Today we examine various metrics, involving the RaceDay NFT collection.

RaceDay is an NFT collection, dedicated to auto racing afficianados, on the Flow blockchain. They hold auctions and facilitate a market for trading.

For those, unfamiliar with the Flipside platform, this dashboard can be made for free by creating an account. If you hover over any of the charts, and choose the three dot more menu, you can choose to download a csv, copy the SQL query or get an API link where you can read in a JSON object using standard HTTP requests. You can also click on the arrows, to reach the SQL query window related to that chart.

Sports related NFTs dominate the NFT market on Flow, in terms of volumes of sales, primarily because of the top 3 collections; TopShot, AllDay and UFC_NFT. RaceDay is among the best of the rest, in terms of sports collections. Rated 32nd overall in terms of volume of the collection, they are amongst the next ten or so collections which could be defined as such.

Daily Sales Metrics

Aggregate RaceDay Sales Totals

Weekly Sales Metrics

Monthly Sales Metrics

RaceDay Users

Primary and Secondary Sales

Social Media

The official RaceDay Twitter account has 875 followers. This pales, in comparison to Top Shot’s more than 74000 followers! On the other hand, there are just over 500 total unique addresses, that have at some point purchased a RaceDay NFT and a total of 3629 NFTs, that is actually a pretty impressive number! One has to keep in mind that scarcity can become valuable over time (or not).

Outline

Part 1

• Average sales volume

  • Daily
  • Weekly
  • Monthly

• Total Sales Volume

• Secondary Sales vs Mint Sales

• Daily Average Sales Price

  • with 7-day moving average

• Total Unique Buyers

• Average Buyers per day

• Social mentions/shares

  Part 2

• Other collections Raceday fans are buying

• Purchase Frequency distribution of all NFTs owned per wallet

• Average number of NFTs held per wallet

• Average Purchase Price

Terms:

• Total sales — Numbe of sales events
• Sales volume — The sale prices added together
• Median Sale Price — A good substitute for the average in crypto type data distributions with extreme outliers.
• User — a unique address of a wallet which purchased a RaceDay NFT

Limitations, restrictions, caveats and general hand waving

• After observing the data, I noticed that there is a huge spike of activity on 420 day of this year. Following that day, the general level is substantially higher than the historical levels. Therefore, I chose to observe data starting in May of 2022, to reflect the new paradigm of the market structure, without the gigantic outlier on stoner day. In spots, where appropriate, I look at overall historical numbers. I also show the entire history in the monthly chart, below.
• When I say “entire history”, that means dating to the least recent entry on Flipside’s flow.core.ez_nft_sales table.

Key Insight Number One:

The chart activity on the left shows healthy volume, with bear levels significantly higher than before 4/20. The general pattern of a big pullback during a bear, leveling out at higher prices than before the bull run. Not a guarantee but a good sign.

Key Insight Number Two:

We can see a steady but small amount of activity.

The charts on the left show most sale prices staying below 20 flow with some very significant exceptions. A closer examination of the days with large spikes is warranted.

This is likely explained off, at least partially , by a small handful of NFTs within the collection, having extremely high value (allegedly) due to some scarcity trait or another.

The y axis is the price and the line represents the seven day moving average.

Key Insight Number Three:

As I said, medians are valuable measures of central tendencies, especially when your dataset has outliers.

As mentioned, we focused our analysis on the period of time from May through the present. The Monthly Volume, bar chart on the left, reflects this. The total sales chart, on the right mirrors the overall crypto market.

Key Insight Number Four

It would appear that there was a new set of NFTs from the collection perhaps. To see such low sales volume, for the first six months, followed by a significant increase (albeit with a drop off the past two months, has to be an encouraging sign for an NFT project.

The daily and weekly unique users chart, once again shows steady, if unspectacular, usage.

Key Insight Number Five

An unusually large majority of the sales involving RaceDay were primary sales.

TopShot and AllDay both have larger secondary volume than primary volume.

Key Insight Number Six

It is clear, from the two donut charts to the left, contrasting RaceDay NFT holders’ preferences with that of the general Flow Ecosystem.

The RaceDay_NFT only comprises 1.4 percent of the total NFT’s owned by those who have purchased at least one RaceDay NFT, suggesting that it is not a special niche NFT, but one which is broadly popular.

Unsurprizingly, there are several other motor racing related NFT collections in the RaceDay token holders top ten.

Interestingly, while in the general Flow user population, AllDay is eclipsing TopShot, those that hold RaceDay hold, on average six times as much TopShot NFTs as AllDay. I have no hypothesis as to why this would be the case.

Key Insight Number 7

In spite of the above data, the chart, on the left, indicates that almost half the collection is owned by someone who has purchased only the one RaceDay NFT. Three quarters of holders have purchased three or less NFTs.

It should, of course, be clear that someone could create a wallet, for the sole purpose of holding this one NFT, while still actively controlling multiple wallets.

Many actively speculating NFT traders seem to like to include the RaceDay NFT as part of their mix, for better or for worse.

All time Metrics

Conclusion

While not in the same league as Topshots or AllDay, RaceDay maintains a steady, if unspectacular volume of sales, at a price generally in the 10-20 range.

If one counts the total sales of all tokens from addresses that purchased a RaceDay Token, the race day token itself makes up less than 2%.

Nonetheless, 75% of the addresses which purchased the RaceDay NFT only bought a total of 1, 2 or 3 NFTs of any kind. There was a large paradigm shift in market dynamics, beginning on the famous holiday of April 20th. Volume levels have permanently remained above the pre april 20 levels, with some tapering off over the past several weeks.

I hope you enjoyed this analysis and learned something interesting.