NFT Crossovers

Create a dashboard that shows the crossover between the Optimism OP NFT projects by market cap. Which of the strongest projects tend to have the most crossover, and which projects have a wider mix of other communities?

Questions

Which communities tend to provide the most signal that another NFT project will do well? As in, is there any alpha if you were to see a certain PFP buying another collection? Which communities tend to be most active in minting new collections? Which communities have are the most diamond handed on other projects?

BONUS: Post your dashboard on Twitter and tag @flipsidecrypto and any relevant accounts!

This dashboard has been tweeted here

Method

We use the table optimism.core.ez_nft_sales to grab in formation of NFT sales in Optimism
We categorize NFT pieces by project name got from the table optimism.core.dim_labels
We acquire Top10 project order by Total Sale Volume (USD), we will mainly focus on crossovers of these strong projects
We provide some basic information of these 10 NFT projects; Sale Count, Volume, Avg Price, etc.
We find crossover users between project by looking at a user address, and find that what NFT project has he ever bought over time, then we count number of users for that particular crossover patterns (a crossover pattern can consist of 1-10 projects)
We analyze and present information in detail as will be presented

Top10 Project by Volume (USD)

List of Top10 projects is depicted in the right graph in order of Total Volume (USD)

Number one is ‘optipunk’ with 1.18M USD
Last place is ‘optichad’ with 130k USD

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In the lower scattered graph, we show relation of Total Volume, Sale Count and Average Price of Top10 projects

Our number one, ‘optipunk’, is in the far right in x-axis, low in y-axis, and large in marker size
- It indicates that even this project has low Sale Count, but it has highest Volume because it has high average Price
- Meanwhile, some project has low average Price but it has very high Sale Count, like ‘mirror’, on the top most

Top10 Project by Volume (USD) cont.

In the left lower graph, it shows Sale Count, Volume, and Avg Price like in the upper scattered graph, but shown in bar charts

We can see that there will be balance between Sale Count and Avg Price, if Avg price is low, Sale count will be high

In the right graph, it shows Total Unique Buyers and Sellers

Mirror is very interesting since it has Buyers far more than Sellers, it implies that Buyers of this project tend to collect NFTs rather than making profit
Number of Buyers and Sellers quite conform with Sale Count

Crossovers of Top10 Projects

Crossovers occur when there is a user ever bought more than 1 NFT projects

We find all possible pattern of crossovers between Top10 projects, according to number of rows in the table below, there are 1609 patterns of crossovers

The lower pie chart shows percentage of users bought for particular pattern of crossovers

Number one goes to 'optimism, project galaxy’ crossover with 758 users
Runner up is ‘dope wars hustlers, mirror’ with 704 users
3rd place is ‘mirror, optimistic explorer - get started nft’ with 684 users

Number of projects in a crossover, from the purple bar and pie charts below,

Majority of crossovers consist of 2 projects (defined as 2-crossover), with 74.4% of users, 45 crossover patterns
There is project crossover up to 9 projects, with 3 users, 3 crossover patterns

Crossover vs Non-Crossover

We find number of users of each project who “only buy from one project (Non-Crossover)“ compare with those who “also buy from another projects (Crossover)“

We found that

Users of optimistic apes have the most fraction of Crossovers with 68.69%, more than Non-crossover
Projects that have more fraction of Crossover than Non-crossover are optimistic apes (68.69%) > motorheadz (59.57%)> optipunk (55.72), apetimism (55.02%)> optichads (52.36%) > dope wars hustlers (51.41%)
While optimism has lowest fraction of Crossovers with 26.69%

We also show Number of users who participate in all crossovers patterns in the lower multi-colored graph

However, this seems to be too difficult to notice something important, so we mange to simplify by picking up only 2-crossovers (crossover pattern that consists of 2 projects)

This is okay since 2-cross over is majority of all crossovers. We will explain this later on

2-Crossover between Top10 projects

This seem to be more simple, as we can see from the lower bar chart

We can notice easily which project has the most crossover with other projects

Most apetimism users crossover with mirror with 43.82%
Most dope wars hustlers users crossover with mirror with 63.06%
Most mirror users crossover with dope wars hustlers with 22.15%
Most motorheadz users crossover with mirror with 28.21%
Most optichads users crossover with optimism with 25.61%
Most optimism users crossover with project galaxy with 30.81%
Most optimistic apes users crossover with mirror with 38.26%
Most optimistic explorer - get started nft users crossover with mirror with 34.92%
Most optipunk users crossover with mirror with 54.33%
Most project galaxy users crossover with optimism with 46.02%

We can see, mirror is the most popular project that another project like to crossover with, 6 out of 9 projects crossover with mirror the most

Moreover, mirror is the project that seems to crossover with other projects most equally

Conclusions

This dashboard has been tweeted here

Which of the strongest projects tend to have the most crossover, and which projects have a wider mix of other communities?

Every Top 10 strong project has crossovers with every other Top 10 projects
Mirror has most number of 2-crossover, 85 projects
Mirror seems to have a wider mix of other communities, because it has most 2-crossover, and crossover with other Top 10 projects more equally

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Which communities tend to provide the most signal that another NFT project will do well? As in, is there any alpha if you were to see a certain PFP buying another collection? Which communities tend to be most active in minting new collections? Which communities have are the most diamond handed on other projects?

I would answer this question by looking at Avg NFT price of project from the first section, if any community tends to crossover with these strong projects that have high NFT price, they would provide signal that other projects would do well
From the first section the most expensive NFT price goes to optipunk, apetimism and optimistic ape consecutively
Mirror community tends to buy these NFTs the most, as we may notice users percentage of these 3 project crossover with Mirror
Mirror would also has the most diamond hands, since it has highest crossover with other projects that is not in Top10, indicating high risk tolerance (Diamond hand definition)

All 2-Crossover

The lower graph is similar the above graph, but it applies to every project in Optimism, and it counts number of other projects that the particular community has ever 2-crossover with, we can see that

Mirror has the most number of 2-crossover, with 85 other projects
Optimism is runner up with 81 projects
optimistic explorer - get started nft is 3rd place with 66 projects
Least number of 2-crossover is 1 project, this applies for 21 projects