SuperRare NFT marketplace sees a 45% drop in monthly visits YoY

SuperRare, a outstanding participant within the digital artwork market, has reported a major 45% decline in month-to-month visits year-over-year. That is evident from information from Statista. The decline in visits to SuperRare displays a broader pattern of declining NFT gross sales and widespread disinterest in digital paintings.

Estimated whole variety of visits to the digital artwork market web site superrare.com Supply: Statista

The variety of month-to-month SuperRare visits drops to a brand new low since 2021

2024 began fairly effectively for SuperRare, with a notable enchancment in month-to-month visits from December 2023, representing a 29% improve over January figures.

Nonetheless, from February the variety of visits fell to 240,000, earlier than falling additional to 180,000 in June 2024. The drop in month-to-month visits represents the bottom quantity SuperRare has seen since 2021, marking a major drop of 45% from the corresponding interval in 2023 and 10% from Could.

The USA, Spain and South Korea had the very best visits to SuperRare.com in June. The US held agency about 20% of whole visits, whereas Spain and South Korea lagged behind with 17% and 13% of whole cumulative month-to-month visits, respectively. France and Russia adopted with 8% and 6% respectively.

NFT Market customers and wallets are plummeting

The decline in month-to-month visits to SuperRare is only one piece of a bigger puzzle. Within the fourth quarter of 2021, most NFT marketplaces had been at their peak, with over 1.9 million lively wallets5 instances as a lot as within the earlier quarter. Since then, nonetheless, the overall variety of wallets buying and selling NFTs has declined, with just one million lively wallets by the tip of 2022.

2023 marked a good greater drop, with the variety of portfolios falling to 213,000 within the final quarter of the 12 months, and into 2024 there was one other 7% drop within the variety of lively portfolios within the first quarter, to 197,000.

Moreover, the decline is echoing within the variety of customers, with NFTs shedding over 1.75 million in simply two and a half years, marking a 90% drop from the market’s 2021 rebound. By early June, there have been already a higher variety of sellers than patrons, indicating that there’s extra provide than demand within the NFT house. This affected NFT costs, additional decreasing their market worth.

The common worth of an NFT additionally fell by virtually 60% in June in comparison with March. By the tip of the second quarter NFT gross sales quantity plummeting by greater than 45% quarter over quarter, highlighting how NFT collectors are selecting to carry on to their belongings whereas costs are unfavorable.