Thread by @turkmmtz

You often hear:

"NFTs are in a bear market right now because the price of #Solana is going up"

But is this actually true? Are the prices of NFTs actually inversely related with the price of SOL? Or is this just cope / copium?

I did a *VERY* rough analysis to find out👇

How?

1) I tracked the avg sale price of 6 random NFT collections everyday for the last month
2) Calculated the % change in their avg prices day-to-day
3) Took the avg of the % changes and aggregated into 1 data set
4) Plotted it against the % change in the price of SOL

Graph 👇

Graph results:
- A rise in the price of SOL is often accompanied by a drop in the price of NFTs. You can see this pattern quite beautifully in the graph where the blue peaks correspond with the red dips and vice versa.
- Correlation is NOT perfect => this is not the whole story!

- Sometimes the price of SOL and NFTs go up simultaneously (hype cycle)
- Need way more than 6 collections!
- Need to analyze whether $ value of NFT also goes down
- This was PAINFUL to do manually
- Better version of this will be on de.xyz by @DeGodsNFT