ON–140: NFTs (Part 2)
Coverage on Opensea.
Sep 30, 2022
- The overlap of NFT owners across projects tends to be sparse. When looking at 4 blue chip projects, only 8 addresses hold all 4 collections, while only 5-10% of addresses hold two of any collection. This indicates addresses have strong "brand preference" and are not blanket collecting.
- Even though collections tend to be siloed, HODLERs of projects aren't adding to their positions. The average address balance across several projects is either down or slightly unchanged, depending on when the project first launched.
👥 Kofi
- OpenSea launched its Optimism marketplace on August 27th. This is another big step forward in OpenSea’s plans to become the leading cross-chain NFT marketplace. 400 wallets have traded on the new marketplace.
- OpenSea trading volume has dipped in the bear market. There was 230k ETH of trading volume on the Ethereum mainnet marketplace this month. This is 85% lower than the all-time high of 1.6m ETH monthly volume.
- 360k wallets traded on OpenSea’s Ethereum market in August. The drawdown in OpenSea monthly active wallets has not been as bad as the drawdown in monthly trading volume. The number of active wallets is only down 34% from the all-time high.
