Try Quests to earn cryptoOpen Analytics Bounty: Optimism (November 12)
Approach
- In this Analysis, You will Read about the ==NFTs bridge from Ethereum to Optimism==. Lately, Users can bridge their NFTs from the Ethereum chain to Optimism.
- I went through NFTs bridge and analyzed these parameters:
- ==Total and Daily Users==
- ==Total and Daily Transactions==
- ==Total and Daily Collections==
- ==Total and Daily NFTs==
- ==Top Collections==
- ==Average Bridged NFTs prices==
- ==Bridge Fees==
Introduction
What is NFTs?
A non-fungible token is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.
What is Bridge?
UA bridge or bridge between chains is a service (centralized or decentralized) that allows you to create a connection between two blockchains that normally cannot communicate with each other, so that tokens can be transferred between them.
Method
- The bridge locker contract address: ==0x5a7749f83b81b301cab5f48eb8516b986daef23d== . First I examined some transactions hash in tables. Then, I used the Ethereum fact event table to extract all bridge data. I understood all transactions were sent to the bridge locker contract address on Ethereum. So I put filtered ==origin_to_address== by locker address which is ==0x5a7749f83b81b301cab5f48eb8516b986daef23d== . Contract address is collection addresses and
event_inputs:tokenidis NFT token ID. - In order to find the Collections name, I joined my findings with DIM labels.
- For average NFT prices, I extracted the last price of bridged NFTs with the MAX function.
- In the end, I extracted tx hashes and joined them with a transactions table to calculate bridge Fees in USD and ETH.
NFTs Bridge
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Over 13K Unique users bridged their NFTs from Ethereum Chain to optimism in the last 40 days. The growth was significant. Especially after October 27th when 617 Unique users bridged their NFTs from Ethereum to Optimism. The highest number of Users bridged their NFTs on October 28th.
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I examined the reason for growth on October 28 when around 2932 Unique wallets bridge their NFTs. I found that Quix has a promotion on Layer3 that encourages users to transfer their NFTs and earned 25 OP if they transfer from selected collections by QUIX. Until Now, more than 3K wallets participated in that task on Layer3. Based on Last Table Updates, we can see 2932 users.
Collections
- Based on the total number of Unique NFTs per bridged collection, Consensys Collection with 3042 Unique NFTs is in the first place. The second collection is More Loot a huge difference from the first place. About 203 Unique NFTs bridged from that collection to the Optimism chain. The third one is the Secret Society with 157 Collections.
Floor Price of Bridged NFTs
- The numbers on this chart are not 100% correct. Because I extracted the last sales price of NFTs and the last price is not only in October. Maybe 6 months ago or 1 week ago.
- Based on this parameter, The highest number of Bridged NFTs is worth Up to 1 US dollars. The average price of bridged NFTs is 455 US dollars.
The Currency is the top collections based on average floor price of bridged NFTs. The average price of this NFT collection is 30K US dollars. With a huge difference, The second collection is azuki. The average floor price of bridged azuki collection is 13.4K US dollars.
Bridge Fees in USD and ETH
- In nearly 14K transactions, Users spent 38.9 ETH on Fees which is worth 57.6K US dollars. The average bridge transaction was 4.14 US dollars. The average fees in USD and ETH decreased over time. More than 60% of fees were paid by users on October 28th when the highest number of bridges happened.
Conclusion
- We have seen so many Bridges when users bridged their tokens from one chain to another. NFTs Bridge is a new movement, At least for me. As you’ve seen, So many users in a short time bridged their NFTs from Ethereum to Optimism. Maybe lower transactions fee be a motivation for holders to bridge their NFTs. However, It’s too soon to talk about the NFT bridge and its future. From what I can see, The growth is significant and with multiple promotions, They keep their growth.