Try Quests to earn cryptoUniswap NFT Aggregator
Question:
Show daily transaction volumes on Uniswap's NFT aggregator.
Describe in your own words the benefits of using this marketplace to trade NFTs.
Overview of analysis:
Uniswap announced that users can now trade nonfungible tokens, or NFTs, on its native protocol. As told by Uniswap, the function will initially feature NFT collections for sale on platforms including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20 and NFTX. In this analysis, the sale activity through Uniswap NFT aggregator has been evaluated. This analysis contains these parts:
- Live sale stats (General and over time)
- Comparison with other NFT aggregators on Ethereum
- Stats related to the Airdrop of Uniswap
Because of the first days of launch, this dashboard is considered as Live and refresh in daily basis to follow the stats of sale in near future.
What is Uniswap NFT Aggregator:
The Uniswap platform is a decentralized exchange (DEX) based on the Ethereum network, where people can exchange ERC20 tokens. In this exchange, there is no need for buyers and sellers to create demand and this is done through an equation, which automatically adjusts and adjusts the value.
Unlike many exchanges that are centralized and you have to trust intermediaries, this DEX is a tool for people in the community and people can use it to exchange tokens, so that there is no need for intermediaries and third parties; At Uniswap, you trust smart contracts. Also, unlike many other exchanges, Uniswap does not match the buyer and seller to determine the price and execute the trade.
About NFT aggregators:
Genie is an aggregator and aggregator of NFT marketplaces on the Ethereum network. Instead of checking different markets to buy unique tokens, you can see them all in one place on this platform. An important feature that Genie provides to users is buying and listing multiple NFT tokens at once and during one transaction, which saves gas costs.
Recently acquired by the Uniswap decentralized exchange, the Genie platform brings together various NFT markets. In this way, users do not have to spend a lot of time searching different markets to find a unique item from a collection at a reasonable price. Of course, Ginny only covers the Ethereum network, the ERC721 standard and a limited number of markets, but we will probably soon see the addition of other markets and support for ERC1155. The most important feature that Ginny provides to users is the ability to buy and sell NFT tokens in batches and during one transaction, which leads to a reduction in fees.
Methodology:
The data provided by Flipside has been used to handle this analysis. To handle this investigation the following steps have been passed as below:
- Find out the NFT sale by Uniswap NFT aggregator
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Find the transactions related to the Uniswap Router
Uniswap_Router= '0xef1c6e67703c7bd7107eed8303fbe6ec2554bf6b' -
Determine the sale activity on Uniswap NFT aggregator by placing these
tx_hashonethereum.core.ez_nft_sales -
General metrics→ Count of sale and purchasers- Count of NFTs, marketplaces and collections- Average sale volume- Average sale count and volume of sale per day, collection and marketplace- Floor and highest sale price
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Over time metrics→ General metrics overtime, Cumulative analysis, 7 and 14-day moving average sale price in USD, Median and average sale price in USD
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- Compare with Other NFT aggregators on Ethereum
- Genie users USDC airdrop stats
Findings:
First of all lets explore the sale activity by Uniswap NFT aggregator since its launch:
- The count of sale and unique purchasers were high on the first days of launch as can be seen.
- Over 260k USD sold via Uniswap NFT aggregator on December 6 and its the highest volume of sale so far.
- The most dominant marketplace for Uniswap NFT aggregator is OpenSea with highest count and volume of sale.
- Among marketplaces of Uniswap NFT aggregator, the Larva Labs has the most expensive NFTs so far.
Findings:
Now lets compare the NFT aggregators on Ethereum (Blur and Gem) with Uniswap NFT aggregator:
- The comparison contains the share of market among NFT aggregators by various aspects including sale count, unique purchasers and volume of sale in USD.
- The outcomes reveal that the Blur NFT aggregator on Ethereum has the highest usage from all of the mentioned aspects and the performance of Uniswap NFT aggregator is acceptable due to its short launch time.
- The sale activity on Blur has been done for expensive NFTs compared to Uniswap and Gem based on the average and Median sale price chart.
- The average paid fee (creator and marketplace) is higher for Uniswap NFT aggregator compared to Blur and Gem.
- By the use of Uniswap NFT aggregator, users can buy and sell NFT tokens in batches and during one transaction and this reduced the transaction fee and according to the above chart, the Uniswap NFT aggregator has the lowest transaction fee per NFT among aggregators.
Findings:
This part used to track the USDC airdrop into eligible Genie users:
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According to this article about 5 million USDC will be distributed among eligible users.
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Eligible users are considered as:
- Users made at least two transactions until 2022-04-15→ $300USDC
- Holders of Genie NFTs→ $1000 USDC
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Because the airdrop is not over yet, the results of this section will be updated daily.
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The highest count of airdrop claimers and volume of USDC happened on November 30 with over 1.6269 million USDC airdrop.
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Eligible users can claim their airdrop in USDC for the next 12 months.
Conclusion:
- Uniswap NFT aggregator has promising sale stats in the short time period since its launch due to the Batch buying and selling in one transaction and saving gas network fees.
- NFTs of many brokers are sold at auction and sometimes some of them are not sold. If the collection is popular, the remaining numbers will sell out very quickly on the marketplaces. If you want to check each and every page to buy these tokens, it will take a lot of time and you will have to pay a lot of money. With the help of the Sweep feature in Uniswap, you can buy all the items in one transaction. In this way, you only pay the gas fee of a transaction.
- The OpenSea has the highest share of utilization on Uniswap NFT aggregator among NFT marketplaces on Ethereum.
- About 48.5% of Uniswap airdrop for historical users of Genie have been claimed so far track daily updates for final records.
Useful links:
Author:
Credited by MZG
Discord handle: m.zamani#0361
Twitter handle: @GargariZaman