Magic Eden vs OpenSea vs Random Earth
Q39. Create a dashboard highlighting at least 3 metrics comparing marketplace performance and adoption between Magic Eden on Solana, OpenSea on Ethereum, and Random Earth on Terra since January.
What has been the rate of change of these metrics since the start of the new year and are there any signs of growth of a certain marketplace or ecosystem of NFTs? Highlight the 5 most popular NFT collections for each marketplace over that timeframe in terms of sales volume.
Is the turnover rate (number of transactions) for collections on Magic Eden noticeably higher than on OpenSea and Random Earth? Provide some insights on these findings.
- What is NFT? A non-fungible token (NFT) is a non-interchangeable[clarification needed] unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin.( source :Non-fungible token - Wikipedia )
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What is OpenSea? OpenSea is an American online non-fungible token (NFT) marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017.
OpenSea offers a marketplace allowing for non-fungible tokens to be sold directly at a fixed price, or through an auction, based on the Ethereum ERC-721 standard and the layer-2 scaling solution for Ethereum Polygon. ( source : OpenSea - Wikipedia )
- What is MagicEden? Magic Eden is the #1 NFT marketplace on Solana. Our mission is to be the destination for discovering, trading, and creating NFTs. In its first two months since launch, Magic Eden has done ~$200M in trading volume to become the dominant NFT platform on Solana. Founded by ex-members of Google, Facebook, Coinbase, and Uber. ( source: Magic Eden: Overview | LinkedIn )
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What is Random Earth? Random Earth is a revolutionary NFT marketplace that aims to bring the next 1 million users to the Terra Money network.
As the DeFi market develops, NFTs begin to play an increasingly more important role in the ecosystem. However, the existing environment for NFTs has many problems. For instance, existing AMMs often offer limited trading options concerning non-fungible assets.
Random Earth aims to change that by bringing decentralised limit order books to Terra Money
and allowing users to trade anything from UST to Galactic Punks NFTs. ( source : Random Earth a Revolutionary Market Place on Terra (LUNA) Ecosystem (thecurrencyanalytics.com) )
Defualts
for review this bounty I choose three metrics:
- buy count : number of buy(sell) in each day
- volume(USD) : amount of USD paid in each day for NFTs. beside buy count this volume can shows number of buy isn't fake.
- unique user : shows number of unique wallet in each day that buy NFT. we see in some of scam project with fake volume and buy and sell NFTs. if we put these there parameter together and compare between marketplaces, expect that all of these parameter have same result.
one thing is noticeable in these chart reduce buy count in NFT in 2022 and also reduce gap between opensea and magic eden. as first days of 2022 opensea has 3x daily buy but at the end these value is lower than 2x and total buy from opensea in 2022 is 2x more than magic eden. randomearth also need so much work and spend very early days
as we see in these complete compare first quarter of 2022 not great quarter for NFTs. All of these had reductions in statistical indicators. But among these, magiceden had better resistance than the others. And maintaining its distance from opensea. Maintaining this volume and the number of daily transactions has made magiceden one of the major players in the NFT
Top Five and TrunOver Collection From Jan 1 2022
in these part for each collection I calculate top 5 according two parameter
- Number of buy Transaction
- valume of each Collaction and for each one I created Two chart
- donut chart (pie chart) : to compare percentage of each collection with each other
- bar chart : to compare amount of each collection with each other other in collection is represents all other collections
Top Five Collection by volume in OpeanSea
as usual start with opensea and show top five collection for opensea
in this parameter gap between magic eden and opensea is higher than daily buy count. but as we see these gap is reducing and we can see amount of decrease in daily volume in Magic eden is lower than opensea. one thing is notable is randomearth has much lower buy count but volume per tx in randomearth is more than magic eden
Top Five Collection by volume in RandomEarth
as usual in end this part with RandomEarth and show top five collection for RandomEarth.one of problem with terra data is there is not some of terra Project name in labels
or nft_metadata
table and we can't find name of collection without hard coding them. I just to let codes of these part be pure doesn't write name of these projects as hard coded is SQL code
for top five collection in each marketplace according transaction count, magic eden and opensea وThey have almost the same amount but this number has much higher than top randomearth collections.