Openea vs Quixotic

    The reasons why Quixotic has better performance than Opensea are due to the higher rarity and quality of assets listed on Quixotic, as well as potential factors such as higher trading volume, tokenomics, platform fees, and a smaller user base that can lead to higher fees. Quixotic may also have a business model that prioritizes supporting artists and creators, attracting a different target audience that is willing to pay higher fees. In terms of buyer and seller counts, Quixotic may have a focus on unique NFTs, a more engaged user base, better marketing strategies, and platform features that are attractive to creators.

    Based on the metrics observed in this dashboard, it is evident that OpenSea's performance is significantly lower than that of Quixotic. Therefore, there are some possible options that OpenSea can explore to improve its platform:

    • Increasing the quality of the assets listed on the platform to make them more desirable to buyers and potentially increase prices.
    • Offering a higher level of rarity for certain NFTs to increase their value and appeal to collectors.
    • Exploring ways to increase trading volume and liquidity on the platform to potentially reduce fees as a percentage of total transaction value.
    • Attracting a more niche audience, such as collectors or enthusiasts, who may be more willing to pay higher prices for unique and exclusive NFTs.
    • Improving marketing and promotion strategies to increase awareness of the platform and its offerings to potential buyers and sellers.
    • Developing platform features that are particularly attractive to creators and artists to incentivize them to list their NFTs on the platform.
    Introduction
    Conclusions
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    Approach

    There are two NFT sales platforms available on the Optimism Network: OpenSea and Quixotic. Some NFT projects are listed on both platforms, and we want to investigate how these shared NFTs are represented on both platforms. Specifically, we are interested in examining the parameters related to the sale and purchase amounts, fees charged, and the number of buyers and sellers involved in these transactions.

    Brief introduction to each parameters:

    • Platform Fee: The total amount of fees collected by the platform for each NFT sale, measured in USD.
    • Total Fee: The total amount of fees collected by the platform and the creator for each NFT sale, measured in USD.
    • Creator Fee: The total amount of fees collected by the creator for each NFT sale, measured in USD.
    • Price: The sale price of each NFT, measured in USD.
    • Sellers: The number of unique seller addresses for each NFT.
    • Buyers: The number of unique buyer addresses for each NFT.

    The query is filtered to only include NFT sales from the "quixotic" platform and NFTs that are also listed on "opensea." The results are grouped by platform name and aggregated over a period of 6 months.

    Charts and Analysis

    The graphs shown on the left represent the total prices of common NFTs on both platforms.

    As we can observe, the prices of NFTs on Quixotic are significantly higher than those on OpenSea, with a difference of more than 15 times.

    Both platforms experienced an increase in their total values and reached their peak in January 2023 during favorable market conditions. However, their values have since decreased towards April 2023.

    Rarity: Quixotic is a relatively new platform and may have a smaller user base, which could result in a higher level of rarity for some of the assets listed on the platform. This could make certain NFTs on Quixotic more valuable and thus more expensive.

    Quality of assets: It is possible that some of the NFTs listed on Quixotic are of higher quality, in terms of artistic value or rarity, compared to those on Opensea. This could make them more desirable to buyers and result in higher prices.

    The graphs shown on the left represent the total fees paid for common NFTs on both platforms.

    As we can observe, NFTs on Quixotic have paid significantly higher fees than those on OpenSea, with a difference of more than 118 times.

    OpenSea has a bullish trend that peaked in 2023, while Quixotic has a bearish trend that peaked in 2022.

    Possible reasons for the higher total fee of Quixotic :

    1. Trading Volume: Quixotic may have a significantly higher trading volume than OpenSea on the Optimism network, leading to higher fees.
    2. Tokenomics: The tokenomics of the tokens traded on Quixotic may be such that they have a higher fee structure than the tokens traded on OpenSea.
    3. Platform Fees: Quixotic may have higher platform fees than OpenSea, which could contribute to the difference in fees.
    4. Liquidity: The liquidity on Quixotic may be lower than OpenSea, leading to higher fees as a percentage of the total transaction value.
    5. User Base: Quixotic may have a smaller user base than OpenSea, resulting in a higher cost per user to maintain the platform.

    Graphs shown on the left refer to the total platform fee of the common NFTs of both platforms.

    As we see, NFTs on Quixotic have paid much higher platform fees than NFTs on OpenSea, by more than 211 times.

    Both platforms have fluctuated trends, which they maxed out on January 2023. 

    Graphs shown on the left refer to the total unique buyers of the common NFTs of both platforms.

    As we see, NFTs on Quixotic have much higher unique buyers than NFTs on OpenSea, by more than 20 times.

    Both platforms have fluctuated trends, which they maxed out on February 2022. 

    Possible reasons for the higher buyer count of Quixotic :

    1. Focus on unique NFTs: Quixotic may focus on unique, one-of-a-kind NFTs that are more appealing to collectors looking for exclusive pieces. This may attract a more niche audience willing to pay higher prices and engage with the platform in a more committed way.
    2. Different user base: Quixotic and OpenSea may have different user bases, with Quixotic attracting more dedicated collectors and enthusiasts, while OpenSea appeals to a wider range of buyers and sellers. This could lead to a more engaged and committed user base on Quixotic, with a higher willingness to pay for unique pieces.
    3. Marketing and promotion: Quixotic may have more effective marketing and promotion strategies, resulting in a greater awareness of the platform and its unique offerings. This could lead to more potential buyers being exposed to the platform and its NFTs, resulting in a higher number of unique buyers.
    4. Exclusivity and scarcity: Quixotic may intentionally limit the number of NFTs available on its platform, making them more exclusive and scarce. This could increase demand and create a sense of urgency among potential buyers to acquire these unique pieces.

    Graphs shown on the left refer to the total unique sellers of the common NFTs of both platforms.

    As we see, NFTs on Quixotic have much higher unique sellers than NFTs on OpenSea, by more than 7.88 times.

    Both platforms have fluctuated trends, which they maxed out on December 2022. 

    Possible reasons for the higher buyer count of Quixotic :

    1. Focus on creators: Quixotic may focus more on attracting creators to the platform, providing them with greater incentives to list their NFTs for sale. This could result in a larger number of unique sellers and a more diverse range of NFTs.
    2. Different user base: As with the number of unique buyers, Quixotic and OpenSea may have different user bases, with Quixotic attracting more creators and artists looking to monetize their work. This could lead to a higher number of unique sellers on the platform.
    3. Marketing and promotion: Quixotic may have more effective marketing and promotion strategies targeted towards creators and artists, resulting in a larger number of unique sellers listing their NFTs on the platform.
    4. Platform features: Quixotic may offer features that are particularly attractive to creators, such as more favorable revenue sharing arrangements or better tools for promoting their NFTs. These features may incentivize more creators to list their NFTs on Quixotic.

    Openea & Quixotic

    OpenSea is a popular marketplace for buying and selling non-fungible tokens (NFTs) on various blockchain networks, including Ethereum, Polygon, and recently, Optimism Network. NFTs are unique digital assets that are verified on a blockchain, and OpenSea provides a platform for creators to sell their artwork, collectibles, and other digital items to buyers.

    Quixotic is a decentralized autonomous organization (DAO) that aims to support artists and creators in the NFT space. Quixotic operates on the Optimism Network, a layer-2 scaling solution for Ethereum that offers faster transaction times and lower fees. The DAO provides grants, funding, and other resources to artists and creators to help them launch their NFT projects and gain exposure in the crypto space.

    Graphs shown on the left refer to the creator fee of the common NFTs of both platforms.

    As we see, NFTs on Quixotic have paid much higher creator fees than NFTs on OpenSea, by more than 10 times.

    OpenSea has a bullish trend that peaked in 2023, while Quixotic has a bearish trend that peaked in 2022.

    Quixotic's business model: Quixotic may have a business model that prioritizes supporting artists and creators, and therefore charges higher creator fees to generate revenue that can be reinvested in the platform and its community.

    Possible reasons for the higher creator fee of Quixotic :

    1. Quixotic's business model: Quixotic may have a business model that prioritizes supporting artists and creators, and therefore charges higher creator fees to generate revenue that can be reinvested in the platform and its community.
    2. Target audience: Quixotic may attract a different audience than OpenSea, such as those who are more interested in supporting independent artists and creators. This audience may be willing to pay higher fees to support these creators and may be more inclined to purchase NFTs with higher creator fees.
    3. Competition: OpenSea has a larger user base and more competition among sellers, which may drive down the price of NFTs and the fees charged. Quixotic may have fewer sellers and a smaller user base, which could allow creators to charge higher fees.
    4. Type of NFTs: It's also possible that the types of NFTs listed on Quixotic are different than those on OpenSea. If the NFTs on Quixotic are more exclusive or unique, they may command a higher price and therefore have higher fees associated with them.

    Openea & Quixotic on Optimism network

    OpenSea and Quixotic are both platforms that operate on the Optimism Network, but they serve different purposes.

    OpenSea is primarily a marketplace for buying and selling NFTs, while Quixotic is a DAO that provides resources and support to artists and creators in the NFT space.

    OpenSea has a wider range of NFTs available for purchase, and its platform is well-established with a large user base. Quixotic, on the other hand, focuses on supporting emerging artists and creators in the NFT space and helping them gain exposure.

    Overall, while both platforms operate on the same network and have a similar focus on NFTs, they serve different needs in the NFT ecosystem.

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