Question:

Exchange Art is the leading digital art marketplace on Solana for 1-of-1 art and fine digital art. This category has been rising on Solana as more artists have realized the ease and low costs of launching digital art on Solana.

Create a dashboard diving into the key growth metrics of Exchange Art over time. How has the marketplace grown over time and how does that compare to the general NFT growth on Solana? Does it appear that 1-of-1 art is popular among many users on Solana, or is it primarily collected by select individuals? Are most users on Exchange Art whales or art lovers or both?

Are there any unique purchasing behavior patterns that you see out of wallets that buy art on Exchange Art? What does the average price look like on Exchange Art and is there more of an appetite for high end pieces?

How does the holding period of NFTs bought on Exchange Art compare to that of Magic Eden? Are users truly collecting or are they still interested in short term flipping? What wallets have been most profitable on Exchange Art and what has their strategy been so far?

Note any other unique purchasing behavior that you find.

Methodology:

The data provided by Flipside has been used to handle this analysis.

This dashboard divided into the three major sections as below:

• Sale analysis→

  • Sale count, Purchaser count, Sale volume, Cumulative analysis, volume per day, Active days of week and etc.

  Price analysis→

  • 7-day moving average for sale price, Average sale price, Max and min sale price, Median of sale price

• Top NFT collections of Marketplace

  • Top collections by volume, count of purchase and distinct buyers, average sale price of top collections

• How purchasers of specific NFT behave→

  • Count of NFTs hold by holders, Sale and purchaser distribution by sale price, Purchaser distribution by sale count, Crossover with other NFTs, Top traders based on net profit in USD

NFTs and their applications:

NFTs are non-exchangeable tokens. They are issued as a unique digital certificate of ownership for any type of digital asset. In fact, an NFT is a smart contract that is regulated and digitally secured using open source platforms (which anyone can download from sites like GitHub).

The Most notable application of NFTs are:

• Appearance, educational qualifications, history of medical records and many individual characteristics are different from others. All these features can be converted into NFT tokens and everyone can manage their own data.
• Application of NFTs on computer games.
• NFT innovation can be used to copyright digital works of art.
• Earning money from personal and commercial brand
• Defining identity on the web3

About Exchange Art:

> Exchange Art is the House of Art on Solana, fully backed by the community to power and grow the creator economy. > > Artists leverage Exchange Art and its impressive collector base both as a distribution and marketing channel to reach new growing audiences globally; Exchange Art has been exhibiting double digit month on month growth. > > From Martechseries

Part 1: Exchange Art

Part 1-1: Sale stats (Overall and over time) on Exchange Art

The first section of this analysis represents the stats related to the sale activity of Exchange Art over time.

In this part we will see:

• Overall sale stats
• Sale activity over time

Part 1-2: Purchaser behavior and top collections on Exchange Art

Findings:

By the use of the results of this section, you can find the activity of Marketplace and obtain the information related to the marketplace from sale point of view.

• The count of unique purchasers and sale on Exchange art have been increased in the final months of 2022 as can be seen. Also, the highest count of sale and unique purchasers occurred on November 14, 2022.
• The sale volume in SOL enhanced in the last 2 months of 2022 and start of new year. Also, the highest volume of sale in SOL happened on January 2, 2023 with 17.57k SOL.
• The highest sale volume in USD occurred on November 1st, 2021 and the main reason of that is because of the high price of SOL.
• The average and median of sale price (in USD) on Exchange Art reveals that the average price dropped after the first days of launch. Also, since the start of new year the average sale price increased accordingly.

Findings:

Now lets dive deeper into the Exchange Art by determining the top NFT collections and purchasers behavior.

• Top 10 NFT collections ranked by total sale volume in USD and according to the results the MEGAM1 is the leading collection on Exchange art.
• Purchaser distribution by count of buy reveals that most of purchasers on Exchange Art are one time purchaser (53.3%)
• Purchaser distribution by sale price in USD represents that the highest count of purchasers bough NFTs on Exchange Art for 20-100 USD.
• Most of the purchasers hold 1 NFT and the second popular group of purchasers hold more than 4 NFTs.
• The crossover with other marketplaces shown that users of Exchange Art have bought NFTs from Magic Eden more than other marketplaces on Solana.
• Top NFT buyers with net profit in USD have been determined too.
• About 44% of purchasers on Exchange Art sold their NFTs in same day of buy and about 29% of them hold NFTs for more than 1 month.
• First of all we should define Whale and in this analysis we considered Whales as purchasers that bought NFTs for more than 10k USD. The outcomes related to the activity of Whales reveals that Whales are responsible for more than 40% of sales on Exchange Art from the volume of sale point of view.

Part 2: Comparison of Exchange Art with other marketplaces

Findings:

This part is used to made a clear comparison between Exchange Art and other marketplaces on Solana:

• The Magic Eden has dominated the sale activity on Solana from all aspects (count of sale, unique purchasers and sale volume). Solanart stands in the second rank with more than 874 million USD sale volume.
• The average sale price on various marketplaces reveals that the NFTs on Solana monkey business (SMB) has the most expensive NFTs and the NFTs on Exchange Art are more valuable than Magic Eden as can be seen.
• Purchasers on Magic Eden bought NFTs for under 20 USD however NFT purchasers on Exchange art have bough NFTs for 20-100 USD.
• The participation of Whales on Exchange art is more than other marketplace specially Magic Eden and it shown that the Whales of NFT on Solana want to buy NFTs on Exchange Art and could be considered as Clue for the value of NFTs on Exchange Art.
• The NFT hold time on Magic Eden is more than other marketplaces as can be seen.

Conclusion:

NFT is becoming more and more used day by day and the scope of its use has gone beyond the world of digital currency. For example, the non-exchangeable token is an inseparable part of the metaverse concept that shapes the future of the digital world. By considering the consequences of previous parts the following conclusion has been drawn:

• The trend of using NFT in Solana has always been growing, but according to the recent situation of the digital currency market, the sales volume of NFT has been on a downward trend.
• The supremacy of the Magic Eden marketplace is undeniable from the point of view of sales volume however Exchange Art is the leading marketplace from the participation of Whales.
• The origin of NFT projects on the each marketplace have had a great impact on the volume and price of NFT sales, which can be seen in the results.
• Considering the importance of NFT projects and their popularity among users, all marketplaces are trying to introduce unique projects and gain a larger share of the NFT sales market.

References and useful links:

• Solana blockchain
• NFTs on Solana
• Exchange Art

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani