Introduction

A non-fungible token or NFT is a financial security that is stored in a blockchain. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. In each blockchain ecosystem there are several marketplaces to buy or sell NFT.

In this dashboard we are going to examine some of the marketplaces that are active on Avalanche chain. Yetiswap, NFTrade and Joepegs are going to be examined here.

---

Trader Joe is the largest application on the AVAX Network, boasting the most users across their DeFi and NFT apps. Their NFT platform Joepegs was released in early 2022 and has grown to quickly become Avalanche's most popular NFT marketplace. Users can use their AVAX to trade NFT and have 1% fee for Buyers and Sellers.

NFTrade is a multi-chain NFT Marketplace that supports Avalanche native NFTs. Their platform is popular for collections that have different NFTs on different chains like Harmony, Solana or Avalanche

YetiSwap differs from other exchanges on the list in that its primary function is being a Decentralized Exchange (DEX) for cryptocurrencies.

Sales Volume

The following charts depict the volume traded on each day, it can be seen that:

• These charts correlate to the previous charts.
• The record of highest volume traded on a single day belong to Joepegs.
• NFTrade has the most stable volume.
• The volume of NFTrade seems to be declining.
• Yetiswap has a very bad performance.

Number of Sales

The following chart shows the number of sales in each platform.

It can be seen that:

• Until Jun 17, Jeopegs didn’t have a noticeable number of sales.
• Since July, the number of sales on Jeopegs has increased significantly.
• NFTrade is far more popular than other two platforms.
• NFTrade has an average of 250 sales daily while other two platforms have way less sales.
• Yetiswap is the worst platform in terms of number of sales, but have seen a sharp increase of sales on Jul 9.

Approach

First of all we should look for best table to find the transaction and the amount of AVAX paid for an NFT on each transaction.

To find sales transactions for Joepegs and NFTrade, we simply use avalanche.core.fact_token_transfers table, these platforms use an specific method to execute the transfer.

Yetiswap uses two different methods to transfer the asset, for each method we use a different table, the first method is called

buyNFTwithAvax which we use the avalanche.core.ez_avax_transfers table and for the saleNFT method, the avalanche.core.fact_event_logs table is used, finally the results acquired from these tables are summed up.

The following piece of code is used to extract the amount transferred from the DATA part of the transaction in fact_event_logs table.

ethereum.public.udf_hex_to_int(SUBSTR(DATA, 369, 18))

The avalanche data is still so young and not fully backfilled, the data is from May 29th.

In the last section, we will examine the activity of the whales on a particular marketplace, the whales are defined as users who transferred more than 1000 AVAX in the period available.

Whales on NFTrade

The first chart shows the distribution of users by the amount of AVAX that they have transferred. As already mentioned we are selecting the users with more than 1000 AVAX transfered are chosen as whales in this study. These users account for the top 4% of the users.

Cumulative Volume

The charts below show the cumulative volume for each platform.

• The chart for NFTrade shows a decline, as the slope is decreasing.
• The chart for Joepegs and Yetiswap show that there are many sharp jumps in volume.

Seller to Buyer Ratio

Next charts show the number and ratio of the sellers to buyers on each day. Only the chart for Joetrades and NFTrade is shown, as the data for Yetiswap was so sparse and unreliable.

• On Joepegs the ratio is almost 50:50.
• On NFTrade, the number of buyers is a lower than sellers, on some days 70% of the users on this platforms are just sellers.

In the next section, we will study NFTtraders buyers in detail, are they whales?

The chart below show the number of transaction by the whales who account for less than 4% of wallets. It can be seen that:

• These whales have done about 30% of the buys.
• They have also done up to 60% of the volume.
• On Jul 7, whales did 152 buys, about 33% of the sales, and about 45% of volume.

Summary

The most important points that were observed are :

• NFTrade is far more popular than other two platforms.
• Since July, the number of sales on Jeopegs has increased significantly.
• NFTrade number of sales is more than 8 times of the platforms.
• The record of highest volume traded on a single day belong to Joepegs, on July 18.
• NFTrade has the most stable volume.
• NFTrade whales have done about 30% of the buys. They have also done up to 60% of the volume.