SuperRare, a prominent player in the digital art marketplace, has reported a significant 45% drop in monthly visits year-over-year (YoY). This is according to data from Statista. The decline in SuperRare’s visits reflects a broader trend of falling NFT sales and widespread disinterest in digital artwork.
Estimated total number of visits to the digital art market website superrare.com Source: Statista
SuperRare monthly visits drop to a new low since 2021
2024 started reasonably well for SuperRare, with a remarkable improvement in monthly visits from December 2023, marking a 29% rise in January’s figures.
However, moving into February, visits slumped to 240,000 before plunging further to 180,000 in June 2024. The month’s fall in monthly visits represents the lowest number SuperRare has seen since 2021, marking a significant 45% drop from the corresponding period in 2023 and 10% from May.
The United States, Spain, and South Korea had the highest June visits on SuperRare.com. The US held roughly 20% of total visits, while Spain and South Korea trailed with 17% and 13% of the total cumulative monthly visits, respectively. France and Russia followed with 8% and 6%, respectively.
NFT marketplace’s users and wallets plummet
SuperRare’s drop in monthly visits is just one piece of a bigger puzzle. In Q4 2021, most NFT marketplaces were at their peak, with over 1.9 million active wallets, five times the number in the last quarter. However, since then, the total number of wallets trading NFTs has been shrinking, with only 1 million active wallets by 2022’s end.
2023 marked an even greater fall with wallets down to 213,000 in the last quarter of the year, and pushing into 2024 was another 7% decline in active wallets in Q1, to 197000.
Moreover, the drop echoes through the number of users, with NFTs losing over 1.75 million in just two and a half years, marking a 90% fall from 2021’s market uptick. Toward the beginning of June, there was already a higher number of sellers than buyers, indicating more supply than demand in the NFT space. This affected NFT pricing, bringing it further down in market value.
The average value of an NFT also dropped by almost 60% in June compared to March. By the end of Q2, NFT sales volume plummeted by over 45% quarter over quarter, highlighting how NFT collectors choose to hold on to their assets while the prices are unfavorable.