How involved are ALCX users with NFTs?

This project investigates the degree to which Alchemix users are involved in the non-fungible token (NFT) space. All data comes from Flipside Crypto’s Velocity database, while summary calculations and graphing are performed in Python.

To access the relevant dashboards, use the following GitHub link:

Key Takeaways

As of April 19th, 2021, roughly 14% of ALCX holders have purchased at least 1 NFT. In total, the ALCX community has purchased 3,621 NFTs, meaning that the average ALCX holder has purchased 10.2 NFTs. The most popular NFTs by token_id were 2, 1, 3, 4, 5, 6, 5.789604461865810e+76, 11, 10, 13. However, due to duplicate token_ids in the relevant databases, it was impossible to conclusively determine the names and descriptions of the most popular NFTs.

Assumptions and Definitions

  • ALCX Holder: Any wallet address that has a non-zero ALCX balance.
  • Non-fungible token (NFT): A blockchain-based method of certifying the authenticity of a digital asset. “Non-fungibility” refers to the idea that each NFT cannot be traded one-to-one for another asset but exists as a unique standalone.
  • NFT Holders: Any wallet address that has ever purchased an NFT. In Flipside’s Velocity database, this was approximated by taking the unique instances of wallets in the event_to column in table ethereum.nft_metdata.
  • Each token_id in the ethereum.nft_events database is assumed to correspond with a unique NFT.

Question I: What proportion of wallets that hold ALCX also have an NFT?

Holders of Solely ALCX vs. Holders of Both ALCX and NFTs

As of April 19, 2019, ~14% of ALCX holders have also purchased at least one NFT, revealing limited overlap between the communities. This is likely explained by the fact that the use cases for the two technologies are quite disparate — NFTs being mostly used in digital art and collectibles while Alchemix seeks to disrupt retail banking functions. Users interested in receiving an interest-free, no-liquidation loan (or investing in the governance token of a project with that aim) are not very likely to also be interested in buying CryptoPunks, and vice-versa. Alternatively, this may be explained by the fact that many crypto power-users have multiple addresses for different purposes. Thus, ALCX and NFTs may be stored in different wallets but held by the same person.

NFTs Held by ALCX Holder (Top 100 Holders) — Note that the average statistic presented above is only among ALCX holders that have purchased at least 1 NFT.

However, it seems that ALCX users who do buy NFTs are quite prolific in the space. The 335 wallets that hold both ALCX and NFTs have purchased a total of 3,621 NFTs. This means that the average ALCX holder that has purchased at least 1 NFT has purchased ~10 NFTs — quite an impressive collection.

% of Total NFTs Held by Group

It is important to note that this data is highly skewed — the median (or 50%) ALCX holder that has purchased 1 NFT has only purchased 3 NFTs. In fact, the top 10 NFT and ALCX-holding wallets own 31.5% of all NFTs owned by the ALCX community, the remainder of the top 100 owns nearly 49%, and the bottom ~200 owns less than 20%. This indicates that people who buy both ALCX and NFTs are likely wealthy crypto natives who believe in blockchain’s disruptive potential across a wide range of fields, not just in DeFi.

Question II: Of the NFTs that ALCX Users hold, which are the most popular?

Title: # of Copies of NFT held by ALCX Community Holders
# of Copies of NFT held by ALCX Community Holders (Table)

By token_id, the most popular NFTs are 2, 1, 3, 4, 5, 6, 5.789604461865810e+76, 11, 10, 13. However, each of these token_ids corresponds with multiple NFTs, which share contract_addresses and other identifying features as well. While this makes it impossible to discern which specific NFTs are more popular than others among ALCX holders, it can still be ascertained that, more generally, the NFTs in the following link are among the most popular NFTs in the ALCX community.

Crypto investor, believer in a more equitable digital future.