The NFT marketplace Rarible has seen its trading volume increase with 305 percent in the past 24 hours to more than $1.9 million. This surge comes with 50 percent more trading activity and 35 percent more users than the day before. However, there’s more.
The sudden growth of Rarible can only be described as sensational. In January the platform had approximately 500 users per day, while currently DappRadar is registering at least 4.000 active traders and sellers.
In the past 24 hours alone, the platform has seen $1.92 million in trading volume. This is a 305% increase compared to the day before.
Trading volume on the platform has increased 240% month-over-month in the past 30 days to more than $27.5 million. With over 193 thousand transactions, that brings the average purchase to $142.
Rarible is an accessible marketplace with affordable art where everybody can mint their creations. However, this also comes with the danger of scammers. Their native RARI token is a reward to users who trade, sell or buy on the Rarible marketplace. Adding another incentive for activity.
Why does Rarible see such growth?
In recent months we’ve seen a couple of celebrities minting their artworks or collectibles on Rarible. Think about rapper Soulja Boy, billionaire Marc Cuban and Hollywood celeb Lindsay Lohan. This brought a whole new audience into the NFT space and to Rarible.
In addition Rarible recently announced a partnership with MyCryptoHeroes. Gamers who play this game are eligible for a RARI airdrop.
Another reason can be found in the art scene. Digital artist Murat Pak is currently the biggest seller on Rarible with 365 ETH in the past day. This sudden hype surrounding Pak comes from the announcement that world-famous auction house Sotheby’s will collaborate with Murat Pak on the auction of a new artwork.
NFT art has been the talk in town recently. Especially since Beeple auctioned his Everydays: The First 5000 Days through Christie’s for $69.3 million. The artwork has been a talking point ever since that sale last week.