Introduction

DeGods is a deflationary collection based on Solana network, which consists of 10000 virtuous gods displaying art in their creative and eye-catching attire in different colours, most of them in festive Cairo. DeGods are NFTs that can be acquired through purchases in Solana's NFT markets, specifically Magic Eden and Alpha Art.

What are the benefits of owning a DeGod?

One of the biggest benefits for DeGod holders is obtaining permissions to join the exclusive Discord community of collection holders, where assets are verified to eventually gain access to DeDAO channels, which is the collection's own decentralised autonomous organisation funded by interest rates of 9.99%.

One of the other peculiarities of the collection is that DeGod holders can convert their NFT into a DeadGod by minting a special mix called StartDust using 1000 $DUST tokens, the collection's native currency within Solana. The idea is that it is not a new NFT, but a version of their own DeGod.

What are the benefits of having a DeadGod?

The idea is that by burning their DeGod to acquire a DeadGod, holders can acquire twice as many $DUST tokens, compared to just burning a DeadGod.

In this analysis, we will look at the volume of sales and purchases of unique wallets of DeGods since 1 January in Magic Eden. In turn, we will look at the traits of each attribute of the most commonly used NFTs, and see which attribute combinations have sold the most. Finally, we will look at purchases of the $DUST token.

Methodology

The analysis consists mainly of three basic approaches. The first one about the sales of DeGods in the Magic Eden market, the second one about the users who are acquiring $DUST tokens to get more profit, and the third one about the correlation between the two.

For the first approach, I have studied different metrics to observe the market dynamics of the DeGods collection market in Magic Eden. For this, the metrics analysed are:

• Daily and cumulative over time volume

• Buyers and sellers over time, as well as cumulative values.

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After this global analysis, I have conducted a thorough examination of the highest combination of attributes sold, as well as the best-selling feature of each of the attributes of the NFTs.

For the second approach, different metrics on $DUST in Solana have been calculated to see also the dynamics of the token. Among them are:

• Number of swaps and swappers over time

• Volume swapped over time

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Finally, for the third approach, I have made a comparison between different metrics above to see the correlation between DeGods purchases and $DUST swaps. The metrics studied are:

• $DUST swappers and swaps by DeGods buyers over time

• Volume swapped by DeGods buyers

• Correlation between DeGods buyers and $DUST activity

• Correlation between DeGods purchases and $DUST volume

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Results

For this first approach, we have 3 interesting graphs to analyse the activity of the DeGods collection.

• The first one shows the volume of Solana moved with the sales of the collection. Unlike many collections that have a very high peak in the first few days and then a good drop, in this case it is the opposite. It seems that the volume has been rising steadily since January until June, and we can also see that there have been two important peaks on 23 February and 22 March, when the daily volume reached 12k SOL. But the volume seems to be decreasing during the past days. The total volume so far is more than 660k SOL.
• In the second graph we can see the number of buyers and sellers of the NFTs. In this case we can see similar numbers so in most of the times the buyers and sellers are different. The peaks coincide with the same days as in the previous case, where the number of sellers reached 239 on the 23rd of February. Again, the activity seems to be decreased over the past weeks.
• Finally, the third graph shows the cumulative values of buyers and sellers. A total of 6479 wallets have sold DeGods while 5250 different wallets have bought them.

In this donut above, we can see the top 10 most NFT attributes combinations sold. We can see how there are three combinations that have been sold 7 times and the other seven 6 times.

The above graphs show each of the attributes of the NFTs and their daily percentages according to the number of sales of each trait. A more exhaustive analysis of these results will be done in another analysis but if you want to analyse a specific trait you can look at the graph itself to see the evolution or basically which type of sub-attribute is selling more.

In the graphs above you can see the activity of $DUST. In the first graph, you can see the daily evolution of the number of swappers and transactions over time. In the second one, you can see the swapped volume of $DUST.

In both cases, we can see quite similar trajectories, which resemble what happened with the DeGods sales. It seems that the volume was stagnant during the first few days but ended up rising considerably in the end. The same is true for the number of swaps and wallets swapping. This already gives us some indication of a possible correlation between the buyers of DeGods and the buyers of $DUST. However, in this case there has been a huge hype of the activity during mid May to mid June but suddenly decreased and these last days the activity decreased a lot.

If we split the volume observed in the previous analysis and just look at the volume moved through the actual buyers of DeGods NFT, we can see that the trend is the same. In fact, if we look at the highest values, we can see that of the 470 swaps and 263 users in March 22, 171 and 73 respectively were by wallets that bought DeGods. This means that 36% of the $DUST swaps are made by DeGod owners, and of the users exchanging $DUST, 28% have acquired DeGods. For the posterior days, the situation has been similar and the activity suddenly decreased during the past few days.

These final graphs are intended to analyse whether there is a correlation between the users with the most activity on one side and the other. In other words, the aim is to see if the users who have acquired the most DeGods are also the ones who acquire the most $DUST tokens.

The first one shows the relationship between number of DeGods purchased, total $DUST swaps and volume moved. In this case, we can observe that the more NFTs purchased, the higher the number of swaps and the volume also increases. Therefore, we have a strong and positive correlation.

In the second graph, we can clearly determine that users who buy more than 5 Degods, buy more $DUST and use more swaps to do so than those who buy less than 5 DeGods. In fact the numbers are clear, an average of 15 swaps and almost 5.5k $DUST of volume versus only 6-7 swaps and around 1.5k $DUST of volume.

Conclusion

This dashboard shows a deep analysis about DeGod NFT activity on Magic Eden and the acquisition of $DUST tokens. The study concluded that in both cases, the activity has increased over time, but the activity suddenly decreased in July. As well, a strong positive correlation has been observer not only about the activity of NFT buyers and $DUST buyers, but also between users who are acquiring teh highest number of DeGods NFT and the acquisition of most $DUST volume and number of swaps done.