The digital art market “SuperRare” exceeded a cumulative trading volume of USD 1.6 million When buyers feel more comfortable with the concept of art sold as a non-consumable token.
The market started the year with platform sales of $ 344,000, but has almost quadrupled in seven months.
Artists can digitally sign their work on the platform by creating a token certificate before including it in an online auction. Collectors can then buy and resell the works on secondary markets.
A non-fungible token (NFT) is a specific type of digital asset in which each token has a unique identifier. They can be used to represent ownership rights from digital collectibles for fans to works of art. The current standard for these token types is the ERC-721, which is based on Ethereum.
Very attractive license fees
For artists, these NFTs also offer a new way to leverage growth over time through structured royalty payment systems. SuperRare works with a commission of 15% and 85% for the creatorBut what is more attractive For artists, this is the 10% license fee on secondary sales.
Messari Crypto Research Analyst Mason Nystrom plotted growth curves SuperRare that notices Collectors from 178 countries have made more than $ 350,000 in secondary salesThis shows a lively market after the auction.
The market itself has recently noticed this More than 8,000 works have been sold on the platform Artists have earned more than $ 1.3 million and collectors more than $ 430,000.
More than 8,000 artworks were traded on SuperRare!
– 8,001 traded artworks
– $ 1,335,372 earned by artists
– USD 431,353 earned from collectors
– Users in 178 countries
– SuperRare 💎 (@SuperRare_co) August 4, 2020
According to nonfungible.com SuperRare is the second highest NFT platform in seven daysand suggested Ethereum Name Service in the past week.
Looking at volumes of all time, the digital cat collection game, CryptoKitties ranks first with $ 37 million commercialized. Last week, SuperRare has integrated the virtual land purchase platform Decentraland into its market.
In addition to art, NFTs are also popular for game or character items and collectibles like digitized maps.
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