10x+ gains on NFT art

I crunched the data on 1/1 art NFTs that grew 10x+ in value. Here are three key insights I found 👇

Note:

Primary sale - First sale of that NFT

Secondary sales - All sales events after the first one

(1) 19.6% of the 1/1 art NFTs on SuperRare have had a secondary sale.

Out of the NFTs with a secondary sale, 40% grew 10x+ in $ based value between their primary sale and their most recent secondary sale.

2.4% of the 1/1 art NFTs on Foundation have had a secondary sale.

Out of those, 5.2% grew 10x+ in $ based value between their primary sale and their most recent sale.

(2) On SuperRare, the median primary sale price of NFTs that went on to 10x+ in value was $49.

On Foundation, the median primary sale price of NFTs that went on to 10x+ in value was $592.

It's important to note that SuperRare launched in 2018, long before the NFT market exploded.

The median primary sale for 10x SuperRare NFTs is so low because 94% of the NFTs in that group had their primary sales pre-2021.

45% of pre-2021 sales on SuperRare were sub $100.

Foundation launched last February, near the start of the NFT gold rush.

By that point, the expectations of how much an artist should sell a 1/1 for had changed and gas fees were higher. It was less common to see artists list an NFT for sub $100.

(3) The median number of NFTs minted by an artist on SuperRare artist is 7.

The median number of NFTs minted by a SuperRare artist who has had at least 1 NFT 10x+ in value is 47.

The median number of NFTs minted by an artist on Foundation artist is 2.

The median number of NFTs minted by a Foundation artist who has had at least 1 NFT 10x+ in value is 15.

10x artists minted more than other creators on the same marketplace. The common ‘wisdom’ that 1/1 NFT artists should artificially restrict their output because scarcity drives demand is bullshit.

Note: $ values were based on the price of ETH at the time of the sale event.

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