NFT Cartoon Jpegs & Token Fundamentals — Ethereum and Solana
Cryptoken Board UÜ team is publishing another report, in our attempt to provide both quantitative and qualitative coverage of digital assets, with this installment introducing the most popular NFT market collections, or as they are popularly referred in crypto as “Cartoon JPEGs”. In this study, we’re aggregating market statistics by leveraging CoinGecko open access data, for both Ethereum and Solana blockchains, covering a top 100 NFT collections, using quantitative statistics such as mint — market capitalization, liquidity, token distribution aka “ownership” and trading volume.
Our research and coverage team is taking another step forward, by doing both tabular and graphical representation of SOL and ETH — NFT collections, hoping to unravel characteristics that are not visible to a naked eye by introducing market comparables or “comps”. Additionally, this way we can also draw some qualitative conclusions from the charts and graphs presented, and make financial comparison between the two leading NFT blockchains Solana and Ethereum.
The analysis provided by our team is adding to our research series, first of kind comprehensive study of the leading NFT collections — introducing fundamental analyses comps such as i) token distribution, and ii) market liquidity. Please note, we are only doing coverage of the NFT collections, and not commenting on the market-places themselves that distributing nun-fungible and community tokens like Open Sea, Rarible, SuperRatre, The Foundation and Blur. For a full list of NFT market-places, we encourage everyone to check out a Dapp Radar application https://dappradar.com/rankings/nft/marketplaces.
Industry Statistics
Some industry statistics and market commentary, per the Earth Web report so how many people (accounts) own NFTs in 2023 ? Currently there are around 350,000 wallets registered to own NFTs, and also it’s estimated that around 9% of the NFT community owns approximately 80% of the total value in NFT items.
According to Earth Web, there are an estimated 2.7 million distinct NFTs held by only 32,400 NFT users. Since users can own multiple NFT wallets, the same with all digital asset wallets, the number of people actually engaged in the buying and selling of NFTs is likely significantly smaller.
The eponyms of these collections are creative at least, absurd at most (hehe welcome to crypto-verse), as we have some quite peculiar NFTs names that are dubbed as “Stones Ape Crew” and “Monkey Baby Business”. For referencing the entire list of both Ethereum and Solana collections, check out the next section of the report!
Ethereum
CryptoPunks ● Bored Ape Yacht Club ● Mutant Ape Yacht Club ● Chromie Squiggle by Snowfro ● Azuki ● Pudgy Penguins ● Captainz ● LAND ● Otherdeed for Otherside ● DeGods● Clone X ● YOU THE REAL MVP ● Milady Maker ● TOPIA Worlds ● Meebits ● Otherside Koda ● Moonbirds ● VeeFriends ● The Potatoz ● Bored Ape Kennel Club ● Otherdeed Expanded ● Doodles ● CryptoPunks V1 (wrapped) ● Terraforms by Mathcastles ● Lil Pudgys ● Neo Tokyo Citizen V2 ● NeoTokyo Citizens ● Winds of Yawanawa by Yawanawa and Refik Anadol ● Mocaverse ● Opepen Edition ● BEANZ Official HV-MTL mfers ● Azuki Elementals ● y00ts● 0N1 Force ● Creepz by OVERLORD ● Kanpai Pandas ● Cool Cats
Chart 1 above includes a comprehensive universe of the leading Ethereum NFT token issuance by mint, including eponym collections, their floor price in both USD and the native token ETH, market capitalization, 24 hour trading volume, liquidity, and token distribution. We’re calculating in this instance, liquidity as a function of USD daily trading volume.
A brief takeaways from Ethereum based NFT collections, Crypto Punks and Bored Ape Yacht Club have highest floor prices with 44.75 and 29.35 as of October 28th 2023. Let’s recall that an NFT floor price is the minimum price at which a non-fungible token within a specific collection or on a marketplace can be bought or sold. They are considered benchmarks for gaining insight into the lowest or fairest price of an NFT. (prices are updated in real-time and indicate the health and activity of the tokens) — using data from CoinGecko in our study. We’re not commenting on the token economics of these collections nor market making, we simply want to present with this research piece a categorical list of the leading ETH collections, enabling us in the crypto community to reference aggregate market statistics and market dynamics.
The average Ethereum NFT collection has a floor price 5.40 ETH, with the range of NFT floor prices fetches from the high of Crypto Punks 44.75 ETH and low of HV-MTL 0.25 ETH. The average market capitalization (albeit it might be skewed due to top two NFT collections boosting 794 million USD and 521 million USD) is 71 million USD, and when excluding those two collections we arrive at 34.5 million USD. The average trading volume is 292 thousand USD per day while on average there are 5,275 owners per collection. The average liquidity for ETH NFT collections is 46 basis points.
In the following two charts, Chart 2 and chart 3, our team has done some interesting studies, comparing various market indicators with Clustered “Combo” Reports. Here we’re hoping to display a distribution of token dynamics, when analyzing the unique features such as a number of owners (each collection has a total distribution amount, with each NFT displaying unique and distinct features backed by provenance) that effectively represents NFT distribution.
Solana
Mad Lads ● Photo Finish PFP Collection ● Solana Monkey Business ● Claynosaurz ● GGSG: Galactic Geckos ● Degenerate Ape Academy ● Famous Fox Federation ● Okay Bears ● Aurory Solcasino.io ● Jelly Rascals FRAKT ● Taiyo Robotics ● Degen Fat Cats ● Cyber Frogs ● The Heist ● The Catalina Whale Mixer ● Lifinity Flares ● Smyths ● Portals ● Monkey Baby Business ● Pawnshop Gnomies ● AssetDash Vanta ● Transdimensional Fox Federation ● Stoned Ape Crew ● sharx by sharky.fi ● Gods ● Taiyo Pilots ● Famous Fox Dens ● Reavers ● Bored Ape Solana Club ● Degenerate Trash Pandas ● CETS ON CRECK ● Primates
Chart 4 above includes a comprehensive universe of the leading Solana NFT token issuance mints, with the very same data points as the Ethereum table or Chart 1. We wanted to standardize this report, that can help us glean more information about a distribution of liquidity when comparing to floor prices and the number of owners. As you can see, from a tabular format, it’s very hard to decipher any meaningful comparison between the two leading chains. This is why we’re using cluster combo charts!
A brief summary of the analyses, unlike Ethereum, Solana NFT collections follow an evenly distributed curve of floor prices, although the top five collections Mad Lads, Photo Finish PFP Collection, Solana Monkey Business, Claynosaurz and GGSG: Galactic Geckos all have total market capitalization of + 10 million USD. The average floor price for the leading NFT collections is 15.68 SOL. The average market capitalization is 3.7 million USD. The average trading volume is 11 thousand USD while on average there are 2,146 owners per collection. The average liquidity for SOL NFT collections is 29 basis points.
In conclusion, we can see see from combo / cluster charts, that Solana NFT collections follow a more uniform path of token ownership, with high / low ranges of the NFT floor price being evenly distributed. This could indicate higher organic adoption and marketing of various NFT collections comparing to Ethereum. Also, liquidity as a function of a number of owners, also follows more evenly distributed market-places for Solana. Ethereum NFT collections have higher market capitalization, higher floor prices, and higher liquidity. We would love to hear more from the crypto-community, please feel free to engage with us on Social Media, Twitter and Medium, and make sure to join our Cryptoken Board UÜ Telegram channel.
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