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Crypto decentralized applications create a new paradigm of data transparency that did not exist in the standard web 2.zero applications. I have argued before that may be a key feature that will define the next generation of consumer platforms. In this post, I will try make this more concrete by showing you an instance of this data transparency at work. In particular, we will dive deep into the data behind the meteoric rise of NFTs.

NFTs have skyrocketed into the mainstream consciousness over the past few months. From Time magazine creating TIMEPieces, to TikTok setting up a creator-led assortment, to Steph Curry shopping for a Bored Ape, NFTs appear to be everywhere. In case you might be unfamiliar, NFT stands for non-fungible token and is defined by the ERC721 and ERC1155 interface standards. In less technical terms, they’re unique, hence non-fungible, scarce, digital assets on the blockchain that can be owned and transferred.

The idea of digital ownership will not be new, and has been widely utilized in gaming contexts to permit players to customize their experiences by way of skins, upgrades, etc. The crypto model of digital assets and ownership is a meaningful evolution from this, because they’re provably distinctive and not governed by a single centralized entity. The actual fact one owns something on the blockchain will be independently verified by anybody who can access the blockchain ecosystem— making them a lot more portable throughout applications. For instance, one may imagine a world the place the owner of an NFT avatar is the only one who’s able to make use of that avatar throughout all their favorite social platforms. In that world, NFTs grow to be augmentations of the digital identity, and will be prolonged to many more applications past just avatars. Nonetheless, this potential is essentially unfulfilled right now, and plenty of NFT collections are, quite frankly, shallow projects that try to make a quick buck. This is why NFTs are such a polarizing topic — some consider that they pave the way for the metaverse and different imagine they don’t seem to behing more extraordinarily over-priced JPEGs. I will not try to nudge you in a single direction or another, but I’d like show you how crypto data can be utilized the understand both the macro trend and micro traits in NFTs.

NFT marketplaces

The first channels by way of which people have interacted with NFTs thus far have been exchanges like Opensea, Foundation, SuperUncommon, Rarible, etc. Some NFT smart contracts, most notably Cryptopunks, additionally implement their own exchange capabilities. These exchanges are decentralized applications on the blockchain that enable users to discover, buy and sell NFTs. By decoding the transactions, traces, and logs generated by these smart contracts, using the techniques I described in this submit, we are able to create a dataset that accommodates the small print of every single NFT trade in the Ethereum ecosystem

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