NFT Crossovers
Introduction
- In this dashboard, You will read about NFT crossovers on the Optimism chain. I picked the top 10 top collections based on sales volume and analyzed crossovers.
- We want to know Which communities tend to provide the most signal that another NFT project will do well? As in, is there any alpha if you were to see a certain PFP buying another collection? Which communities tend to be most active in minting new collections? Which communities have the most diamond handed on other projects?
Analyzed by Hess - Reading Time Almost 10 Min.
Method
- First I extracted the top 10 NFT collections based on total sales volume from the NFT sales table. In order to extract the collection names, I joined to DIM label table. Now I have the top 10 collections based on total sales volume in the last 120 days. All I need was sales volume in USD. We have a Fact hourly table on Optimism tables. I joined my findings to that table and extracted volume in USD.
- From that table, I calculated total sales, buyers and sellers, Volume in USD and avg volume per collection.
- After that, I analyzed the user’s breakdown based on NFTs and Volume. I counted the number of nfts that users bought from the Top collections.
select collections , count(DISTINCT(buyer_address)) as buyers, case when total_nfts = 1 then '1 NFT' when total_nfts = 2 then '2 NFTs' when total_nfts = 3 then '3 NFTs' when total_nfts = 4 then '4 NFTs' when total_nfts >= 5 then '=+ 5 NFTs' end as type
- I needed crossovers too. So I counted the number of projects per user to find how many Crossovers there were. I understood that there are some users that bought from two, three and … collections.
- In order to find community and unusual activities, I analyzed each type of user separately.
- The last thing I did was Mint activities. I extracted Mint sales from the Fact event log and joined DIM labels to filter NFT labels. I Had users of each collection. I looked up the fact event table and joined my previous findings to find which NFT collection community minted more.
Users Breakdown
- The large group of users of different collections have bought only one NFT in the last 120 days. It is interesting about 700-900 of Project Galaxy users bought more than 5 NFTs and sold more than 5 NFTs. It seems these users sold their Project galaxy NFTs and moved to other collections.
Crossovers
- As you can see, About 26K Users bought NFT from one collection. About 3.7K Users bought NFTs from two collections and 800 Users bought NFTs from three collections. If we ignore Users that bought 1 collection, Other types of users could follow a path to increase other NFT collections. Seller activities were like Buyers with lower numbers.
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Full Analysis
A Summary of the most important findings
- Based on total sales volume, Project Galaxy, Optimism, Optichads, Mortorheadz, Optimistic Explorer, Dope wears hustler, Apetimism, Optipunk and Optimismc apes are my top 10 collections.
- Optimistic Explorer had the highest number of sales with 32% of total Top collections sales.
- The optimism collection had the highest number of buyers and sellers.
- Optimism Explorer, Optipunk, and project galaxy had the highest sales volume.
- Among these collections, Apetimism and Optipunk have the highest sales volume.
- Most users have bought only one NFT from Top collections.
- A large group of buyers and sellers buy and sell from one collection. The second and third large groups of users buy and sell two and three collections.
- Optimism Apes collection has a diamond community because they hold their NFTs more than other NFTs.
- Based on two and three Crossovers, It seems Project Galaxy, Optimism and Optimism Explorer have a relationship together.
- Based on four crossovers, It seems Motorheadz, Project Galaxy and Optichads have relations together.
- Based on Crossovers, the Project Galaxy community are everywhere.
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Sales
- The weekly shares of top collections are based on the number of transactions following the same pattern. For Example, Optimism NFTs had 29% of shares before September But after that, the share of Optimism decreased and Project galaxy increased. Optimism Explorer had the highest number of sales in the last 120 days. After that Project galaxy with 21.4% and Optimism with 21.1% had the highest number of sales.
Optimism, Project Galaxy and Optimistic apes have the highest number of buyers and sellers. The number of Buyers and sellers of these collections was similar to each other in the last month. Maybe these users led each other to buy collections.
Based on sales volume, Optimism has had the highest sales volume in the last 120 days. After that Optimistic explorer is in second place. The third place is Optipunk. I can see some unusual activities based on the average price of NFTs. For example, Optipunk's avg price increased on one day and dropped the day after. On that day, the average price of Apetimism and Optimism increased. Maybe Optipunk users sold their NFTs and buy Apetimism and Optimism collections.
Most Top collection users spent 10-100$ on these NFTs. However, Mirror and Optimism Explorer users spent up to 1 US dollar. Also, These users sold most NFTs between 10 and 100 US dollars.
In order to understand user activities, I drew some charts that show the total number of sales based on users that bought from Two, Three and four collections. You can see in the specific time frame, The total number of Top collections increased together.
- During August we have Optimistic Explorer and Motoheadz and During September we have Project Galaxy, Optimism and Optimistic Explorer.
- The sales of these collections increased significantly in a specific time.
- Optimistic apes hold their NFTs more in comparison to other collections. The second top collection is Optipunk with an average of 29 days. During September and October The total number of flippers of Project Galaxy, Optimism and Optimistic Explorer increased.
> Optimsim and Optimistic Explorer users minted new collections more in comparison to other collections.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.