Question:

Reddit is officially in the NFT game. Find 3 metrics to compare the Reddit NFT launch to the launches of other major NFTs.

Add any other interesting metrics comparing this launch to Polygon NFTs in general

Overview of analysis:

This analysis has been divided into the three parts:

• The mint analysis of Reddit NFTs
• The sale analysis by: Sale count, purchasers, sale volume and cumulative analysis
• The comparison of Reddit NFTs with TheMaticGreys and MyCryptoHeroes on:
  • First week of launch
  • First month of launch
  • First quarter of launch

About Reddit NFTs:

Reddit is basically a large group of discussion forums where registered users can talk about almost anything you can imagine; From world news and popular celebrities to technology, comic books, literature and the weirdest things in the world, including things that are not safe for work.

This association introduces itself as "the front page of the Internet"; Because active users on this platform get to know the important news of the world earlier than the rest of the people and can identify trends better than the general public.

Reddit, as a social network that played an important role in the promotion of digital currencies since its inception, has included Ethereum-based NFTs in its platform. It seems amazing that Reddit manages to sell tens of thousands of NFTs in a matter of hours in such a “crash cryptocurrency market” and also collect 3 million holders. However, with Reddit's monthly audience of just over 50 million users, experts say, this is just the beginning.

Therefore, according to analysts, Reddit has every chance to become one of the leaders in the field of cryptocurrency adoption. It will not be surprising to note that this social network has already become a cryptocurrency on par with Twitter.

Methodology:

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

In this analysis, the following topics have been covered:

• The transactions related to the Reddit NFTs→from polygon.core.fact_event_logs

  and event_name ='TransferSingle'

  • Mint→ event_inputs:_from = '0x0000000000000000000000000000000000000000'
  • Sale→ event_inputs:_from <> '0x0000000000000000000000000000000000000000'

• Used metrics→ Sale and mint stats, Average buyer/minter per day, USD volume of sale, Average USD volume per day, First week, month and quarter of launch for each NFT project

• Compared popular NFT projects:

  • TheMaticGreys
  • MyCryptoHeroes

Part 1: Mint Analysis

Findings:

This part indicates the mint of Reddit NFTs as below:

• The Reddit NFTs mint begun since 2022-05-16.
• About 590k mints have been happened since that date and over 2.86 million unique minters have been minted the Reddit NFTs.
• Since middle of August 2022, the number of mints, minters and NFTs have been increased dramatically.
• The number of collections on Reddit NFTs is 61 as we know.

Part 2: Sale Analysis of Reddit NFTs

Findings:

• The first date of sale for Reddit NFTs was July 9, 2022 as we can see in the figures.
• After starting Reddit NFTs sale, the average purchaser per day is about 116 unique buyers.
• The highest sale and purchaser count for Reddit NFTs happened on October 24.
• The cumulative analysis related to the Reddit NFTs sale and count of purchasers reveal the rising trend after start of October 2022.
• On October 24, the Reddit NFTs have been sold over 2.76 million USD and its the highest sale volume of this NFTs so far.
• The average sale price of Reedit NFTs increased over time and in the past 10 days, the average sale price of Reddit NFTs reached band of 130 USD.

Part 3: Comparison of Reddit NFTs with TheMaticGreys and MyCryptoHeroes

Findings:

• The first table shown the total stats of sale for popular NFT collections. Also, the first sale date of each collection has been shown too.
• The second table demonstrated the volume of sales for various NFT collections in USD and WETH.

Findings:

Lets analyze the volume of sale for the first quarter of launch for various projects:

• In the first quarter of launch, the Reddit NFTs has over 1.78 million USD sale volume and its remarkable.
• TheMaticGreys takes the second rank but the difference is so high.
• The average sale volume in USD per day for Reddit NFTs is over 44.6k USD.
• The Reddit NFTs are more expensive than other NFTs in the first quarter of launch.

Conclusion:

From the research on internet and outcomes of this analysis, the following statement have been drawn:

• The popularity of Reddit has huge impact on the trend of mint and sale for Reddit NFTs specially in the first period of launch.
• Despite other popular NFT collections, the Reddit NFTs has higher sale price rather than other collections.
• The Reddit NFTs has promising movement and could be one of the most popular NFTs on Polygon in near future.

Useful links:

• NFTs on Polygon
• Reddit NFTs
• Launch of Reddit NFTs

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Findings:

• In the first week of launch, the MyCryptoHeroes has the highest sale and purchaser count.
• In the first month of launch, MyCryptoHeroes has about 16 purchaser per day and Reddit NFTs has about 1 purchaser per day.
• The results has been changed for the first quarter of launch for various NFT collections.
• The Reddit NFTs has been dominated the every metric including sale count, distinct purchasers and average buyer per day.