Introduction

Quixotic is the first NFT marketplace on the Optimism blockchain. With narratives around L2 summer, Quixotic managed to attract a lot of users, while having much drama in their short lifespan.

In this Dashboard, I want to take a look at various aspects of quixotic performance, including Sale Volume, Unique buyers and sellers, Popular projects, OP exploit, and more.

I am using the FlipsideCrypto database to render this analysis and as of now, the Optimism database only covers the period starting from June 15th with some deficits

Data & Analysis

Let’s start with some basic information

There are two noticeable moments in the daily number of sales in the first chart:

July 1st and 2nd in which few to no sale was recorded.
July 26th to Aug 1st where sales increased significantly.

I Will address both of these periods later on; But other than that, there doesn’t seem to be any up or down trend in the number of sales.

This chart, showing the unique number of buyers and sellers is telling us a bit more about the second mentioned case in which the unique number of sellers exceeds the buyers big time!

Another interesting trend is that after July 1st, the number of sellers starts to get higher than buyers and this trend proved to be consistent until very recently.

One reason could be the raising number of launched projects which immanently generate constant selling users. So this trend is not negative in itself.

What does the volume look like?

There are three contracts responsible for sales in Quixotic, Two of which were abandoned after July 1st.

The highest sales volume belongs to Jun 23rd in which OptiPunks was responsible for 23 out of 25 ETH sales volume.
Notice that opposite to the significant rise in the number of sales and unique buyers and sellers, there isn’t a significant increase in sales volume, which suggests that we are dealing with a lot of low-price NFTs fairly distributed among many users.

Want to know what was it?

You may have guessed correctly; It was the Optimism Explorer collection of 5 different NFTs distributed fairly between active optimism users.

If you don’t know already, ETH is not the only currency to trade on Quixotic. You can trade NFTs with OP too. But as these two charts demonstrate, the volume and the number of unique users weren’t that much to have a noticeable effect on total volume. So I decided to exclude them for the sake of simplicity.

Now Let’s Talk about the elephant in the room…

The two previous charts were kind of manipulated; I took out two addresses that received a significant amount of OP on July 1st.

On July 1st, the Quixotic Smart contract got exploited by a hacker. the hacker managed to withdraw more than 210k OP that was deposited in the smart contract for NFT offers. Devs had to pause the functioning of contract and deploy another one the day after; that’s why there is few to no trades on these dates.

I’m not sure about the second address, but my strongest guess is it’s the address that the remaining OPs was send to prevent exploit.

Wanna know more about this exploit? check here.

Top NFT Projects on Quixotic

Last but not the least, In the next two charts you can find information about top NFT projects on Quixotic.

OptiPunks and Apetimism which both are of the earliest NFT projects on Optimism, are collectively responsible for more than 75% of sales volume.
Mirror Writing NFTs, while not being among the top 10 trading Projects (They would be if the database covered the period before July 15th), are of the most prestigious projects on Optimism. I believe some of these pieces will be part of history as Content-based NFTs gain real success.