NFT market is ready to squeeze DeFi: trading volume on the SuperRare platform exceeded $ 4 million

CONTENT

SuperRare sells $ 4 million worth of digital art
In October, the platform grew by 72%
NFT is showing skyrocketing growth on par with DeFi

International consortium of news organizations developing transparency standards.

October was the best month ever for the SuperRare non-fungible token (NFT) platform, with sales exceeding $ 4 million.

Over the past few months, the SuperRare platform and the NFT market as a whole have seen a sharp increase in activity. The company said it sold $ 4 million in digital art and non-fungible tokens in October..

The artists sold over 10 thousand of their works and earned $ 3 million. These figures are a testament to the sudden popularity of NFTs, which can rival the enthusiasm around the DeFi sector Decentralized finance (DeFi) is a financial service built on blockchain technology that offers users access to open, efficient and … More (decentralized finance).

Milestones Reached in Oct:
– $ 3M Earned by Artists – $ 3.39M
– $ 4M Total Sales – $ 4.34M
– 10K + Artworks Sold (10,161)
– Top 6 Highest Ever USD Sales by @RAC @Hackatao @ AndroidJones2 @Coldie @MrQuandomai

Collector secondary sales approaching $ 1M milestone any day now ($ 949,159)

– SuperRare (@SuperRare) November 2, 2020

SuperRare metrics are showing massive growth across the board. Now the platform features works by more than 600 artists, although at the beginning of the year there were only 263.

During this period, the number of collections grew from 339 to 1175, and the number of digital art objects exceeded 15,500.

NFT Statistics: Dune Analytics

The platform also recorded 1.68 million works of art in October 2020, up from less than a million a month earlier. At the beginning of the year, this number did not exceed several hundred thousand..

The NFT sector is growing and developing

NFTs have been around since 2017. The industry has been in the spotlight thanks to CryptoKitties, which not only made the non-fungible token industry famous, but nearly collapsed the Ethereum network. Their time has passed, but still today, many of the most valuable tokens are associated with unattractive digital kittens..

Most of the time NFTs are still used in the gaming industry, but the arts are also rapidly gaining traction. The SuperRare sales were preceded by the sale of Batman NFT images, which went for about $ 200,000.

NFT market is ready to squeeze DeFi: trading volume on the SuperRare platform exceeded $ 4 million

NFT Market Watch: NonFungible

In terms of sales volume, CryptoKitties remains the most popular platform. According to the NonFungible platform, the game’s sales topped $ 38 million, far more than SuperRares at $ 4.57 million..

The data suggests that NFTs are just in a growth stage and perhaps some hit app is needed to further the industry. With both art galleries and the real estate market already looking towards NFT, sales are likely to be much higher in 2021..

Most platforms have integrated stablecoins Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More DAI to their markets, especially those dealing with digital art. Stablecoins are preferred by artists on these platforms due to their resilience to volatility. Maker CEO Rune Christensen even touted the use of DAI on NFT art platforms.

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There are skeptics too

Despite the rise in platforms and sales, not everyone recognizes this particular use case for NFT. FTX CEO Sam Bankman-Fried is openly skeptical, although others, such as Morgan Creek co-founder Anthony Pompliano, are confident about further growth..

Meanwhile, NFTs are uniquely useful for identifying real estate ownership. Real estate continues to be one of the most popular uses of blockchain technology, although none of the projects has made significant progress in NFT applications other than virtual Decentraland.

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