Moving to Earn in the Bear Market

__Introduction: __"Move to Earn” projects, such as Genopets and StepN, have been growing in popularity since launching on Solana in late 2021. Each project has their own NFT ecosystems and two native tokens ($GMT and $GST for StepN, $GENE and $KI for Genopets). Purpose of this analysis is to compare user, token, and NFT activity since launching.

Conclusion: Genopets has fewer users and NFTs but more NFT sales, while StepN continuously mints NFTd and has significantly higher volumes of transfer of their token.

Methods:

• NFT Mints were determined using fact_nft_mints table and counted for project if they were the original purchaser.
• NFT Sales were determined using the fact_nft_mints table joining to fact_nft_mints and counted for project if they were the original purchaser.
• Token Transfers were counted using the fact_transfers table counting $GMT & $GST for StepN and $GENE & $KI for Genopets.
  • Subsequent analysis should be done on Token Swaps.
• Project Users were determined by users who transferred an assets (token or NFT) by project on a given day.

Volume of StepN mints is 15x Genopets.

Most Genopets mints were in December 2021, while StepN continuously mints NFTs, peaking in late May with 15k+ NFTs minted daily.

Despite more StepN NFTs, Genopets sales are 5x StepN.

Genopets NFT sales has a 3 spikes over 1k+ daily. Worth further investigating what event drove these spikes.

SIgnificantly more volume of token transfers for StepN over Genopets.

GST accounts for majority of token transfers for projects.

Significantly more StepN users than Genopets.