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NFTs are becoming an standard and fundamental asset on every chain and the users ability and willingness to build strong communities around NFTs have become a important criteria to evaluate success of a network. Today we are going to take a look at Algorand NFTs scene from a high level; to asses its situation and its potentials.
Methodology
There are two standard for fungible and non-fungible tokens in algorand: Arc69 and Arc3. Arc69 is an optimized version that is being used more often. to be able to go through with this analysis we take both into account; first by creating a list of distinct asset_ids tied to NFTs or NFT projects, then using this table for extracting different conditions like all wallets that had ever held an NFT, current holders, NFT Per Wallet distribution, etc.
Data & Analysis
I had to modify some variable to render a more understandable chart. There were wallet that had an NFT but not anymore, also there were wallets with enormous amount of NFTs which didn't make sense (probably a creator that set the supply to high for the sake of trying); I eliminate these two to form the chart above which suggests there are around 35K wallet with 1 NFT, 2468 Wallets with 2 NFT, and so on.
There is a difference in NFT traders and Token traders type. We (NFT Degens lol) tend to empty our pocket whenever a good and promising (and maybe not that much) pops up, so we are often short on liquidity comparing to other users. And this is also true in algorand network:
Now let's see how numbers are looking in terms of NFT holders Share of all Algorand Wallets.
So, Current holders of at least 1 NFT constitute 0.37 percent of All active wallets, and wallets that had held at least 1 NFT ever constitute ~1.6 percent of all active wallets.
- considering the fact that we literally chose very low guard for active wallets, if we were to filter them, the actual and realistic numbers would be a lot higher.
This can be confirmed considering that active NFT wallets are more User that joined in past months not the OG wallets that their wallet might be "active" but not using ecosystem much. Take a look at chart below:
Not All the NFT projects Continue their path; there may also be some random asset_ids created for any reason. So it's a good idea to look at NFT projects that are still running and when they were created. This will show any possible blooming in algorand NFT space:
I believe Algorand NFTs have a similar situation as the entire network: Under recognized potential. people who actively participate in algorand NFT space are dedicated community members that will get rewarded when more human and financial capital comes to network.