Updated Version
Date: 2022-05-4

This analysis is focused on the volume trends for the NFT Marketplace Magic Eden on Solana.

All data is from January 1st 2022 till Mai 4th.

Quick introduction

What is Magic Eden?

Magic Eden is a NFT Marketplace on the Solana Blockchain. Its concept is to offer an affordable service based on 0% listing fees and very moderate 2% of transaction fees.

Volume trends

What the graph shows:

• The Average Sales Volume is around 83.6K
• The Sales Volume is constant high and often higher than the Average Sales Volume, expect February 24th till March 23rd.
• There is also a down spike on January 21st and 22nd in Volume and also in Number of Sales.

Generally the Volume is very volatile, also the Number of Sales but it is a bit more constant. Looking at the sales volume trend over time, we see a uptrend starting from March 23rd which lasts till today.

Weeks are colored in the chart to make it easier to compare. When looking at the chart and searching for trends, no trends are apparent when comparing weeks. A trend on specific weekdays or at the weekend is not visible.

Days are colored in the chart to make it easier to compare. It looks like Tuesdays are having higher Volume than other days. Also Saturdays peeking out very often. Let's check if this is the case.

Thanks for reading!

Conclusion

Which trends have we found:

• Okay Bears were very successful and popular in Sales Volume (April 27th till 29th) We have broke the downtrend from the past month and now in an uptrend in Volume since the End of March.
• Looking at weeks, there is no trend visible.
• Looking at weekdays, we could see a trend to high volume on Mondays, a real trend during the week is not visible.
• Looking at hours we could see a up- and downtrend around 11am & pm.

This analysis was originally created on 2022–03–12 (and UPDATED on 2022-05-04) for a bounty at Flipside Crypto by piper to answer the following questions:

Solana - Magic Eden Volume Trends: Create a visualization of Magic Eden total sales volume per day since January 1st. How has sales volume trended over time? Are there any trends to when sales volume seems to go up or down on certain days of the week or during certain times of the day? Are users more likely to trade a NFT during the week or the weekend?

All data used are from Flipside Crypto.

*Twitter: *

Methods

To learn more about the NFT volume, its origin and its trends, I queried all data/transactions from NEW solana.fact_nft_sales tables in the timeframe of January 1st 2022 till Mai 4th and filtered it for 'Magic Eden' and picked only successful transactions.

The Next chart shows the daily sales volume over the defined timeframe and compares it with the number of sales per day.

Finding: On April 27th and 29th the sales volume spiked massively.

I took a closer look at the spikes of April 27th till 29th and found out that in that days Okay Bears NFT Project was very popular and generated a very high Sales Volume for all three days. Sadly, because of missing NFT data, I was not able to find out which other NFT Projects also generated high Sales Volumes (blue).

Okay Bears

Grouping the Sales Volume by Weekday shows a bit different result. The highest total volume could be seen on Mondays followed by Saturdays, Thursdays and Tuesdays. These 3 days are very close in numbers. Out findings for Tuesday and Saturday are not wrong, but they are not having the top volume. The lowest volume is on Wednesdays.

Looking at Sales Volume grouped by hour shows that the lowest Volume is at 11am and the highest at 11pm UTC. So the trend here is that the volume around 11 is always go smoothly up and down.