SuperRare Sells Over $4M in Digital Art as NFT Market Explodes

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NFT digital artwork platform, SuperRare, has logged its best month yet, selling over $4 million in October. The platform and NFT market in general have seen exponential growth and improvements in the past few months.

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The Non-Fungible Token (NFT) and digital artwork platform SuperRare revealed that it sold over $4 million worth of art in October.

The platform announced that over 10,000 pieces of art had been sold, with artists earning $3 million. The performance is a testament to the sudden popularity of NFTs, which have matched the enthusiasm of the DeFi (Decentralized Finance) sector.

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SuperRare metrics show tremendous growth across the board. There are nearly 600 artists selling their work on the platform, up from roughly 263 in Jan 2020.

During the same period, total collectors grew from 339 to 1,175 while total artworks have crossed 15,500.

NFT Statistics: Dune Analytics

The platform also recorded art volumes of 1.68 million in October 2020, compared to the month before when it logged just over one million. At the start of the year, this figure was no more than a few hundred thousand.

NFTs Growing and Evolving

NFTs have existed since 2017 and first grabbed the public’s attention with the arrival of CryptoKitties, which reached a staggering and surprising level of popularity. While it is no longer the dominant application on the market, many of today’s most valuable tokens owe themselves to the collectible game.

Games continue to be the most popular application, though art appears to be catching up quickly. SuperRare’s sales were preceded by the sale of Batman artwork NFTs that sold for approximately $200,000.

NFT market overview: NonFungible

The most popular NFT platform, in terms of sales, is still CryptoKitties. According to data platform NonFungible, the game has recorded over $38 million in sales, which dwarfs SuperRares’ $4.57 million in sales.

The data suggest that NFTs are simply on a growth trend, with a ‘killer app’ perhaps required to bring even further adoption. With art and real estate both examining applications of NFTs, 2021 could see far larger volumes.

Most platforms have integrated the DAI stablecoin into their markets, especially those dealing in digital art. Artists on these platforms prefer stablecoins for their resistance to volatility. Maker CEO Rune Christensen has even touted the use of DAI on NFT art platforms.

Some Remain Skeptical

While the number of platforms and volumes have increased across the board, not everyone is convinced by this particular use-case for NFTs. FTX CEO Sam Bankman-Fried has been open about his skepticism, though others like Morgan Creek co-founder Anthony Pompliano are confident about the growing trend.

NFTs, however, have utility in uniquely identifying property ownership. Real estate continues to be one of the hottest applications of blockchain technology, though no projects have made significant headway with respect to the application of NFTs besides the virtual Decentraland.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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