I crunched the data on the Rarible NFT marketplace. Here are five key insights I found 👇
[1/5] The average Rarible NFT purchase price in April was $1,536.
[2/5] 5.2% of Rarible creators have sold at least 1 NFT (85,791 have minted, 4,491 have made a sale).
[3/5] The average all-time earnings of Rarible artists who have made a sale is 0.68 ETH. At today's price, that's $1,870 (assuming the artist hodled).
[4/5] 11,675 buyers have purchased an NFT on Rarible. 55% of these buyers have total purchases in the 0-0.5 ETH range.
[5/5] The Rarible governance token ($RARI) has a $72.3M market cap, and the price currently sits at $19.26.
I’m very interested in seeing how NFT platforms that claim to have decentralized governance as a goal expand the functionality of their governance tokens over time to meet this vision and thereby justify the value of the token.
Rarible presents submitting and voting on platform dev proposals as a key right of token holders. But Rarible’s proposal platform is currently a feedback board you can post and vote on regardless of token ownership. The governance process is off-chain.
This is in no way an indictment of Rarible. It’s still early days. I’m rooting for them to succeed in that long term goal of evolving into a DAO, and I’m excited to see how Rarible and other NFT platforms that have made similar claims transform to live up to that ideal.
It's important to note that since $RARI is rewarded to sellers and buyers there are some users who wash-trade i.e. sell items back and forth to farm the token. This action skews the transaction data and makes total earning and total purchases appear larger.
Unfortunately, wash trading is pretty hard to automatically sift from normal transactions. Definitely something I plan to investigate further in future reports. Thanks to the @nonfungibles team for drawing my attention to that problem.
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