NFTx User Activity

This dashboard aims to provide insight into user activity of NFT vaults on the NFTx platform.

Introduction

NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs). Users deposit their NFT into an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within the vault. vTokens can also be used to redeem a specific NFT from a vault.

Benefits include:

LP and stake minted vTokens to earn yield rewards
Better distribution and price discovery for NFT projects
Instantly sell any NFT by minting it as an ERC20 and swapping via Sushiswap
Increased liquidity for NFT investors and speculators

In this dashboard, we'll look at the vault activity over the last 60 days. Specifically, NFT deposits and withdrawals from the vaults.

Methodology

Use NFTx.io to find the top 50 NFT vaults by Total Value Locked.
Use the contract address of the NFT to filter for vault transactions in the ethereum.core.fact_event_logs table.
Filter for transactions over the last 60 days using where block_timestamp >= current_date() - 60 and filter for vaults deposits and withdrawals using event_name = 'Minted' or event_name = 'Redeemed'

Results

First, we'll look at the total number of deposits and withdrawals by NFT project over the last 60 days. We can see that Milady Maker saw the most activity over the last 60 days, with roughly an equal number of deposits and withdrawals. Other projects with high activity are GOBLINTOWN, Forgotten Runes Warriors Guild, Shinsei Galverse and Tubby Cats.

When we look at the activity per project per day we can see that Milady Maker saw the most activity between May 16th and May 28th. We can also see that GOBLINTOWN saw a lot of activity from May 21th.

There is quite some similarity between the projects with the most activity. All projects are single-character NFTs. There are also similarities in style. For instance, Milady Maker, Tubby Cats and Shinsei Galverse are more an anime style. Forgotten Runes is more pixel art style while GOBLINTOWN is more a drawing style.

Conclusion