SuperRare has fewer buyers, but they purchase more expensive NFTs, data shows

SuperRare has fewer buyers, but they purchase more expensive NFTs, data shows

NFT marketplace SuperRare has set a new monthly record of $31.4 million for total sales volume with a week to spare until the end of October, according to Dune Analytics.

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

The monthly sales record was previously $29.5 million in March, with 929 active collectors purchasing 3,179 artworks. The average artwork price ranged between 3.0 and 5.5 Ether, or about $12,600 to $23,000.

Despite reaching a higher total sales volume this month, SuperRare has half as many active collectors buying on the marketplace this month compared to March.

This month, there have been 372 active collectors, purchasing 726 items of a value ranging between 9.5 and 12.2 Ether, or about $40,000 to $51,000.

In short, fewer collectors are buying fewer pieces from SuperRare. However, those that do tend to spend more money on big-ticket items.

Read more: Buyers shell out $7M for unseen NFT collection

For example, Starry Night Capital, a $100 million NFT-collection fund single-handedly accounted for nearly half of SuperRare’s total trading volume in October. Over the weekend, they purchased ‘Dankrupt’ from artist XCOPY on SuperRare for 469 ETH, or $1.9 million.

Snoop Dogg also purchased an XCOPY piece in late September for a record-breaking 1300 ETH, or $3.9 million.

Source