Algorand NFTs Overview

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    Questions

    • How many total, non-closed NFTs are on the algorand network?
    • How many NFTs use the ARC3 vs ARC69 standard?
    • Additionally, show the minting of the NFTs with these standards over time.
    • Finally, show the daily total volume of total NFT sales, ARC3 NFT sales and ARC69 NFT sales over time

    Seems like the ARC69 format is way more popular. This is because ARC69 data lives on the ALGO blockchain. ARC3 data lives in IPFS or some other server.

    ARC69 works well for simple art NFTs. ARC3 is more useful when you need to store a lot of metadata. Think video or longer formats.

    ARC69 is currently supported by the top NFT marketplaces

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    Chart Callout

    The graph below shows the number of transactions that happened in the algorand.asset_transaction_transfers table as compared to those defined as ARC3 and ARC69 tokens.

    Analysis

    If we take a closer look in the last 60 days, you'll notice that the ARC69 format is way more popular as its supported by the top NFT marketplaces.

    Conclusion

    It will be hard for the ARC3 format to break into the market if the good marketplaces do not support them.