Dune Digest #49
Optimism Quests, Phishing, Floors & More!
GM
Welcome to Dune Digest #49!
We’re back to our usual schedule this week, after a few special editions.
This week’s edition is very JPEG themed though, in celebration of our new integration of Reservoir data!
Reservoir is the #1 NFT focused developer platform, which aggregates NFT orders from across the NFT ecosystem.
Reservoir data on Dune opens up countless new possibilities for NFT analysis!
Wizard @pandajackson42 was so excited about the integration that he went and made a thread all about it - we recommend checking it out!
As always, we can’t wait to see what you build.
In other news:
Recordings of all DuneCon talks are now live on our YouTube channel. You can use this thread as a guide, give them a watch this weekend and feed your mind!
This week’s Dune Arcana was excellent. @agaperste took us through a deep dive on The Merge, explaining every query step-by-step. She and @0xBoxer were also joined by legendary Wizard @hildobby for an AMA at the end….. Check it out!
Right, let’s get into this week’s data…….
Optimism Quests ☀️
Last week Optimism launched Quests, a series of tasks that users can complete to earn special NFTs.
The quests involve working through tutorials then putting your knowledge to the test by completing tasks on platforms like Velodrome, Stargate Finance, Uniswap, Synthetix, and others.
@springzhang made a dashboard covering things.
So far 32,969 users have minted an average of 4 NFTs - 131.3k in total!
For the past 10 days, participants have been minting away while testing out the major platforms on Optimism:
The most popular so far has been Uniswap, with over 20k NFTs minted for its challenge. Number 2 is Stargate, followed by PoolTogether, Veldrome, Quix & others:
The average participant is a little over 20% through the challenges:
42% have only minted one….. But over 10k have minted 5+, and 4.3k have minted 10+!
So does this kind of thing work? A similar model worked relatively well for Arbitrum a few months back with their Odyssey, and Optimism certainly has seen a boost too.
Transactions & average users spiked significantly compared to recent averages:
And thousands of participants were new users too!
This appears to have become the go-to model for onboarding new users to L2s.
The “e-learning plus NFT bribe” strategy seems to be a great way to introduce users to your ecosystem, and get them hands-on experience with the important pieces!
It will be interesting to see the final results. This dashboard has way more data - check it out.
Solana vs Ethereum NFTs ⛓️
A little over 2 weeks ago at DuneCon, top investor Tomasz Tunguz gave a great talk entitled Trends in Crypto.
Tomasz covered a huge range of topics in this amazing talk. You can watch it here.
He touched briefly on Ethereum vs Solana NFTs, noting that around 40% of NFT buyers now use Solana:
“40% of NFT buyers now use Solana. But because Solana NFTs are worth only about 10% on average what an Eth NFT is, Ethereum NFTs remain 90% of the GMV”
Today @subinium published a Twitter thread exploring the topic through a newly released dashboard.
For the first time in September, the number of Solana NFT trades (2.9m) has eclipsed Ethereum (2m):
As you can see from the chart, Solana is not taking collectors away from Ethereum in any meaningful way - but rather is growing the NFT space as a whole.
The growth is impressive. Back in late 2021, Solana NFTs were barely a thing - but they grew explosively throughout ‘22:
Does this mean that it’s over for the NFT market on Ethereum?
Of course not, quite the opposite. Ethereum is still the place where the whales play, and where you go to buy real blue chips.
Ethereum NFT volume was almost $1 Billion in September (974m), vastly exceeding the respectable $121.4m on Solana.
Value on Solana is growing though relative to Ethereum, even though overall volume is way down across the board:
Both chains slowed down in terms of new users over the last quarter, but September saw an uptick for Solana!
The key takeaway here is that new chains are expanding the NFT market as a whole, enabling new use cases and onboarding new kinds of users - while Ethereum maintains its spot as the king of the high end…..
Check out the full dashboard for more.
Phishing for NFTs 🎣
As we’re all aware - scams, hacks and fraud are the bane of the crypto space.
One particularly pernicious flavor is the phish, an old-school scammer favorite tracing its history all the way back to the wild-west internet of the mid-90s.
These days, unfortunately, phishing attacks are often used to relieve people of their beloved (and valuable) NFTs!
@denze created an interesting dashboard recently that dives into some of the major incidents - let’s take a look……
7 incidents are included in the analysis, all involving some variation of holders being tricked into transferring their NFTs to the attacker through a malicious link.
In these incidents, @denze identifies 232 victims.
643 NFTs from 269 collections were stolen in total. Right now the value of the stolen pieces is at $1.891 Million. At the time of theft though they were worth over $5m.
53% of NFTs were stolen in one event, the infamous Premint hack of July 17th, 2022.
Hackers managed to compromise Premint’s site with malicious JavaScript, which created a pop-up directing users to verify their wallet ownership.
They then infiltrated user wallets and stole 321 NFTs with a value of $399k at the time……
Though this incident accounted for the majority of NFTs stolen, it only represented 7.8% of the total value.
It is dwarfed by the BAYC Instagram hack on April 25th…..
The value stolen in this hack was over $2 Million at the time, and is still $623k in today’s prices and over 48% of the total.
There were 45 victims who lost 135 NFTs in total - ouch!
Another high value hack involved a fake trading site and targeted unlucky Moonbirds holders in late May. The 2 victims lost 49 NFTs with a value of $1m+ at the time…..
@denze notes some interesting takeaways.
And……
“Even though there were 232 total victims, 4 victims accounted for 65.6% of the total value stolen. Those with large, high-value holdings aren’t compromised often relative to smaller collectors, but when they are - it’s incredibly damaging”
A similar trend holds for the collections themselves.
The top 20 collections (by value stolen) account for only 27% of NFTs stolen, but 94% of the value.
Clearly, you can never be too careful when it comes to safeguarding your NFTs. This is a great dashboard - check it out for more insights.
Is “Listing Floor Price” a BS Metric? 📈
When you first get into NFTs, one of the first terms that you see thrown around is floor price.
For the uninitiated, “floor price” refers to the lowest-priced NFT in a collection, and is one of the most common metrics collectors use to evaluate a project.
So far, so simple. Or is it?
@niftytable is an OG Dune Wizard, and a real expert on the NFT market. He spoke in a panel at DuneCon, and shared his interesting story, check it out.
In his latest dashboard, he opens with a provocative statement:
“As you explore different collections you will find a consistent theme. Listing floor price is a bullshit metric. For most NFTs, the real floor (price you can sell the NFT at) sits well below the listing floor”
What does this mean?
Nifty draws a distinction between Listing Floor and Realized Floor:
In a great Twitter thread, he argues that floor price is a bad metric for success.
While you may perceive your NFT to be worth at least as much as the listing floor price, the real floor - the price that buyers are actually willing to pay - is generally lower.
We can demonstrate this by looking at BAYC. Look at the difference between the listing floor and the “real floor”, defined here as the bottom 5% of sales on that day:
In the Twitter thread, he points out that for BAYC, Cool Cats and Moonbirds - the real floor also sits 10%+ below the listing floor on median:
What’s the takeaway?
“Listing floor is the lowest price holders are hoping to sell at. The minimum value of your NFT is usually lower than that. Base value is the price where you can actually get liquidity on the NFT if you wanted to. Watch sales data, not floor”
This dashboard was made possible by our new integration of Reservoir data, which is going to take the NFT analysis you can do on Dune to the next level!
In the dashboard you can check this for any collection - give it a try!
OpenSea 🤝 Optimism
OpenSea continues its relentless multi-chain march, this week announcing a launch on Optimism.
@mslib7 was quick with a dashboard. It’s very early days, but there are already a few stats we can look at.
L2 NFTs are still emerging, and nowhere near the scale of NFTs on Ethereum itself.
In just a couple of days though - 400 addresses have made 356 exchanges. Current volume is around $3.5k:
So far, the most popular collection has been the Optimism Quest NFTs - with 129 trades racking up $785 in volume.
Other favorites like OptiPunks and Bored Town have also seen action:
The fees on Ethereum are all well and good for high-value trades, but Optimism will enable new use cases for lower value NFTs at a greater scale.
An interesting development to watch. Check out the dashboard for more data.
More Dashboards
GN
Thanks for reading everyone, and of course a special thanks to all the wonderful Wizards featured.
The post-DuneCon mood in the community is great. The data is flowing. WAGMI.
gm
gm