SuperRare sells over $4 million in digital art; NFT market explodes

SuperRare has sold over $4 million in art through its platform.

In October, the platform grew by 72%.

The non-fungible token market Bitcoin Storm scam grew spectacularly, in tandem with the DeFi market.

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SuperRare, a digital art platform for non-fungible tokens (NFTs), had its best month ever with sales of over $4 million in October. The platform and the NFT market in general have experienced exponential growth and improvements in recent months.

The SuperRare digital art and non-fungible token (NFT) platform reported over $4 million in art sales in October.

SuperRare announced that more than 10,000 works of art were sold, with artists earning $3 million. This performance reflects the sudden popularity of the NFTs, which were able to respond to the enthusiasm of the DeFi (decentralised finance) sector.

Milestones achieved in October
– 3 million earned by artists – $3.39 million
– 4 million in total sales – $4.34 million
– 10K+ Works of art sold (10,161)
– The 6 highest USD sales ever made by @RAC @Hackatao @AndroidJones2 @Coldia @MrQuandomai

Collectors‘ secondary sales approach the $1 million mark ($949,159)

SuperRare’s measurements show spectacular growth in all areas. Nearly 600 artists are selling their works on the platform, compared to around 263 in January 2020.

Over the same period, the total number of collectors has increased from 339 to 1,175, while the total number of works of art has surpassed the 15,500 mark.

NFT statistics: Dune Analytics
The platform also recorded an art volume of 1.68 million in October 2020, compared with just over one million the previous month. At the beginning of the year, this figure was only a few hundred thousand.

Growth and evolution of the NFT
The NFTs have been in existence since 2017 and first attracted public attention with the arrival of the CryptoKitties, which have reached an astonishing and astounding level of popularity. Although no longer the dominant application on the market, many of today’s most valuable tokens owe their value to this collector’s game.

Gaming remains the most popular application, although art seems to be catching up fast. SuperRare sales were preceded by the sale of Batman’s NFT art for approximately $200,000.

NFT Market Overview: Unfungible
The most popular NFT platform in terms of sales remains CryptoKitties. According to the NonFungible data platform, the game recorded over $38 million in sales, eclipsing the $4.57 million in sales of SuperRares.

The data suggests that NFTs are simply growing, and that a „fearsome app“ may be needed to make the game even more widely adopted. With both the art and real estate sectors being affected by NFT applications, the year 2021 could see much higher volumes.

Most platforms have integrated the stablecoin DAI into their markets, especially those dealing with digital art. Artists on these platforms prefer the stablecoin for its resistance to volatility. Maker’s CEO Rune Christensen has even praised the use of DAI on NFT art platforms.
Dai NFT Digital Art

Some remain sceptical
The number of platforms and volumes has certainly increased in all areas, but not everyone is convinced by this particular case of TNF use. Sam Bankman-Fried, CEO of FTX, expressed his scepticism. Others, however, such as Anthony Pompliano, co-founder of Morgan Creek, are confident about the growing trend.

However, the NFTs are useful in uniquely identifying ownership of assets. Real estate remains one of the most popular applications of blockchain technology, although no projects have made significant progress in the application of CLS, apart from virtual Decentraland.