NFT marketplace SuperRare sees 3rd year of decline

Tuesday, August 20, 2024

The global NFT market continues its downturn, with active wallets and sales on key blockchains hitting their lowest since early 2021. The NFT marketplace SuperRare has seen monthly visits plummet by over 90%, reflecting decreased collector interest and spending on digital art.

The global NFT market is facing another bumpy year, with the total number of active wallets and NFT sales value recorded on the Ethereum, Ronin, and Flow blockchains sinking to the lowest level since early 2021. Collectors are spending less and less money on digital artwork, and this negative trend is reflected by their monthly visits to one of the top NFT marketplaces, SuperRare.

NFT marketplace SuperRare sees 3rd year of decline: Monthly visits plunged by 90% to only 180,000 in June

According to data presented by Stocklytics.com, monthly visits to the crypto art marketplace SuperRare plunged by over 90% in the past three years, reaching only 180,000 in June.

Monthly visits to SuperRare dropped tenfold since the market peak

The high-end NFT art marketplace SuperRare positions itself in the NFT space as a highly selective art gallery. The platform spends much time reviewing work before it's available for sale, making investors more confident in its quality. However, with falling sales and investors losing appetite for digital artwork, monthly visits to SuperRare sank to the lowest level since early 2021.

According to Statista and SimilarWeb data, total visits to superrare.com hit around 180,000 in June, showing a 10% drop from the month before and a 45% decline compared to June 2023. The three-year figures show a much bigger plunge. For instance, in June 2022, superrare.com had around 740,000 monthly visits or four times more than this year. June 2023 figures were much higher than that, with the NFT marketplace reporting over 1.8 million monthly visits or ten times more than in the same month this year.

SuperRare sees third year of decline

Estimated total number of visits to the digital art market website superrare.com from September 2021 to June 2024 ( in millions)

Share of visits to the digital art market website SuperRare worldwide in June 2024, by country

In global comparison, Americans still have the highest share of SuperRare's reduced user base, making roughly 20% of total visits in June. Investors from Spain had the second-highest share in monthly visits or around 17%. South Korea, France, and Russia followed, with roughly 13%, 7%, and 5% shares, respectively.

NFT space lost 90% of its users since the market peak in 2021

The massive decline in monthly visits to the SuperRare marketplace is unsurprising, considering a huge user drop caused by the broader cooling in the NFT space. Statistics show the number of users in the NFT space has been falling for eleven straight quarters, leading to a massive 90% drop since the market peak.

As of June 2024, the number of active NFT wallets has decreased to roughly 197,000, down from almost two million reported in the last three months of 2021. The downsizing trend will most likely continue by the end of the year as people's willingness to invest in NFTs continues fading.

The overall NFT market projections for the following years are also unoptimistic. According to Statista Market Forecast, the annual growth rate in the NFT space is expected to drop twenty times to only 2.6% by 2028.