Crypto arts incredible rise to prominence continues
Rarible, a leading NFT platform supporting the sale and trading of crypto art has seen its users increase by over 53% in the last 7-days to almost 12 thousand. Moreover, a 55% increase in the number of transactions to over 31k means that the average transaction per user is now approximately $129.
More users, less value
As mentioned above, the average spend on Rarible is relatively low at around $129 mainly due to the characteristics of the art on sale here. Yes, there are many high-priced pieces available but a huge abundance of relatively cheaply priced digital collectibles dominate the platform.
This rush to list NFT art on Rarible was stimulated in late 2020 by news about the release of their governance token RARI which at a basic level would reward contributors to the platform with RARI tokens as well as initiating yield farming and staking activities on the platform. Rarible appears to be carving out a niche in the crypto art industry as an NFT hub offering users different items based on their budget in the same way platforms such as OpenSea operate.
Looking at the unique active wallets interacting with the top marketplace dapps over the last 7-days shows that Rarible is pulling out ahead in regards to user activity with over 15,000 UAW compared to OpenSea’s 10,000 in the last 7-days. Interestingly, on the 24th of February OpenSea announced that they would be initiating exclusive NFT drops which led to a temporary surge in users but not enough to surpass Rarible over the last 7-days.
When looking at the volume the story changes considerably. OpenSea is way out in the lead with over $25 million in volume in the last 7-days. SuperRare has an impressive $9.6 million and Rarible sits in 3rd position with just over $4 million in volume.
SuperRare, whilst having a relatively low number of users is generating some serious sales and value for the platform. Here 2,120 users have generated over $9.6 million in volume in the last 7-days. It could be argued that SuperRare is the high-end equivalent of Rarible. Entry barriers are far higher and artists must submit their works for approval (which can take weeks) before they are listed. Whereas on Rarible, anyone can instantly get involved.
The niche market appeal of SuperRare is obviously driving interest, as collectors want high-quality NFT art from established artists and rising stars. Resulting in impressive volume over the last 7-days and shows further the evolving digital collectibles landscape. Moreover, it shows that Rarible is not going away any time soon and has successfully staked a claim as a leading NFT marketplace.
What is Rarible
Rarible is an NFT marketplace, similar to sites like OpenSea. It’s also a platform for creating NFTs. So users can go to Rarible with content they own such as a digital image or motion graphic and create an NFT. Sellers can create multiple NFTs for one single image and sell it a multitude of times. Or, instead, distribute just a single item which is then deemed rarer. Furthermore, artists can set a percentage to receive on lifetime re-sales.
What is an NFT
An NFT is a token on the blockchain that proves ownership and confirms the rarity or scarcity of a digital asset. NFT is an abbreviation of Non-Fungible Token, meaning that each of these digital assets is unique in its own way. Each of these NFTs has its own registration number, similar to the address of a house or a car registration number. Want to learn more about NFTs? Read this.
