Open Analytics Bounty: Optimism (October 22)

    Introduction

    What are NFT market places?

    An NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs plus sell them to others for cryptocurrency or money.

    What is Opensea?

    Opensea is the first ever decentralized NFT marketplace built on the Ethereum blockchain and is currently the largest. You can use it to buy or sell NFTs and create your own NFT collections. As complicated as it sounds, OpenSea is actually a simple platform to navigate, and anyone can use it. OpenSea is an American online non-fungible token marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017.

    What is Magic Eden?

    Magic Eden is the most popular NFT marketplace on the Solana blockchain. Launched on September 17 of 2021, it was created as a marketplace competitor that could act as a home base for NFT collections on SOL. it is also a sophisticated decentralized NFT buying and selling platform that allows users to buy, sell and trade unique digital assets. It allows users to interact with each other in a trustless environment.

    What is Quix?

    Quix is the largest NFT marketplace on Optimism, the layer 2’s Ethereum platform. The marketplace is launched on December 2021.

    Since optimism has the Ethereum security and at the same time fast and cheap transactions, Quix is an ideal place for users to trade NFTs.

    Main goals of this analysis

    Highlighting and providing insights on metrics such as :

    • Discovering the rate of change of visualized metrics since the start of the new year and finding if there is any signs of growth of a certain marketplace or ecosystem of NFTs?
    • Highlighting the 5 most popular NFT collections for each marketplace over the timeframe in terms of sales volume.
    • How is the turnover rate (number of transactions) for collections on Quix is it noticeably higher than on OpenSea and Magic Eden?
    • Providing some insights on these findings comparing marketplace performance and adoption between Quix, Magic Eden and OpenSea, since July of this year.
    • And other related metrics.

    Method📃

    Majority of the needed data about comparing metric about these marketplaces was extracted by mainly using solana.core.fact_nft_sales ,solana.fact_swapsfor Magic Eden,ethereum.core.ez_nft_sales for Open sea and optimism.core.fact_event_logs, optimism.core.fact_token_transfersand optimism.core.fact_transactionsfor Quix, tables provided by Flipsidecrypto database, also to make these raw extracted data more comprehensible all sort of proper charts and graphs were used.

    This analysis made 2022/07/01 as its main starting time frame.

    Quixotic, Magic Eden and OpenSea Comparison

    [1]Numeric values related to these marketplaces :

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    OpenSea

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    Magic Eden

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    Quix

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    [1]Discoveries

    • Total volume of sales and its worth : Opensea 7.26M worth 1.65B USD, Magic Eden 8.28M worth 336M USD and Quix 155.7K worth 3.63M USD.
    • Amount of Transactions done by buyers and sellers : Opensea with 22.7K NFTs traded by 574K buyers and 601K sellers, Magic Eden 1K NFTs traded by 384K buyers and 437K sellers and Quix with 0.83K transactions done by 27.1K buyers and 26.79K sellers.

    [2]Charts and graphs related to these marketplaces :

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    [2]Discoveries

    • Most of the sales in since 2022/07/01 was on Sep7 and8th most of these sales belonged to Magic Eden with 251K and 236K respectively in total Magic Eden consists of 60% (8.2M) sales done followed by Opensea 5.4M sales, since 2022/07/01 Quix had less than 1%.
    • In the best case, sales on Opensea was barely crossed Magic Edens and was mostly below it daily sales volume.
    • Most amount of volume in USD generated was on Aug10 with Opensea alone generating 25M USD, Magic Eden generated its most money(10M USD) on Sep6 for Quix it was Sep21 with 590K in USD generated, overall Opensea with more than 80% of the total net profit generated since 2022/07/01 completely overshadowed both Magic Eden with 431M USD and Quix with 4M in USD.
    • Most buyers on Opensea, Magic Eden and Quix are 30K on Jul8, 27K on Sep7 and 3.1K on Sep21 in particular order.
    • Most sellers on Opensea, Magic Eden and Quix are 36.5K on Jul9, 27.8K on Sep7 and 3.7K on Sep23 in particular order.
    • highest NFTs traded was Sep7 and 8 which most of them(159K),(157K) was on Magic Eden overall 94% of unique transactions was on Magic Eden.

    3]Popular NFT collections on these marketplaces :

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    [3]Discoveries

    • Most popular collections on Opensea, Magic Eden and Quix are : Boredape(75M), DeGods(472K) and Optipunk(49K) respectivly.
    • Most popular collections ever on Opensea, Magic Eden and Quix are : Boredape(1.96B), Okaybears(1.88M) and Optipunk(1.1M) respectivly.

    [4]Complementary metrics

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    How markets react to network price?

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    [4]Discoveries

    • Most of buyers preferred trading price range is 100-1000$ tier on all markets except on Quix which its 10-100$.
    • Also most of sellers preferred trading price range is 100-1000$ tier on all markets except on Quix which its 10-100$.
    • Usually there is a slight spike on sales parallel to its native tokens price bump.

    Conclusion

    • Opensea 7.26M worth 1.65B USD, Magic Eden 8.28M worth 336M USD and Quix 155.7K worth 3.63M USD seems like Opensea had the most amount of money generated with less volume compared to Magic Eden, the fact that Magic Eden generated far less money compared to Opensea with more transactions must be due to more valuable collections being traded on Opensea.

    • Sep7 and Sep8th had the most sales for MagicEden 251K and 236K respectively and Magic Eden consists of 60% of total sales since 2022/07/01.

    • Highest transactions was on Sep7 which most of them(159K) was on Magic Eden.

    • Most popular collections on Opensea is not surprisingly Boredape due its high media attention and celebrity attraction and Otherside for Magic Eden its ABC and Degods for Quix Optipunk and Apetimisim since 2022/07/01

      seems like most of the popular collections on Opensea are constant due to their relatively high publicity.

    • Both of the buyers and sellers prefer to to buy in 100-1000$ price range on all marketplaces except on Quix which its 10-100$ probably its considers a new comer compared to other marketplaces and have yet to gain larger traders trust.

    • A Whole year of bearish market seems to be taking its toll on NFT markets too with a general decrease on sale volumes and the amount of transactions mostly buyers due to their doubt about the future of the market and its profitably.

    • Between all there of the marketplaces Quix seems to be the least popular but its growth in popularity is outstanding and a bright future can be awaiting Quix to join the NFT markets top dogs.

    • MagicEden already a top dog between markets, is having more interactions compared to a behemoth like Opensea and some day with enough planning/marketing and more maneuvering on Sols relatively cheaper gas fees compared to Opensea which is mostly ETH based, it might some day be the number one NFT marketplace but we cannot overlook Quix strong launch as a mainly Optimism based marketplace.

    Author: Sbhn_NP

    Discord : Sbhn_NP#8717

    Twitter : Sbhn_np

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    Thanks for your time!