JPG Store
advanced analytics AND BULK TRADING for power users
BACKGROUND
Power users, who traded large numbers of NFTs on a daily basis, accounted for a significant portion of our trading revenue. Initially, each NFT had to be bought or sold individually, resulting in a cumbersome experience. Furthermore, power users relied on advanced data to maximize their trading profits, and we wanted these analytics to be a core part of our trading experience.
SOLUTION
A “pro mode” for power users with improved analytics optimized for day trading. New bulk trading features allowed users to buy, list, and sell up to 50 NFTs in a single transaction. Users could also list multiple NFTs as a bundle, which could be bought in a single purchase.
Pro mode for power users
Power users prioritized NFT traits over art, as rare traits fetched higher prices. We launched a pro mode with built-in analytics, a compact list view to see more NFTs at once, and direct purchasing so users never had to navigate away from the page.
Advanced analytics
We added a dedicated analytics page for each collection, showing sales and listing trends as well as details on current holders. This gave traders insight into the profitability of the collection, and make informed trading decisions.
Trading depth chart
One highly requested feature was a depth chart, visualizing the supply and demand of the collection. At a glance, they can compare the buy and sell pressure.
Sweeping
Sweeping allowed buyers to purchase multiple NFTs in a single transaction. They could enter a quantity which automatically buys the cheapest listings, or select individual NFTs for purchase.
Auto-skip unavailable NFTs
During high trading activity, NFTs marked for sweeping might get bought by someone else before purchase. To prevent failed transactions, we automatically skip these, purchase the remaining NFTs, and provide a summary afterwards.
Bulk listing
Users could also list multiple NFTs from their wallet for sale in one transaction. They make their selection, and then set and confirm the listing price for each NFT.
Bundle sales
To facilitate faster trading, sellers could list multiple NFTs as a bundle, with a single sale price. Buyers could purchase the entire bundle instead of having to buy the NFTs individually.
The buyer can scroll through all NFTs in the bundle and purchase them all in a single transaction.
SUMMARY
My role
I was responsible for designing the end-to-end experience of bulk trading features and analytics graphs, incorporating it into our existing trading mechanics for a more seamless experience.
Pain points during discovery
Buying and selling multiple NFTs individually was a high friction experience
A network fee was charged per transaction by the blockchain, resulting in added cost
Pro traders needed to utilize third party analytics tools to gather insights before trading
Product objectives
Allow traders to buy and sell multiple NFTs in a single transaction
Optimize the trading experience for power users that day trade NFTs
Allow power users to access detailed analytics without ever leaving the marketplace
Outcome
As of September 2023, over ₳210M worth of purchases have taken place using the sweeping tool, which resulted in a 23% increase in overall revenue in the month after launch. Today, sweeping is still a widely-used feature, accounting for 1/3 of purchases on the marketplace. Since launch, bundle sales accounted for 7% of all trading activity.