Conclusion

In conclusion, the analysis of the Algorand NFT ecosystem over the past 30 days has indicated that the network experienced steady sales activity during that period. NFTs on Algorand has covered a wide price range from as cheap as below $10 to as high as more than $80 on a daily basis. Rand Gallery has been the most dominant marketplace with a market share of more than 50% on all the measured metrics. Its sales volume has had a share of more than 63% over the last 30 days. ALGOxNFT and Atomic Swaps were the other two major marketplaces on the network. The NFTs of the Shufl marketplace have had the highest average price while NFTs on AB2 Gallery registered the lowest average price. The sales heatmap analysis of each marketplace has demonstrated that the NFT ecosystem in Algorand is more active on Fridays and weekends. Rand Gallery as the largest NFT store on the network has also seen high activity during the early hours of Sundays and Mondays, indicating its popularity in a different region compared to other marketplaces. Collection-wise, Mama Mia has had a considerable sales volume with a share of one-third of the total sales over the last 30 days. Besides that, it was indicated that the NFT sales activity on Algorand has been distributed relatively even among all the collections with non of them being exceptionally dominant. 99 Wise Uncles collection has been the most expensive one in the Algorand ecosystem with an average price of more than $3.5k. Unsurprisingly, the Al Goanna, Lizard Dream, Fleet Elite, and Young G collections are among the most expensive NFT collections with an average price of more than $1k. It was also indicated that in general, the NFTs of a particular collection was sold at a higher price on Shufl and a lower price on Rand Gallery. While the 99 Wise Uncles collection was the collection with the highest average price, Mama Mia number 210 was sold for more than $8k to become the most expensive NFT in Algorand during the measured period. Last but not least, the analysis of buyers of the most expensive NFTs has shown that nearly two-thirds of these NFTs were purchased by a single address.

Introduction

The Algorand blockchain provides support for NFTs through the Algorand Standard Assets (ASA) framework, allowing users to build tokens directly on its secure and decentralized Layer-1 blockchain. Algorand is a network with high transaction throughput, low transaction fees, and almost instant finality. Minting NFTs on Algorand is easy, fast, cheap, and environmentally friendly that opens up the NFT creator economy to everyone. With the FIFA World Cup starting soon and considering the partnership between FIFA and Algorand, it remains to be seen how the NFT sales activity of other collections is being affected in the upcoming weeks.

In this analysis, an NFT tooling dashboard has been designed to evaluate the overall NFT sales in Algorand during the designated date range with the preferred time interval.

Methodology

The NFT data for this analysis were selected from the ez_nft_sales table of the NFT schema of the Algorand database. Only transactions with a total_sales_amount of more than 0 have been selected to limit the analysis to just the secondary market. The USD price of ALGO was selected from the ez_price_pool_balances table of the Core schema to convert all the NFT prices and sales volumes into U.S. dollars.

> This dashboard is designed using parameters to allow users selected their desired time period. However, the last 30 days were selected as the default time frequency and were analyzed on a daily basis.

Total Sales Over Time

• The daily sales activity has remained relatively the same over the last 30 days;
• There have been various peaks in the volume and the number of sales every once in a while, which is typical behavior of NFT sales on almost all of the blockchains, which is the result of launching a new collection, especially considering the current bear market;
• NFTs on Algorand have covered a wide price range between as cheap as $9 and as high as $85 on average over the last month;
• The number of traded NFT collections has remained between the range of 110 and 160 during the last 30 days, showing stable activity on the network;
• The linear progression of almost all of the metrics, except volume for a short period, on a cumulative level also demonstrates the stable NFT sales activity in Algorand.

Sales Heatmap of Marketplaces

The analysis of the sales heatmap of each marketplace has demonstrated that the NFT ecosystem in Algorand is more active on Fridays and weekends. Rand Gallery as the largest NFT store on the network has also seen high activity during the early hours of Sundays and Mondays, indicating its popularity in a different region compared to other marketplaces.

Total Sales Overview

Over the last 30 days, the Algorand network has registered an NFT sales volume of nearly $1M. Around 12k unique daily buyers purchased NFTs from more than 4k collections with an average price of nearly $31.

Total Sales of Each Marketplace

Multiple NFT marketplaces are active on the Algorand blockchain with Rand Gallery being the most dominant one with a market share of more than 50% on all the measured metrics. Its sales volume has had a share of more than 63% over the last 30 days. Besides that, ALGOxNFT and Atomic Swaps are the other two major marketplaces on the network. The market share of other marketplaces has been negligible during this period. Except for the NFTs of the Shufl marketplace with a high average and AB2 Gallery with a low average, the price of NFTs on other NFT marketplaces have been moderate over the last 30 days.

FIFA Collect NFTs

The FIFA Collects NFTs dropped through different collections with a price of either $5 or $10. Each drop included three randomly selected highlights. Since there has been no secondary market activity at the time of conducting this analysis, This marketplace and its NFTs are not present throughout this dashboard.

Sales of Each Marketplace Over Time

• The daily sales of each marketplace over the last 30 days have been similar to their overall market share;
• Besides Rand Gallery as the most dominant marketplace and the ALGOxNFT store, Atomic Swaps owes its total share to the surge in its sales activity on October 28th and 29th;
• Other marketplaces have had negligible to no sales during the measured period.

Sales of Each Collection

Among the numerous NFT collections in Algorand, Mama Mia has had a considerable sales volume with a share of one-third of the total sales over the last 30 days. It has also had the highest number of sales and buyers. Besides that, the high share of other collections, or the low and almost equal share of sales activity among the top collections indicate that the NFT sales activity on Algorand has been distributed relatively even. This demonstrates that although there have been collections that performed better compared to the others, no collection has been massively dominant, except Mama Mia in the measured period, compared to other collections.

Most Expensive Collections

The analysis of NFT collections with the highest average price has shown that the 99 Wise Uncles collection has been the most expensive one in the Algorand ecosystem with an average price of more than $3.5k. Unsurprisingly, the Al Goanna, Lizard Dream, Fleet Elite, and Young G collections are among the most expensive NFT collections with an average price of more than $1k. The evaluation of the marketplace-collection pairs has shown that in general, The NFTs of a particular collection were sold at a higher price on Shufl and a lower price on Rand Gallery. The only exception among the most expensive collections had been the NFTs of Knitheads that were sold much cheaper on Shufl compared to the other marketplaces.

Most Expensive NFTs

As expected, the most expensive NFTs over the past 30 days have been from the collections with the highest average NFT prices. While the 99 Wise Uncles collection was the collection with the highest average price, Mama Mia number 210 was sold for more than $8k to become the most expensive NFT in Algorand. The analysis of the buyers of these pricey NFTs has also demonstrated that one particular wallet address has been keen to acquire as many NFTs as it can. Nearly two-thirds of the most expensive NFTs have been purchased by this address alone.