Recently got selected in @Covalent_HQ 1st Data Alchemist Bootcamp where we learnt how to query their standardised blockchain data and create visualisations easily on the Increment platform! This will be my 1st thread using it, where we will dive deep into X2Y2 NFT Marketplace🧵 
REACH
1/ User Base Market Share
From launch in Jan 2022, we can see that x2y2's user base market share was steadily increasing and reached it's peak around 14% of the entire NFT market on ETH chain, but has collapsed in recent months to around 3%, not a good sign
1/ User Base Market Share
From launch in Jan 2022, we can see that x2y2's user base market share was steadily increasing and reached it's peak around 14% of the entire NFT market on ETH chain, but has collapsed in recent months to around 3%, not a good sign
2/ Daily Sales Count
Daily sales count seems to be more volatile with occasional sharp upward and downward transaction count, probably indicating of dependence of a few collection sales during those periods. Peak reached around 14,000 sales but again collapsed to 300+ recently.
Daily sales count seems to be more volatile with occasional sharp upward and downward transaction count, probably indicating of dependence of a few collection sales during those periods. Peak reached around 14,000 sales but again collapsed to 300+ recently.
3/ Daily Buyer vs Seller Count
Graph pattern here seems to be similar to daily sales count. For most of the time there seems to be more sellers than buyers and only in recent months it was the reverse, possibly due to "lower priced" NFTs in the bear market
Graph pattern here seems to be similar to daily sales count. For most of the time there seems to be more sellers than buyers and only in recent months it was the reverse, possibly due to "lower priced" NFTs in the bear market
4/ Sales Count By Collection (top 15)
If we were to look at the number of sales by collection in top 15, it seems rather disappointing that we do not see well known or blue chip collections other than ENS, with the rest just "dead forks" of blue chips like BoredApePlayingCards 💀
If we were to look at the number of sales by collection in top 15, it seems rather disappointing that we do not see well known or blue chip collections other than ENS, with the rest just "dead forks" of blue chips like BoredApePlayingCards 💀
RETENTION
5/ Buyers and Seller Cohort Retention
We can also observe that while X2Y2 seller base generally have lower Churn Rate than the buyer base, but it is obvious the churn rate definitely is creeping up for both user types.
5/ Buyers and Seller Cohort Retention
We can also observe that while X2Y2 seller base generally have lower Churn Rate than the buyer base, but it is obvious the churn rate definitely is creeping up for both user types.
6/ Buyer and Seller Base Volume Distribution
At the start of 2022, we clearly see Opensea having the monopoly, LooksRare later took the storm and later X2Y2 and X2Y2's volume share increased massively to 70%+ of the total volume for buyer and seller base across marketplaces...
At the start of 2022, we clearly see Opensea having the monopoly, LooksRare later took the storm and later X2Y2 and X2Y2's volume share increased massively to 70%+ of the total volume for buyer and seller base across marketplaces...
6/
... And we see that X2Y2 have its share now collapsed to 40% for buyers and about 20% for sellers. Interestingly, LooksRare started to regain by volume among X2Y2 user base, which is a worrying sign that lesser users of X2Y2 are coming back to utilise the platform
... And we see that X2Y2 have its share now collapsed to 40% for buyers and about 20% for sellers. Interestingly, LooksRare started to regain by volume among X2Y2 user base, which is a worrying sign that lesser users of X2Y2 are coming back to utilise the platform
REVENUE
7/ Fee Revenue and Growth Rate
Fee revenue peaked around USD180,000 daily but has since collapsed ten-fold to about USD18,000 daily and revenue growth rates seemed pretty "flat" mostly, except for the abnormal spike recently where revenue for one day was a mere USD145
7/ Fee Revenue and Growth Rate
Fee revenue peaked around USD180,000 daily but has since collapsed ten-fold to about USD18,000 daily and revenue growth rates seemed pretty "flat" mostly, except for the abnormal spike recently where revenue for one day was a mere USD145
8/ Sales Volume and Growth Rate
Total Sales Volume reached its peak around USD 35,000,000 and also collapsed ten-fold to about USD 3,000,00 recently
Total Sales Volume reached its peak around USD 35,000,000 and also collapsed ten-fold to about USD 3,000,00 recently
9/ Sales Volume by Collection (top 15)
Under top 15 collection by sales volume of last 30 days, we definitely start to see some glimmer of hope with blue chip names like BAYC, Doodles, Moonbirds
Under top 15 collection by sales volume of last 30 days, we definitely start to see some glimmer of hope with blue chip names like BAYC, Doodles, Moonbirds
10/ Sales Volume Market Share (ETH chain)
Market share of X2Y2's Sales volume compared to total ETH based NFT marketplace volume increased exponentially to about 50% at some point but dropped to and hovering around 20%+ for the last few months, another glimmer of hope for now
Market share of X2Y2's Sales volume compared to total ETH based NFT marketplace volume increased exponentially to about 50% at some point but dropped to and hovering around 20%+ for the last few months, another glimmer of hope for now
11/ Revenue Per Buyer and Growth Rate
Revenue generated per buyer daily peaked around USD 500 but again collapsed ten-fold to about USD 50 and Revenue/buyer growth rate flatlined or "in the red" after it peaked
Revenue generated per buyer daily peaked around USD 500 but again collapsed ten-fold to about USD 50 and Revenue/buyer growth rate flatlined or "in the red" after it peaked
12/ Millionaire Wallet Volume %
While initially there is huge usage of X2Y2 by "smart money users" consisting around 70% of the volume during the peak, it has since saw these users exiting the platform and currently only a measley 2% of the daily platform volume.
While initially there is huge usage of X2Y2 by "smart money users" consisting around 70% of the volume during the peak, it has since saw these users exiting the platform and currently only a measley 2% of the daily platform volume.
13/ Conclusion
🚩 X2Y2 is performing badly in many metrics
🚩 This includes falling platform revenue, falling platform sales volume, current users leaving for LooksRare, smart money leaving (they are definitely imp to help drive platform activity)...
🚩 X2Y2 is performing badly in many metrics
🚩 This includes falling platform revenue, falling platform sales volume, current users leaving for LooksRare, smart money leaving (they are definitely imp to help drive platform activity)...
13/
⭐ Though some glimmer of hope with some blue chip collection volume for past 30days
🚩While its able to maintain sales volume market share about 20%+ in recent months, this is "busted" by wash-trading allegations, possibly artificially driven cryptoslate.com/roughly-48-of-…...
⭐ Though some glimmer of hope with some blue chip collection volume for past 30days
🚩While its able to maintain sales volume market share about 20%+ in recent months, this is "busted" by wash-trading allegations, possibly artificially driven cryptoslate.com/roughly-48-of-…...
13/
🚩 "Weak value proposition" of X2Y2, other than just lower fees (0.5% compared to OpenSea's 2.5%), similar UX and WETH reward distribution to X2Y2 token stakers (unattractive with low revenue and risk of X2Y2 stake value decreasing in bear market, leading to losses)
🚩 "Weak value proposition" of X2Y2, other than just lower fees (0.5% compared to OpenSea's 2.5%), similar UX and WETH reward distribution to X2Y2 token stakers (unattractive with low revenue and risk of X2Y2 stake value decreasing in bear market, leading to losses)
13/
🚩 As of now, X2Y2's future as an "OpenSea fork" does seem pretty bleak with high chance of going obselete unless groundbreaking changes are made 😞
🚩 As of now, X2Y2's future as an "OpenSea fork" does seem pretty bleak with high chance of going obselete unless groundbreaking changes are made 😞
14/ Recommendations
💡Recently X2Y2 team enforce collection royalties on 18th Nov, possibly in a bid to retain sellers, remains to be seen how it will work out
💡One recommendation would be it has to "UP" its marketing and outreach of the platform, which could include: ...
💡Recently X2Y2 team enforce collection royalties on 18th Nov, possibly in a bid to retain sellers, remains to be seen how it will work out
💡One recommendation would be it has to "UP" its marketing and outreach of the platform, which could include: ...
14/
💡... handing out rewards to NFT collection teams along w/ vetting to ensure quality collections listings on the platform (help drive smart money back), securing exclusive partnerships and listing rights on their platform with say big brands like Nike, etc and possibly...
💡... handing out rewards to NFT collection teams along w/ vetting to ensure quality collections listings on the platform (help drive smart money back), securing exclusive partnerships and listing rights on their platform with say big brands like Nike, etc and possibly...
14/
💡... helping out these big brands to onboard and list on their platform with a dedicated "support team"
💡Platform mechanisms to stop wash-trading activity
💡Lowering fees no longer a working formula, since OpenSea which has higher fees still remains a favourite place to go
💡... helping out these big brands to onboard and list on their platform with a dedicated "support team"
💡Platform mechanisms to stop wash-trading activity
💡Lowering fees no longer a working formula, since OpenSea which has higher fees still remains a favourite place to go
That's all folks for this thread. If you enjoy this thread, give this a "❤️".
Feel free to drop comments like improvements to be made since this is a newbie attempt hahas
Link to Covalent Dashboard: covalent-embed.vercel.app/page_30a2e41a2…
#blockchain #analytics #Covalent #datalchemist
Feel free to drop comments like improvements to be made since this is a newbie attempt hahas
Link to Covalent Dashboard: covalent-embed.vercel.app/page_30a2e41a2…
#blockchain #analytics #Covalent #datalchemist
and maybe an RT too!
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