Research Summary
- The report examines the crypto art space, focusing on its rise in 2021 and the current trends in 2023.
- It highlights the sale of “EVERYDAYS: THE FIRST 5000 DAYS BY BEEPLE” for $69.3M in March 2021 and explores whether crypto art was a fad or still shows signs of life.
- The report studies collector behavior on SuperRare, identifying trends such as the decline of “Quick Flippers” and the consistency of active collectors .
- New collectors in 2023 have been consistently collecting in the $100 – $10,000 range, with an average entry price of 4 ETH or $7K.
- SuperRare has crossed $300M in all-time volume, and the crypto art market has shown steady growth despite the quieting of the broader crypto markets .
- Prohibition Art, a platform that combines AI and onchain data, has generated $178,157 in sales volume within one month of launching.
- Top 10 Art Blocks collections have surged 10.8% in price over 3 months, while other top NFT collections have dropped 30%.
Actionable Insights
- Investment Opportunity: The crypto art market shows signs of life with consistent activity from new and active collectors, indicating potential investment opportunities.
- Market Growth: Despite a quiet period in the broader crypto markets, crypto art continues to grow, with platforms like SuperRare and Prohibition Art demonstrating success.
- Price Trends: The surge in price for top Art Blocks collections contrasts with a drop in other top NFT collections, providing insights for collectors and investors.
