Try Quests to earn cryptoMagic Eden Volume Trends
Create a visualization of Magic Eden total sales volume per day since January 1st. How has sales volume trended over time? Are there any trends to when sales volume seems to go up or down on certain days of the week or during certain times of the day? Are users more likely to trade a NFT during the week or the weekend?
The following questions are asked in this dashboard:
- Create a visualization of Magic Eden total sales volume per day since January 1st.
- How has sales volume trended over time?
- Are there any trends to when sales volume seems to go up or down on certain days of the week or during certain times of the day?
- Are users more likely to trade a NFT during the week or the weekend?
In the first question, we should show daily total sales volume since 2022. To achieve this goal, we use the given sample query.
sample query is:
WITH secondary_sales AS ( SELECT block_timestamp, block_id, blockchain, recent_block_hash, tx_id, mint, succeeded, pretokenbalances, posttokenbalances, instruction, inner_instruction, inner_instruction:instructions[0]:parsed:info:lamports/POW(10,9) as price_0, inner_instruction:instructions[1]:parsed:info:lamports/POW(10,9) as price_1, inner_instruction:instructions[2]:parsed:info:lamports/POW(10,9) as price_2, inner_instruction:instructions[3]:parsed:info:lamports/POW(10,9) as price_3,
COALESCE (inner_instruction:instructions[4]:parsed:info:lamports/POW(10,9), 0) as price_4,
(price_0 + price_1 + price_2 + price_3 + price_4) AS sales_price
FROM solana.nfts
WHERE date(block_timestamp) >= '2022-01-01'
AND instruction:programId = __________________________________
AND array_size(inner_instruction:instructions) > 2 )
In my opinion, we don't need block_id, blockchain, recent_block_hash, tx_id, mint, succeeded, pretokenbalances, posttokenbalances, instruction, inner_instruction from the select section for this question. So we do not consider them. The next point is Magic Eden has changed recently to a new contract so we need two ProgramIDs.
Old contract address is: MEisE1HzehtrDpAAT8PnLHjpSSkRYakotTuJRPjTpo8
New contract address is: M2mx93ekt1fmXSVkTrUL9xVFHkmME8HTUi5Cyc5aF7K
Now we have everything we need to solve this question. It is enough to group by day and calculate the sum of sales_price per day.
In the above chart, we can see daily total sales volume since the beginning of 2022.
The second question is about trends. How has sales volume trended over time?
As you can see, sales volume has dropped significantly during this period. This can be seen in other NFT marketplace as well. For example OpenSea records $1.38B drop in volume.
A recent report by CryptoRank showed that OpenSea recorded a 27.8% decrease in trading volume for February. The value dropped from $4.95 billion in January to $3.57 billion – the highest drop ever seen on the platform month-over-month. The data plainly depicts that interest in the NFT market is beginning to reduce, considering OpenSea is the largest NFT marketplace.
Search results from Google also confirm the statement to be the case. Search interest spiked to 100 around 23rd – 29th January. However, the value dropped to 38 around 20th – 26th February and could decrease even further to 28 towards 12th March, according to the information on Google Trends.
The declining volume and interest in the NFT market is not wholly a surprise, given that the cryptocurrency market has been struggling over the recent weeks, including the stock market. The ongoing crisis between Russia and Ukraine wrecked panic amongst investors, which resulted in sell-offs and liquidations. Perhaps, the same reason explains the drop in the NFT market, and we can expect a leap as the situation eases.
The third question is about finding any trends to when sales volume seems to go up or down on certain days of the week or during certain times of the day?
In this section, we have to find the sales volume separately for the days of the week and the hours of the day to discuss sales volume increases or decreases on a specific day of the week and a specific time of the day. first, let's find the sales volume on the weekdays.
As you can see, since the beginning of 2022, 15.1% of NFT sales volume in Magic Eden has been on Tuesday. After that, Thursday had the highest sales volume with 14.8%. The lowest sales volume belongs to Sunday with 13.1%.
In the below chart, we can see how much of weekday sales volume belonged to different days.
Now let's find the sales volume on the hour.
As you can see, since the beginning of 2022, 5.08% of NFT sales volume in Magic Eden has been at 23:00. After that, 00:00 has the highest sales volume with 5.65%. The lowest sales volume belongs to 11:00 with 2.45%.
In the below chart, we can see how much of hour sales volume belonged to different days.
The last question is Are users more likely to trade a NFT during the week or the weekend?
According to the above chart, we can see Magic Eden users more likely to trade a NFT during the week.
Conclusion
- The NFT market is not in a favorable position at the moment and is in a period of decline. A lot of money has left this market due to the world situation.
- Since the beginning of 2022, Tuesday had the highest sales volume.
- Since the beginning of 2022, at 23:00 had the highest sales volume.
- Since the beginning of 2022, users more likely to trade a NFT during the week