Try Quests to earn cryptoSolana - More Mints
Q56. Metaplex is an open source protocol that allows for the creation and minting of NFTs using a standardized format across wallets and applications. It is essentially the backbone architecture for Solana NFTs. How many NFTs have been minted over the past week? Since the beginning December, how many NFTs have been minted per week? Chart the growth of unique purchasers over time. What percentage of all mints have been via Metaplex's Candy Machine?
Date: 2022-04-22
This analysis is focused on the Solana Metaplex program and its amount of NFTs minted since December 2021 and in the past week.
All data is from between December 1st 2021 and April 15th.
What is Solana Blockchain?
Solana is an open source, high-performance, permissionless layer-1 blockchain.
What is Metaplex and its Candy Machine?
The Metaplex platform, which combine a decentralized protocol and an open source framework, allows everyone to launch their own NFT collection including a storefront. Candy Machine i heir fully on-chain generative NFT distribution program for the Solana Blockchain.
Methods
- queried and filtered solana.fact_nft_mints for most numbers and charts
- queried solana.fact_transfers for groth data
- timeframe 2021-12-01 - 2022-04-15
- Metaplex NFT Candy Machine v1 / CMv1 / cndyAnrLdpjq1Ssp1z8xxDsB8dxe7u4HL5Nxi2K5WXZ
- Metaplex NFT Candy Machine v2 / CMv2 / cndy3Z4yapfJBmL3ShUp5exZKqR3z33thTzeNMm2gRZ
Sources:
I just found out, that Candy Machine v1 got hacked on April 1st.
On 1/4/22, nearly 4000 Solana NFT projects were drained of their funds due to a reinitialization bug present in the Candy Machine v1 smart contract on Solana. The account, cHfYkrVAwfEoe3Mr2GbvzpNQJboDL6AiBoFZDsf8dxj, converted 1,027 SOL into 155k USDC using Raydium, and then transferred the USDC into their FTX account. The vulnerability was patched while the attack was actively going on, at 6:20am on 1/4/22.
Looking at the bar chart above and especially the 1st of April, we can't see any markable changes. We might see a small dip but this happened also on other days ... it seems that this hack had no influence on NFT minting via Metaplex.
178k NFTs were mined over the past week with Metaplex NFT Candy Machine, of which 99.3% (177,526) were minted via CMv2 and only 0.74% (1323) via CMv1.
The graph above shows the distribution of minted NFTs over the week and shows a relatively even distribution of the minted NFTs. Only on 10.04. there is a somewhat stronger upward swing in the minting numbers and on 11.04. a rather weaker day.
Since December 1st, 2021 more than 4.18 Million NFTs were minted with Metaplex NFT Candy Machine!
The graph shows the NFTs minted per week via Metaplex from December 1st, 2021 to April 15th, 2022. You can clearly see how the amount of NFTs minted via CMv1 decreases more and more since the week of December 13 and the number of NFTs minted via CMv2 increases more and more from week to week. In the week of April 10, only 582 NFTs were minted via CMv1.
In the timeframe from December 1st, 2021 and April 14th, 2022 5.64 Million unique NFTs were minted on Solana!
74% of all NFT mints on the Solana Blockchain in the timeframe between December 1st and April 14th were minted via Metaplex. That means Metaplex is by far the biggest NFT minting platform on Solana! Only 26% were minted via other platforms.
Conclusion
- 178k NFTs minted in one week
- 99.3% (177,526) were minted via CMv2
- 4.18 Million NFTs minted with Metaplex since December 1st, 2021
- CMv1 is decreasing and disappearing, CMv2 was increasing and is now an a solo run
- Generally NFT miniting and purchasing is growing strong!
- Metaplex hack was only on appliction level, not on blockchain level, so it had no effect on purchases etc.
Thanks for reading!
We can see a strong and solid growth in the chart above for the timeframe between December 1st and April 14th.
This analysis was created on 2022–04–23 for a bounty at Flipside Crypto by piper to answer the following questions:
Solana - More Mints: Q56. Metaplex is an open source protocol that allows for the creation and minting of NFTs using a standardized format across wallets and applications. It is essentially the backbone architecture for Solana NFTs. How many NFTs have been minted over the past week? Since the beginning December, how many NFTs have been minted per week? Chart the growth of unique purchasers over time. What percentage of all mints have been via Metaplex's Candy Machine?
All data used are from Flipside Crypto.