SuperRare ($RARE) is a popular platform for creating, buying, and selling unique digital art in the form of NFTs. Over the past year, the platform has seen tremendous growth, which has raised both admiration and questions. Let's take a look at what's behind this phenomenon. It currently has:
- Rank: 214th place by capitalization
- Market cap: $198.46 million
- Price: $0.283
- 24-hour trading volume: $834.51 million
Data from CRYPTO BUBBLES😁
- Hourly: +0.3% ($0.0536)
- For the day: +24.9%
- For the week: +315%
- For a month: +202%
- For the year: +367%
SuperRare has seen significant growth over the past year, up 367%, not to mention a weekly chart of +315%. This shows growing interest in the platform from both artists and investors. With increasing trading volume and market cap, SuperRare is confirming its position as a major player in the NFT market.
Digital artworks on NFT platforms like SuperRare provide artists with the opportunity to monetize their work without going through traditional galleries and auctions. This creates a new ecosystem where artists can directly interact with collectors, which in turn decentralizes and democratizes the art market.
‼️However, such a sharp increase raises concerns about a possible bubble. High trading volume and rapidly rising prices may be the result of speculative investments, which creates the risk of a sharp fall in value in the future. Particularly alarming is the 315% increase in a week, which may indicate short-term financial manipulation.‼️
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