Optimism’s largest NFT marketplace, Quixotic, is the target of this article, since we will dive deep into NFT sales there.
An Overview
On Ethereum’s layer-2 platform Optimism, Quixotic is the largest NFT marketplace. Trading NFTs on a marketplace based on Optimism is much faster and cheaper than on Ethereum mainnet, which is one of the benefits. Additionally, with gas fees so high right now, it’s worth considering using a Layer 2 platform like this to buy and sell NFTs. The platform charges only 0.0005 ETH ($1.50) per transaction, making it more accessible to most NFT traders. Since the company was established, it is estimated to have saved its members approximately more than $6 million in gas fees.
This Quix is designed for Layer 2. Taking a closer look at its different features, we find that:
- Scalable : On Optimism, you can experience the future of Ethereum on Quix, the world’s largest NFT marketplace
- Fast : Save up to 100 times on gas fees with Ethereum.
- Secure : Benefit from Ethereum’s decentralized smart contract platform security
We can get more information about this from the official site of https://quixotic.io/ as shown in the image below
More than a $900 millions in value is locked onto the OP network on the Ethereum blockchain, one of the fastest growing Layer 2s.
On Optimism, here are the top NFT marketplaces:
- Quix : In the Layer 2 network of Optimism, Quix is one of the largest and most popular NFT Marketplaces. OptiPunks, Motorheadz, Bored Town, and more are among the most popular collections on the site.
- OpenSea : An NFT Marketplace that runs on multiple chains – including Optimism, Ethereum, Solana, and others – OpenSea is deployed on numerous platforms. Although it is a good alternative to Quix, it is not as popular with artists, creators and collectors of Optimism.
- Backed (NFT Lending) : Backed is a peer-to-peer lending platform that lets you leverage your digital art and collectibles to borrow cash. US Dollars are used to denominate the loans, and the interest rate starts at 4% APR. Both the Optimism network and the Ethereum mainnet support Backed.
- Optimarket.io : This is Optimarket, a new NFT marketplace that is specifically designed to trade digital art and collectibles. NFTs can be bought and sold easily with its simple and user-friendly interface.
- Tofunft.com : Optimism’s Tofunft platform is another new NFT marketplace. It specializes in trading digital art, collectibles, and gaming assets.
Approach
This article explore the Optimism’s largest NFT marketplace, Quixotic and the buyers and sellers on Quixotic NFT market place . We can also find information about sales and sales volume by collection on this marketplace. We can also see the Top 10 NFT Buyers by their purchases, and we can see the Top 10 NFT Buyers by their sales, and we can also see here the amount of sales of the top 10 NFTs. Here in this analysis we considered Bear time as between February 2022 and October 2022
- Daily Metrics Of Quixotic MarketPlace (NFT Sales, Sale Amount(ETH) , Sellers and Buyers)
- Number Of NFT Sales And Amount Of Sale Volume(ETH) By Collection
- Number Of NFT Sellers And Buyers By Collection
- Top Most NFT Buyers During Bear Market Based On Purchase And Sales Volume (ETH)
- The top 10 NFTs in terms of sales amount by collection
Daily Metrics Of Quixotic MarketPlace (NFT Sales, Sale Amount(ETH) , Sellers and Buyers)
In the following graphs, we can see how Quixotic marketplace performed during bear time. According to my analysis, a bear period would be from February 2022 to October 2022. The sale of the NFT collection “mirror wnft optimism collective: hello world” peaked in May 2022. A particular collection however experienced a decrease in sales after June 2022. During a peak bear market time in July and August, “optimistic explorer – get started nft” sales were at their maximum. Market sales of NFTs were, however, on a downward trend from August 2022 onward. As a result, NFT sales were very low during the bear market. Cryptocurrency market volatility is responsible for all of these events.
According to the daily NFT sales by collections, optimism is showing high sales during this bear time. Furthermore, the graph below shows a decrease in sales volume from Jun 2022 onward. And which almost became nothing in August 2022. It is clear from this that the bear market is negatively affecting the sale volumes of NFTs in one of the largest NFT marketplaces.
As can be seen from the graph below, NFT sellers increased suddenly during the “optimistic explorer – get started nft” collection from July 26 to August 5, 2022. Perhaps that’s the case ” To make getting started on Optimism even more fun, we’ve also incorporated a key crypto primitive: NFTs.” Once you start, you can mint one of the five NFTs in the Optimistic Explorer Collection at @quixotic_io, each representing a different building in the city of Optimism.” This tweet indicates an increase in NFT sellers.
Here is the tweet :
According to the graph below, 32,573 NFTs were purchased between February 10, 2022 and October 7, 2022 across all collections. Among all NFT buyers, 1 (Boxer) has the lowest number and 13,974 (mirror wnft optimism collective: hello world) has the highest number. The number of NFT buyers peaked at 1,435 on April 27, 2022. Since February 10, 2022, the total number of NFT Buyers has decreased by 67% from 9 to 3. The number of NFT Buyers in June 17, 2022 and May 1, 2022 was lower than normal, while in June 14, 2022 and April 27, 2022 it was higher than normal. In this case, we see the extreme downtrend in the market for NFT buyers caused by the bear market.
Number Of NFT Sales And Amount Of Sales Volume(ETH) By Collection
By Collection, we can see how many NFTs have been sold on Quixotic market during the bear market period, and what the sale amount has been (ETH). In my analysis, I took the bear market period from February 2022 to October 2022 into account. In the following graph, we can see that the Hello World Collections contributed for 47.34% of total sales, while the Top 2 Collections contributed for 58.4% of total sales. As we can see, mirror wnft optimism collective: hello world generated $29.8K in sales.
From the below graph, we can see that the total Sales Volume(ETH) across all Collections is $903.69. Optipunk Collections contributed 36.7% of total Sales Volume(ETH) and Top 2 Collections contributed 54.97%. In terms of total sales volume (eth), the lowest is $0 (tinyninjas), while the highest is $331.67 (optipunk).
Number Of NFT Sellers And Buyers By Collection
Based on the below graph, we can see that the top 2 collections (optimistic explorer – get started NFT and bored town) contributed over 30% of all NFT sellers. As shown in the following graph, the top 5 collections contributed almost 50% of all sellers between Feb 2022 and Oct 2022.
We can see from the graph below that the top collection (mirror WNFT optimism collective: hello world) only accounted for over 42% of all NFT buyers. The graph below shows that the top 3 collections accounted for almost 54.39 percent of all buyers during a bear market.
Top 10 NFT Buyers During Bear Market Based On Purchase And Sales Volume (ETH)
According to the following graph, the top ten NFT buyers are ranked based on their purchases. The total number of purchases across all top 10 NFT buyers is 864. Out of these Top 10, 321 transactions were recorded under ‘0x219ce49b918d787b0ce85e23b6ead08e09d1093a’. According to their purchases, 0x219ce49b918d787b0ce85e23b6ead08e09d1093a Buyers contributed for 37.2%, whereas Top 2 Buyers contributed for 62.5%. If we take this into account, we can conclude that more than 60% of buyers receive their purchases from the top 2 buyers.
As you can see in the following graph, the top ten NFT buyers are sorted by sales amount (ETH) from Feb 2022 to Oct 2022. A total of $72.13 has been sold by all top 10 buyers. Graph below shows that the top two buyers contributed 32.16% to the total sale amount (eth), while the top four buyers contributed more than half (50.62%). Among the total amount of sales amount (eth), the minimum amount is 5.15 (0x57eadd1811affbd06c03787caa973e626c090c62), and the maximum amount is $15.83 (0xce3f17ff0f62bc9b2e27c64ed9b6838828ac73ba).
NFTs With The Highest Sales Amount By Collection During A Bear Market
The graph below shows the top 10 NFTs ranked by their ETH sales between February 2022 and October 2022. The majority of the top 10 NFT collections comprise the optipunk collection out of all 10. Out of the top 10, 7 are from the Optipunk collection. Among the top 10 NFTs, $9.04 is the total sale amount. A total of 71.13 percent of the total sale amount goes to optipunk, out of the three NFT Collections. A total of 37.94% of the sale amount was contributed by the top two TX hashes, and 60.07% by the top three TX hashes. The minimum Sale Amount for this sale was $0.42 (apetimism), and the maximum Sale Amount was $1.93 (optipunk).
Observations
The above analysis is based on the bear market period (Feb 2022 to Oct 2022), and explores how the NFT sales, sale volume, and Buyers and Sellers performed in Quixotic NFT marketplace during this period.
- According to the above analysis, the collection ‘mirror wnft optimism collective: hello world’ has the highest daily NFT sales among all collections.
- The sales declined after June 2022, according to the sales data. The Quixotic attacker hacked USDC’s offer feature, draining more than $100,000 from Optimism. There is a possibility that sales were reduced due to this hacker attack.
- During a peak bear market time from July 26th to August 5th, “optimistic explorer – get started nft” sales were at their highest. Maybe that’s what happened. “We’ve also incorporated a key crypto primitive, NFTs, to make getting started on Optimism even more fun. Starting out, you can mint up to five NFTs from the Optimistic Explorer Collection on @quixotic_io, each representing an individual building in the city of Optimism.” It is likely that this is the reason for the sudden spike in NFT sales at that time.
- In terms of percentage of NFT sellers by collection, the top 5 collections accounted for almost 50% of all sellers.
- Analysis shows that the top collection (mirror WNFT optimism collective: hello world) only contributed over 42% of total NFT purchases.
- Out of the three NFT Collections, Optipunk contributes the most to the total sale amount (71.13%). There was a $1.93 sale generated by Optipunk.
- Based on the above analysis, ‘mirror wnft optimism collective: hello world’ had the highest NFT sales of $29.8K. Optipunk Collections accounted for 36.7% of the total Sales Volume (ETH).
- Over 40% of NFT buyers came from the mirror wnft optimism collective: hello world collections.
- In total, 864 purchases have been made by all 10 top NFT buyers. The buyer who contributed for 37.2%, or 321, is ‘0x219ce49b918d787b0ce85e23b6ead08e09d1093a.
- According to the top 10 NFT buyers, the lowest amount of sales (eth) comes from (0x57eadd1811affbd06c03787caa973e626c090c62), and the highest amount comes from (0xce3f17ff0f62bc9b2e27c64ed9b6838828ac73ba).
- Following the hack on Quixotic marketplace, where Optimism and USDC were drained of more than $100,000, NFT sales and volume (ETH) on Quixotic marketplace are declining.
- Also, in times of bear markets, we can see that the sales and Volume of NFTs are in a downward trend. Optimism’s largest NFT marketplace Quixotic is suffering a lot from the bear market, based on the overall analysis above.
Reference Query
1. WITH nft_sales as (
SELECT
logs.block_timestamp,
logs.tx_hash,
logs.contract_address as collection_addr,
logs.event_inputs:from as seller,
logs.event_inputs:to as buyer,
txns.eth_value as sale_amount,
NVL(lbl.address_name, 'Others') as nft_collection_name
from optimism.core.fact_event_logs logs
INNER JOIN optimism.core.fact_transactions txns using (tx_hash)
INNER JOIN optimism.core.dim_labels lbl ON lbl.address = logs.contract_address
where logs.origin_to_address in ('0x3f9da045b0f77d707ea4061110339c4ea8ecfa70',
'0x20975da6eb930d592b9d78f451a9156db5e4c77b',
'0x065e8a87b8f11aed6facf9447abe5e8c5d7502b6')
and logs.event_name = 'Transfer'
and logs.event_inputs:to = origin_from_address
and logs.event_removed = false
and sale_amount > 0
),
daily as (
SELECT
date_trunc('day', block_timestamp) as date,
nft_collection_name as collection_name,
count(tx_hash) as sales,
count(distinct seller) as sellers,
count(distinct buyer) as buyers,
sum(sale_amount) as sales_volume_eth
FROM nft_sales
GROUP BY date, collection_name
)
SELECT * FROM daily
---------------
2. WITH nft_sales as (
SELECT
logs.block_timestamp,
logs.tx_hash,
logs.contract_address as collection_addr,
logs.event_inputs:from as seller,
logs.event_inputs:to as buyer,
txns.eth_value as sale_amount,
NVL(lbl.address_name, 'Others') as nft_collection_name
from optimism.core.fact_event_logs logs
INNER JOIN optimism.core.fact_transactions txns using (tx_hash)
INNER JOIN optimism.core.dim_labels lbl ON lbl.address = logs.contract_address
where logs.origin_to_address in ('0x3f9da045b0f77d707ea4061110339c4ea8ecfa70',
'0x20975da6eb930d592b9d78f451a9156db5e4c77b',
'0x065e8a87b8f11aed6facf9447abe5e8c5d7502b6')
and logs.event_name = 'Transfer'
and logs.event_inputs:to = origin_from_address
and logs.event_removed = false
and sale_amount > 0
)
SELECT
tx_hash,
nft_collection_name,
sale_amount
FROM nft_sales
ORDER BY sale_amount DESC
LIMIT 10
--------------------