all the sales, the gap is going to be wider (Because Ethereum as a blockchain has more time than Optimism)

Analysis

• Most of the NFT Sales are lower than 0.01 $ETH in Optimism with more than 3/4 of the total sales, So people are using the cheaper gas fee on Optimism to trade cheaper NFTs (In $ETH price).
• 1/5 of the Total sales are for NFTs in the 0.01 to 0.1 $ETH price.
• 1/20 of the Total sales are for NFTs Expensive than 0.1.

The Gap between NFT sales in Optimism and Ethereum is really big, and this is only from sales in 2022, in all the price ranges except the first (0 to 0.01) Ethereum total percentage of sales is more than 99% to less than 1% for Optimism

Optimism 0 to 0.01 NFT Sales is the only range where it’s possible to see the percentage with only a 3% in Optimism vs 97% in Ethereum

Summary

• Optimism NFT Market is really tiny in comparison with the Ethereum NFT Market, and this data is only from this year.

• Most of the NFT Sales for Optimism market are in the 0 to 0.01 Range meanwhile the Ethereum market is in the 0.01 to 0.1.

  • Because Ethereum gas fee are more expensive than Optimism, the trade with Cheaper NFTs (0 to 0.01) doesn’t seem to be popular as the other price ranges, mostly because buying a cheaper NFT isn’t worth the gas fee (on Ethereum)
  • Using the same logic, because the gas fee in Optimism is cheaper, buying cheaper NFT seems to be the trend in the Optimism NFT Market.
  • This can be corroborate with the Average price, being $0.017 ETH on Optimism vs $0.462 ETH on Ethereum

  It’s difficult to see how high a floor for a NFT Collection on Optimism can reach compared to Ethereum.

  • Because there only a hundreds of NFT solds for more than 1 ETH on Optimism vs more than 1M NFT solds for more than 1 ETH on Ethereum.
  • With $6.15 ETH the most expensive NFT on Optimism (this year) vs $8k ETH on Ethereum.

But with the data we can hope that the high floor of the NFT prices in Optimism is going to be slowly increasing to $10 ETH, because of the bear market of this year (in contrast with the NFT boom in the 2021)