Conclusion

In conclusion, the NFT sales analysis of the RaceDay NFTs has indicated that while the project has seen a jump in its sales activity since the spring of 2022, its overall sales volume and the number of sales have not increased dramatically, and have stayed relatively the same for the majority of the days. Although the average price of the NFTs has slightly increased, it has not resulted in an increase in demand and more users tend to sell RaceDay NFTs instead of buying and holding them. The project is somewhat actively being mentioned in social media, and even though its engagement is not huge, it is correlated to the sales activity on the platform. The buyers of the RaceDay NFTs have tended to purchase NFTs from other collections, especially the NBA Top Shot moments. They also tend to spend a considerable amount of capital on other NFTs compared to relatively cheap prices for RaceDay NFTs. The wide range in the average purchase frequency of the buyers and its lack of correlation with the sales activity has been another indication of the lack of interest from the buyers in the RaceDay NFTs, especially in recent weeks, and their desire to acquire NFTs from other projects.

Sales Overview

Introduction

RaceDay NFT is the first motorsports NFT marketplace on the Flow blockchain for racing fans all around the world. The digital collections featured on RaceDay NFT will showcase unique racing collectibles from several well-known Motorsports brands. In this analysis, the NFT sales of RaceDay NFTs since the launch of the project have been evaluated.

Methodology

For the NFT sales, the data on the fact_nft_sales table, for the price of the FLOW token over time, the data on the fact_prices table, and for the NFT mints, the data on the fact_events table from the Core schema of the Flow blockchain were used to select the required data for this analysis. The NFT sales were filtered using the “A.329feb3ab062d289.RaceDay_NFT“ as the contract address of the collection. The price of all of the utility coins, as well as the stablecoins, is equal to $1, and only the USD equivalent price of sales in the FLOW token was calculated. For the calculation of the mints data, the fact_events table was filtered using the “Minted” event and the event_contract equal to the contract address of the collection. It is worth mentioning that the minting price of the collections does not store on-chain and is generally paid in USD using the Dapper wallet. For the social mentions, the keyword “@RaceDayNFT“ was searched using the Social Buzz website, and the charts in its Detailed Statistics section were shared in this analysis as well. For the analysis of cross-collection holdings, the overall NFT sales data were filtered using the wallet address of RaceDay buyers. To calculate the overall NFT purchase frequency of the RaceDay buyers, the interaction time interval parameter was calculated between each NFT sale transaction that a buyer made to measure the average time interval (in minutes) between each time the buyer has purchased an NFT using the platform.

Sales Over Time

Sales Averages

Cross-Collection Holdings of RaceDay Buyers

Measured Metrics

The following metrics were calculated and measured in this dashboard:

• Total sales volume and the average price of NFTs in USD
• Total number of sales and mints
• Total number of buyers and sellers
• Total number of traded and minted NFTs
• Average sales volume (daily, weekly, and monthly)
• Average number of sales and mints (daily, weekly, and monthly)
• Average number of traded and minted NFTs (daily, weekly, and monthly)
• Average price of NFTs and its moving average (daily, weekly, and monthly)
• Daily, weekly, and monthly sales volume in USD
• Daily, weekly, and monthly number of sales and traded NFTs
• Daily, weekly, and monthly number of buyers and sellers
• Daily, weekly, and monthly average NFT price and its moving average
• Social Mentions of @RaceDayNFT on Twitter
• Share of cross-collection holdings of RaceDay buyers
• Average purchasing price of other collections among RaceDay buyers
• Average NFTs per wallet of other collections among RaceDay buyers
• Daily sales volume of top 3 cross-collection among RaceDay buyers
• Daily sales of top 3 cross-collection among RaceDay buyers
• Daily average purchase frequency over the number of sales in minutes
• Daily average purchase frequency over sales volume in minutes
• Daily average purchase frequency over the number of traded NFTs in minutes
• Daily average purchase frequency over the average NFT sales price in minutes

Social Mentions

Purchase Frequency

Insights

• Overall, the collection has had a total sales of nearly $30k with 4.4k unique sales;
• Around 1400 buyers have bought racing NFTs from more than 2500 sellers with an average price of around $7.7;
• Interestingly, the number of mints has been much higher compared to the number of sales, and while the number of sellers has been nearly two times higher than the number of buyers, many other addresses tend to hold their minted NFTs;
• Similar to the total values, the average number of sales and number of traded NFTs has been much lower compared to the number of mints and minted NFTs;
• The average number of sellers has been higher than the number of buyers, indicating more tendency toward liquidating the NFTs instead of holding them;
• The sales activity over time has been to the downside from the start of the project until April 2022;
• The sales registered a massive surge in its number and volume in late-April 2022, however, it has had a downward trend since then;
• For almost all of the days throughout the history of the project, except only two days, the daily sales volume has been below $1k;
• The number of NFT sales and the number of traded NFTs have been identical for the majority, not all, of the measured periods, indicating that on average each NFT was only sold once and not traded multiple times;
• Similar to the total and average values, the number of sellers has been higher than the number of buyers, except only for a week in late-May 2022;
• From the price perspective, while it has had a continuous fluctuation, its overall trend has been to the upside and has increased over time to just below 10 USD;
• The analysis of social mentions of the keyword @RaceDayNFT, especially on Twitter, has indicated that the project has had a few but steady numbers of mentions during the last week;
• More than half of the engagements were on Twitter, while Reddit has also had a considerable share, both with an overall positive sentiment;
• The RaceDay NFT buyers have also purchased NFTs from other collections, especially from the NBA Top Shot moments, with more than 50% share of the total sales;
• While the other collections’ holdings of the RaceDay buyers have only maxed at 10 NFTs, they have paid unexpectedly high prices for these NFTs up to around $2.7k;
• NBA Top Shots, NFL All Days, and the UFC NFTs have been among the top other collections that the RaceDay buyers purchased on a daily basis;
• The overall NFT purchase frequency of the RaceDay buyers has had a wide range of between a few minutes up to nearly a week between each purchase on average;
• The analysis of the relation between the purchase frequency and the NFT sales activity of the RaceDay buyers has shown no major correlation between the frequency and the number of sales, sales volume, number of traded NFTs, and the price of the NFTs.