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SuperRare Posts New Record in Monthly NFT Trading Volume

UTC by Kofi Ansah · 2 min read
SuperRare Posts New Record in Monthly NFT Trading Volume
Photo: SuperRare / Instagram

In comparison to March, SuperRare has half as many active collectors buying on the marketplace this month despite recording a higher total NFT sales volume this month.

SuperRare, according to data from Dune Analytics, has posted its best month in terms of total sales volume to date with almost a week left in October. The public blockchain data revealed that SuperRare saw over $31 million worth of NFT trading volume so far this month, smashing the previous record of just above $29.5 million back in March with 929 active collectors buying 3,179 artworks.

This includes both primary and secondary sales as an average artwork price ranged between 3.0 and 5.5 Ether, or about $12,600 to $23,000.

In comparison to March, SuperRare has half as many active collectors buying on the marketplace this month despite recording a higher total sales volume this month.  Instead, the average sale price has soared, with a rolling average of 12.1 ETH ($50,300) based on the last 1,000 purchases, which is the highest level it’s ever been and more than double the average ETH level from March.

SuperRare, this month so far has seen 372 active collectors purchase 726 items of a value ranging between 9.5 and 12.2 Ether, or about $40,000 to $51,000. SuperRare is selling fewer pieces to fewer collectors. However, those who do, are more likely to spend more money on high-ticket items.

SuperRare is a one-of-a-kind Ethereum (ETH) NFT marketplace where collectors can purchase a blockchain deed of ownership for digital items such as memes, videos, or artworks.

Starry Night Capital, the NFT investment fund, according to reports is single-handedly responsible for almost half of SuperRare’s total trading volume so far this month. The $100 million NFT-collecting fund was created in August by Three Arrows Capital and its noted collector, Vincent Van Dough has single-handedly been responsible for nearly half of SuperRare’s total trading volume so far in October.

Starry Night, over the weekend purchased ‘Dankrupt’ from artist XCOPY on SuperRare for 469 ETH, or $1.9 million. The investment fund is primarily interested in acquiring top-tier NFTs that it believes will appreciate in value over time.

Starry Night, since its debut on the NFT scenes, has made several high-profile purchases, including the purchase of an Art Blocks NFT from Dmitri Cherniak’s Ringers collection for 1,800 ETH, or $5.66 million at the time of purchase.

Millionaire rapper and actor, Snoop Dogg, also purchased an XCOPY piece for 1300 ETH or $3.9 million back in September which was a record-breaking USD sale for the platform. 

Snoop has also made a few purchases on SuperRare in October through his moniker “Cozomo de’ Medici”, notably the animated “Destiny” by artist Deekay for 225 ETH ($809,000).

Altcoin News, Blockchain News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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