NFT Purchasing Behavior - Optimism.

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    INTRODUCTION

    Optimism is a Layer 2 EVM compatible blockchain on the Ethereum Blockchain. Ether can be used on the Optimism network in for of wrapped Ether better known as Optimistic ETH.

    In this dashboard, we look at trends in NFT sales behavior to determine purchasing behavior on the network.

    METHODOLOGY

    For this dashboard, we shall use the Optimism Ez NFT sales table to collect the data needed to analyze user’s behavior in terms of sales and purchasing behavior. We shall track the following metrics:

    1. Total number of NFT sales on optimism.
    2. Minimum, Maximum, and Average NFT sales prices on Optimism.
    3. Distribution of NFT sales by percentage and by number in different price categories.
    4. Track average NFT price overtime
    5. Compare these metrics against ETH to determine differences and similarities like trends, price floors and ceilings.

    Prices in the tables are noted in eth in the ‘Price’ column and in USD in the ‘price_usd’ column

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    ANALYSIS

    From the analysis, we see that majority of the NFTs sold are priced at less than 0.01 ETH. This category makes up 76.4% of the total pool of NFT sales price categories and 142,703 total sales fall within this category.

    This is followed up by the price range between 0.01 and 0.1 ETH with 38,430 (20.6%) of total sales. Next is rage from 0.1-1 ETH with 5,123 (2.74%) of total sales.

    The least priced category for NFT sales is those above 1 ETH, with only 437 (0.234%) of sales falling in this range.

    In total, over 176,000 NFTs have been sold on Optimism, with the average price being 0.1147 ETH, minimum at 5*10^-18 and maximum price for a single NFT at 610 ETH.

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    ETHEREUM NFT METRICS

    On the Ethereum blockchain, ovver 22.9 million NFT sales have been executed, at an average price of 0.492 ETH; with the minimum NFT price at 0ETH and maximum at 124,500ETH.

    6.46% of NFT sales were priced above 1ETH, 36.3% between 0.1 ETH and 1 ETH, 40% between 0.01 ETH and 0.1 ETH and 17.2% below 0.01 ETH.

    Most of the sales are seen within the middle price ranges of 0.01-0.1ETH and 0.1-1ETH.

    CONCLUSION

    In comparison, NFT sales on Ethereum far outweigh those on optimism with Ethereum having over 22 million sales while Optimism has only 176,000total NFT sales.

    The distribution of sales in the different price categories is more even in Ethereum than on Optimism where there more unevenly distributed.

    The average NFT price on Optimism is 0.1147ETH while on Ethereum it’s 0.492ETH, which is a close margin. However, when it comes to the maximum NFT price, on Optimism it’s 610ETH, while on Ethereum 124,5000ETH which is a huge difference. Optimism can only match this if they decide to develop a strategic plan to attract large and more prominent NFT projects to their platforms.

    Further analysis could look into the change in sales prices in the different price categories overtime.

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