SuperRare the digital artwork platform has sold more than $4 million of artwork on its platform.
The growth chart shows a tremendous bounce by 72% in October establishing the growing popularity of Non-Fungible tokens.Â
October records high growth for SuperRare
SuperRare, a path-breaking concept in the Non-Fungible Token space has outperformed itself in the month of October. The digital artwork platform SuperRare has revealed that it has sold more than $4 million worth of art pieces in the month of October alone. The platform excitedly announced that more than 10,000 art pieces have been purchased by different art aficionados. The artists apparently have taken home earnings counting to $3 million.
This is a deviation from the ordinary because NFTs are catching up like nothing before. The popularity of NFTs has soared exceedingly high even questioning the popularity of DeFi on many occasions. The performance is a testament to the fact that NFTs are hugely popular and are now slowly inching its way towards global acceptability.
Substantiated data to confirm the growth
All this is corroborated with sufficient metrics which depict the October growth journey. The metrics clearly indicate that there has been a tremendous show of growth across the board. The platform has close to 600 artists who sell their work keenly on the platform. In January this figure was only 263 and with its increase, the popularity weaves its own story. Not just on the provider’s side, but also the collector’s population also grew from a modest 339 to 1,175 which is worthy of being noticed. The total artworks also have crossed 15,500.
Source: Dune Analytics
The art volumes in October this year touched a little beyond a million figure at $1.68 million. In September this figure was only a marginal little over one million and at the beginning of this year, it was a few hundred thousand.
NFTs have gained a lot of traction since 2017 with the arrival of Cryptokitties. Today although Cryptokitties are not the numero uno, it has opened doors to the most innovative collectible games present today. As of now, Games are the most popular application, and art is catching up quickly. SuperRare’s sales also were preceded by the sale of Batman artwork NFTs which sold for approximately $200,000.
NFTs still need some convincing
It is true that the number of platforms and volumes has surged especially this year, but not everyone in the industry is takers of the concept. FTX CEO Sam Bankman-Fried has been transparent about his doubts on the concept. But on the other hand, Anthony Pompliano is confident about the growing trend.
But NFTs have shown their worth and utility in uniquely detecting property ownership. Real Estate surprisingly has applied blockchain technology like no other, but with respect to NFTs, there is still a large amount of scope left in its use cases.
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