Try Quests to earn SOLThe Battle of the Solana NFT Aggregator
Introduction
- In this Analysis, You will Read About the two most popular NFT aggregators on Solana, Hyperspace and Coral Cube. We want to know Which marketplace has done more volume? Which collections are popular in each marketplace? Why would I use one marketplace over the other?
- I went through these marketplaces and analyzed these parameters:
- NFT sales
- Buyers and Sellers
- Total/Avg Volume in Sol and USD
- Median/Max/Min Volume in USD
- Top Collections based on volume and transactions per marketplace
- Magic Eden Royalties Impact
Analyzed by Hess - Reading Time Almost 10 Min.
Method
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We have an NFT sales table in Solana Tables. All I needed was to use that table. There were two missing parts. Volume and collection names. We don’t have an exact Price table in Solana. So Like the previous questions, I extracted Sol's price from the swap table.
select date(block_timestamp) as p_date, (sum(SWAP_TO_AMOUNT)/sum(SWAP_FROM_AMOUNT)) as price from solana.core.fact_swaps where SWAP_FROM_MINT = 'So11111111111111111111111111111111111111112' and SWAP_TO_MINT = 'EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v' -
Then, I Joined with my findings and calculated Sales Volume in USD.
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In order to find collection names, I joined into DIM label table.
Top Collections
It is interesting that the top collections on each marketplace are different.
- Degos and ABC collections, Two popular NFT collections on Solana, are top collections based on transactions on Hyperspeed. But on Coral Decentralized Auto, Pixel bots and 111 Anons are top collections based on transactions.
Pre and Post 0% Royalties
- Almost in the middle of October, The 0% Royalties were announced. Based on that, The weekly share of Magic Eden decreased by about 10%, and Coral Cube and Hyperspace shares increased and took Magic Eden shares. After a Short time, Magic Eden again took its shares and increased.
A Summary of The Most Important Findings
- The Total number of Sales on Coral is much higher than on Hyperspace but After October 15, The daily share of Hyperspace dropped from 80-85% to 30-40%. Coral had 71K Unique NFTs in sales and Hyperspace had 12K unique NFTs in sales. Overall, 79% of sales were on Coral.
- The Total number of buyers and sellers on Coral is 3x higher than on Hyperspace.
- The Average daily and total daily sales volume on HyperSpace was higher than on Coral. The average sales on Hyper are around 150 US dollars and on Coral is 33 US dollars.
- Degods is the top collection on Hyperspace based on transactions and volume.
- Decentralized Auto is the top collection on Coral based on transactions and y00ts is the top collection on Coral based on Volume.
- The Weekly Share of These two marketplaces increased when Magic Eden announces 0% creator royalties. However, After a short time, Magic Eden took its shares.
- All Parameters like average sales, Volume, Buyers, Sellers, and … decreased on Magic Eden After 0% creator royalties.
Full Analysis
Sales Per Marketplace
- As you can see, between September 22 and October 15, The daily share of Coral was higher than Hyperspace. But After the 0% royalties, The share of Coral decreased and Hyperspace increased. Overall, The total number of sales on Coral was much higher than on Hyperspace. 88% of NFT sales happened on Coral.
- The total number of unique NFTs in sales on Coral is 71K and on Hyperspace is nearly 2.5K. On Coral, From daily 1K Unique NFTs Between October 5 and 15, The total Number of Unique NFTs on Coral increased up to 10K.
Conclusion
Why would I use one marketplace over the other?
- Imagine I am an NFTs holder on Solana. I want to choose between Coral and Hyperspace for listing my NFTs. Based on these numbers and stats, I would list my expensive NFTs on Hyperspace and I would List my cheap NFTs on Coral. WHY? Because NFTs with higher prices traded on Hyperspace But Coral had more buyers in comparison to Hyperspace. So, Based on these parameters, I chose the right marketplace for listing my NFTs.
- Almost all parameters like transactions, Volume, Buyers, and Sellers decreased by about 10% on Magic Eden after 0% royalties. I can not see any notable changes in average sales and users on Coral and Hyperspace.
- The total number of buyers and sellers on Coral Cube has a huge different from Hyperspace. Coral has 17K Unique Buyers and 16K Unique sellers. Almost 3x higher than HyperSpace. The total number of buyers and sellers on Coral increased significantly between October 5 and October 15.
One of the important parameters is sales Volume. Unlike the total number of transactions and users on Coral, The sales Volume on Coral is not much high in comparison to Hyperspace. In this parameter, much volume went through this marketplace. The average sales volume on Hyperspace is 150US dollars or 5.5 Sol while the average sales volume on Coral is 33 US dollars or 1.2 Sol. The total Volume in Sol on Coral is 109K and On Hyperspace is 133K.
I calculated the Median/Max and Min sales volume in USD and Sol on both marketplaces. Based on these parameters, More expensive NFTs traded on Hyperspace in comparison
to Coral Cube. The MAX sales volume on Hyperspace is 9.9K US dollars or 369 Sol and on Coral, Max sales volume is 4.3K US dollars or 169 Sol. About 2x difference. Over time, The less NFT prices traded on Coral Cube.
- Degods collection with a 1.6M Sales Volume on Hyperspace is the top collection based on volume. Another collection from Degods, y00ts is the top collection based on volume on Coral Cube with 52K sales volume. This collection is in the top 5 collections on Hyperspace too. On Hyperspace, Y00ts had 350K volume.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS.
What is Coral Cube?
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CoralCube is an NFT marketplace and aggregator that aims to highlight three columns of web3 in the context of NFTs: -Easy and smooth access to the digital content on the Solana blockchain and interactions with on-chain NFT marketplaces.
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What is HyperSpace?
- Hyperspace is a trading platform that offers Solana NFT and NFT flex information and services.
- The Cumulative sales volume shows that both marketplaces had similar growth. However, In the last 10 days, Hyperspace increased its difference with Coral. The total sales volume on Hyperspace is 3.7M US dollars or 133K Sol and 2.9M US dollars or 100K Sol on Coral.
It is interesting that the average sales volume on Hyperspace became higher than Magic Eden in the middle of October. Also, The total daily sales volume in October increased significantly. However, Its difference still from Magic Eden still was high.