From OpenSea Statistics, Reddit Avatars May Truly Have Revived NFT's

I got really curious about the effect Reddit had on the NFT market so I decided to look into things. I first got OpenSea data tracked from their on-chain contracts. The actual analysis was done using the categories of Users and Total number of transactions. I omitted the total USD value of transactions as this is way too variable and unpredictable as even a single piece or collection can sell for huge amounts and massively affect the total value of all OpenSea pieces. That would make it too hard to find trends in the results. Data used was from May 2022 to September 2022. The avatars started being airdropped for free from about the 17th August and so I used monthly statistics going backward from this date at 30D intervals.

Here's what I found.

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https://preview.redd.it/v3vzwhqa9sp91.png?993&format=png&auto=webp&s=d1e631d974d4142a8cdbc60a605069c1e34696a3

What the data shows is a clear rebound in the monthly change in the total number of users and transactions from the downtrend of the previous monthly(30D) intervals just prior to the start of Reddit's free NFT airdrops. Now it is tough to say exactly if Reddit was responsible but I'd say an educated guess is that Reddit was at least partially responsible if not mostly responsible. It is too coincidental to say that some significant amount of recent NFT activity is not due to Reddit's avatars. Even the vast majority of NFT sales data following the merge was excluded from this analysis so the effect of that is minimal.

Also interesting, OpenSea executive feeling bullish despite crypto winter.