Analysis

NFT Tracker: Rise of the Apes

Tracking the top NFT collections on Ethereum blockchain in the last 30 days

mrodin

May 18, 2023 • 3 min read

Art created for MetricsDAO by artghost

Metrics Minds Weekly #6

NFTs, or non-fungible tokens, represent a seismic shift in the world of art, entertainment, and digital assets. At its heart, NFTs are about democratizing access to these assets. They empower artists and creators by providing a platform to sell their work directly to the consumer without any intermediaries, which leads to a fairer distribution of profits. For collectors and consumers, NFTs offer a new way to engage with and own art, music, and other forms of creative output.

Understanding NFT sales is crucial, not just for investors, artists, or collectors, but for anyone interested in the future of digital ownership and internet culture. With millions of dollars flowing into this space, NFTs are also beginning to be considered as an asset class, with financial institutions and major auction houses entering the market.

MetricsDAO analyst Masi delved into the world of NFTs and analyzed their performance over the last 30 days on the Ethereum blockchain. Here are the main takeaways:

April peak

The highest number of sellers and buyers were seen during the week of April 10th, 2023, probably due to the release of new NFT collections such as Azuki and Wrapped CryptoPunks, and the popularity of high-value NFTs. The total USD volume peaked during the same week.

[chart] NFT sales on Ethereum in last 30 days — Source: Masi

One and done

The majority of buyers purchased only one NFT in the last month and spent between $100 and $1,000 on it. This suggests that NFT traders are mostly individual collectors rather than large buyers or institutional investors.

[chart] Number of NFTs bought by majority of people on Ethereum — Source: Masi

[chart] Breakdown of NFT buyers by USD on Ethereum — Source: Masi

Apes rise

In terms of individual collections, the following emerged as the top performers: Milady, Mutant Ape Yacht Club (MAYC), Azuki, Bored Ape Yacht Club (BAYC), and Wrapped CryptoPunks, which is backed 1:1 by an original Cryptopunk — one of the first NFTs on the blockchain.

[chart] Bestselling NFTs in April on Ethereum — Source: Masi

Worth noting that after outperforming in April, Miladys price slumped last week amidst a dramatic revelation that its creator Charlotte Fang was the controversial online entity “Miya”.

OG to the fore

Wrapped CryptoPunks had the highest USD volume, followed by BAYC and MAYC. You can’t keep the apes down though — BAYC had the highest average NFT price, followed closely by Wrapped CryptoPunks. BAYC also scored first on the creator fee volume they brought in.

[chart] NFT USD volumes in April on Ethereum — Source: Masi

[chart] Average price of NFTs in April 2023 on Ethereum — Source: Masi

Final takeaway:

By keeping an eye on NFT sales, like MetricsDAO analyst Masi did, you can gain insights into the broader crypto market.

Understanding NFT pricing and performance data also benefits artists, creators, and anyone interested in issuing their own NFTs. Data provides insights into the behavior in this emerging market and contributes to a deeper understanding of blockchain technology and the digital economy.

Just remember that the NFT market is still new and can be incredibly volatile, so approach it with caution and don’t base decisions solely on short-term price movements.

Check out the analysts' full dashboards to learn more:

Masi: Ethereum NFT Tracker | Twitter

To help MetricsDAO support women in analytics like Masi, and other diverse groups in data and web3, join our upcoming community call for Women in Web3 Analytics on May 31st at 9AM ET on Discord. Also, tune into our Twitter space with Women in Blockchain Data on June 1st at 10:30AM ET.