Nansen’s on-chain insights point to the growing adoption of NFTs on Arbitrum One via the Treasure Marketplace.
Nansen Lite now offers NFT Market Overview and Trends for free via email sign-up on the Arbitrum One network. Full Nansen subscribers have the added benefit of Mint-Master and being able to drill-down into individual projects and wallets using NFT God Mode, NFT Wallet Profiler and NFT Item Profiler. This coverage will enable users to discover opportunities, perform due diligence and make strategic decisions when investing in Arbitrum-based NFT projects.
Using Nansen’s new coverage we found that:
- The transaction volume processed and the number of transactions completed on Arbitrum One has increased in Q1 of 2022 compared to Q4 of 2021. Year-to-date, we have witnessed 205% growth in Arbitrum One NFT users.
- The growth in both new and returning users remains volatile on Arbitrum One.
- Contracts with 1000 or more sales per week and 10 or more sales per week have experienced growth since the start of the year.
- 4.5% of wallets have currently made a minimum of a 100% return on investment in their Arbitrum-based NFTs with the top 20 wallets all exceeding 10,000%. This was enabled in large part through Treasure’s free mint model which launched the popular Smol Brains and Legions NFTs.
With the benefits of low gas fees, it is no surprise that more users are switching to Arbitrum One, allowing the protocol to lock in over USD 4 billion in total value. Among the many developments on Arbitrum One, the Treasure Marketplace has emerged as its biggest marketplace for NFTs denominated in Treasure’s native token $MAGIC. To understand how Nansen can support data coverage for this community, we conducted an informal focus group session with several Arbitrum One users. Astrololo, an Arbitrum enthusiast, pointed out that:
“Arbitrum has low network fees. It allows users to do much more for less. For example, it allows you to play on-chain games such as on ETH. You need to pay like $80 to do a transaction. On Arb[itrum], you pay under $1, and you’re always guaranteed a mint most of the time. It allows creators to make games that require interaction and constant gas fees while making it something people can afford to play” – Astrololo
Additionally, Treasure’s free mint model and organic community growth have been one of its critical strengths. One user of Atrbitrum One, Travis, believes that “a solid [Arbitrum] community is the core for all successful projects, as they are able to withstand changes in the market performance, and any external attacks/breaches on the project, seen in the recent events.” Another Artibirum user, sisu, shared:
“The thing that sets us apart is that everything on the Treasure Marketplace feeds back into each other. It’s all denominated in $MAGIC, and each listing is part of the larger whole, with their respective games, increasing the network effects of the ecosystem.” – sisu
Responding to the enthusiasm of Arbitrum One and Treasure users, Nansen asked users how we could provide data coverage for this community. Arcanic shared:
“Nansen can help participants on Treasure/Arbitrum by not only bringing over the same features and utility as on L1 but also gather[ing] and collect smart data regarding the tokenomics of the various collections on Treasure, possibly creating tools that can help visualize data such as yield when inputting certain values (i.e. NFTs held – boosts)”. – Arcanic
Adopting Arbitrum One users’ feedback, Nansen now offers users a network of real-time dashboards centered on the NFT-related activities on Arbitrum One.