Optimism NFT Purchasing Behavior

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    Introduction

    • In this Dashboard, You will Read about NFT prices on Optimism. In my opinion Price growth of NFTs prove the growth in the Market and industry in the Crypto world. Higher prices and sales show the market is moving in the right path.
    • I went through Optimism NFTs and analyzed the price breakdown of Collections and NFTs.

    Analyzed by Hess - Reading Time Almost 10 Min.

    Method

    • The method was simple. We have NFT sales table on Optimism and all needed parameters like sales, price in ETH, price in USD, Buyers and sellers and … are available on that table. with Case and When a function, I divided NFT sales based on price.

      case when price < 0.01 then 'Below 0.01 ETH' when price >= 0.01 and price < 0.1 then '0.01-0.1 ETH' when price >= 0.1 and price < 1 then '0.1-1 ETH' when price = 1 then '1 ETH' when price > 1 then 'Above 1 ETH' end as category

    • Following the price breakdown, I analyzed all the needed data.

    • For NFT collection names, I joined my finding into the DIM label table by their address.

      Note: ALL DATA IS IN THE LAST 120 days.

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    Price Breakdown based on Collections

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    Users Breakdown Based on Price category

    • The large group of buyers in different price categories had only 1 buy. The second large group of buyers bought 2 NFTs. Also, The highest number of sellers have bought 1 NFT from different price categories.

    A Summary of the most important findings

    • The highest number of sales was related to NFTs with below 0.01 ETH price.

    • The highest growing category was NFTs with higher than 0.01 and lower than 0.1 ETH price.

      The share of this category increased from 4-10% to 30-40% in the last months.

    • In 120 days, 484 NFT sales happened on Optimism with 1 ETH price.

      Also, 1295 NFT sales happened with above 1 ETH price.

    • The highest cumulative sales were related to the 0.1-1 ETH category.

    • Based on the Number of Collections, The highest number of sales was for the below 0.01 ETH category.

    • Optimism Collection has the highest number of sales based on 1 and above 1 ETH NFTs.

    • The Large group of buyers and sellers have bought and sold NFTs one time with these price categories.

    • Only 1297 NFT sales with above 1 ETH price were recorded on Optimism while there were 223K Sales on Ethereum with above 1 ETH price.

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    Full Analysis

    Sales Breakdown by price

    • As you can see, The highest share of NFT sales was related to the Below 0.01 ETH price category. It means the potential of NFT sales with the below 0.01 ETH price was higher than other price categories. What is interesting for me or maybe you are that the sales with a price category of 0.01 - 0.1 ETH increased in the last 30 days. The share of this category increased from 4-10% to 30-40%. It proves the NFT prices of Optimism go to the next level. Also, The share of NFTs with 1 and above 1 ETH increased and there were some records of Optimism.
    • For Example, 3.7% of sales on October 9 were related to NFTs with above 1 ETH price. However, It is soon to make concluded that NFT prices increased on Optimism. But what is clear is that NFTs on Optimism is moving in the right path.
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    Ethereum Vs. Optimism

    • I have seen so many analyses that compared Ethereum with Optimism. It is too soon for comparing these two chains together but we can compare the highest number of sales based on different price categories. For example, On Ethereum, The highest number of sales is related to the 0.01-0.1 ETH category But on Optimism, The highest number of sales is related to below 0.01 ETH.
    • The Cumulative chart shows the beauty growth of NFTs with a price category of 0.01-0.1 ETH. As I mentioned before, This category increased significantly in the last months. It’s the next level of NFTs on Optimism.
    • Buyer’s and Seller’s stats are like sales transactions. I can see an interesting number in the third week of September. There were 392 Buyers and 355 sellers of NFTs with above 1 ETH price. Also, There were 195 Buyers and 171 Sellers of NFTs with 1 ETH price. I think it was the best day for Optimism NFTs so Far. Actually, it was ATH in the number of Buyers and sellers of expensive NFTs.

    Let’s take look at overall sales on Optimism in the last 120 days based on the number of NFTs. Until now, 52K Unique NFTs with 0.01 ETH price, 15K Unique NFTs with 0.01-0.1 ETH price, 1973 NFTs with 0.1-1 ETH price, 1104 NFTs with above 1 ETH and 446 NFTs with 1 ETH price recorded on Optimism.

    • These charts show the total number of unique collections in sales based on price breakdown. I can see so much growth in the number of collections with different price categories. Almost the total number of collections in All price categories increased. The highest growth was related to collections with below 0.01 ETH and 0.01-0.1 ETH price. 48% of sales based on collection had below 0.01 price. 32% of sales based on collection had 0.01-0.1 ETH price.
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    It’s time to examine the sales volume based on price categories. Until the First week of September, The sales volume had a slow growth in all categories but after that, some categories increased significantly. The highest sales volume of different price categories happened in the third week of September. The highest growth was for the 0.1-1 ETH category and the second highest growth in volume was for the 0.01-0.1 ETH category. The sales volume related to the above 1 ETH category is in third place.

    The average sales amount in ETH helps to understand how categories are near or far to levelling up. Almost the average price of NFTs in all categories is near the lowerest price of that category. These NFTs are not close to the next level of their categories.

    I filtered collections that had above $100 sales in the last 120 days. As you can see easily, Some of them have NFTs with multiple price categories. Some of them have only one category of prices. Based on price category, Optimism collection had sales in all 5 price categories. Most records that I mentioned before were related to the Optimism collection.

    • I normlized the below chart to see the share of collections with different price type. Uniswap and Venft have all type of NFTs. Optimism pad NFT collection has the highest share of NFT sales with 1 ETH price.

    Conclusion

    Do you think that there is a limit to how high a floor for an NFT collection on Optimism can reach compared to Ethereum?

    • This is the main question of this analysis. I can say Maybe there is a limit right now But in long term, there would be no Limitations. We already see the NFT floor of Solana NFTs. Some of them have more floor prices in comparison to Ethereum collections. The same thing would happen to Optimism in future. In this analysis, we have seen the growth of Floor prices in some collections. NFTs on Optimism was born yesterday and There will be more time to see ATH on Optimism.

    THANK YOU FOR READING!

    ALL CODES AND CONTENTS WERE WRITTEN BY HESS

    :bird: Twitter: @hessaminanloo

    :t-rex: Discord: hess#0890

    :calendar: Analyze Date: 2022/OCT/18