This is issue #68 of the on-chain analytics newsletter that reaches nearly 10k crypto investors every week 📈
About the editor: Spencer Noon is an investor at Variant, a first-check crypto VC fund.
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Governance Extractable Value (GEV)
This week, in addition to our regular network coverage, we are running a new research-driven blog post as part of our Deep Dive series. Governance Extractable Value, written by authors Leland Lee & Ariah Klages-Mundt, examines how governance can be used as a way to extract value at the expense of networks, as well as how networks themselves can fight back against GEV. The post is highly relevant for any crypto investor, researcher, or builder, and I highly recommend giving it a read.
This week our contributor analysts cover NFTs: SuperRare, Foundation, and Flow.
📈 Monthly volume tripled in March
SuperRare monthly volume reached an all-time high of $30M in March. The company made $3.7M in revenue and artists made over $1M in secondary royalties in March. A sizable portion of the volume was driven by secondary sales as the floor price for blue-chip artists like Pak, XCOPY, Hackatao, Frenetik Void, Coldie, and others was raised significantly. Several record sales include "Death Dip" by XCOPY (1000 ETH) and "DΞSTINATION HΞXAGONIA" by Don Diablo (600 ETH).
SuperRare differs from other platforms by being the only place for curated 1-of-1 cryptoart. As a result, pieces sell for much more on SuperRare than all other platforms as collectors will pay a premium for a "super rare" minted NFT. The average artwork price on SuperRare reached a high of 7.28 ETH.
Monthly active collectors reached an all-time high in March. SuperRare focuses on authentic crypto-native artists that collectors will repeatedly support and avoids getting big-name artists to do a one-off cash grab NFT drop, as those NFTs are now trading well below their primary sale price on secondary markets.
📈 Foundation surpasses $38 million in sales
Foundation is building a network of creators and collectors to build the new creative economy - one where creators can capture more of the value they create and collectors can participate in their growth. Since the platform’s launch less than three months ago, Foundation has generated more than 17,300 ETH ($38mm+). It is the second-highest grossing NFT platform in April and recently broke its record for highest-grossing piece with Edward Snowden’s 2,224 ETH sale on April 16.
The number of artworks sold on Foundation recently surpassed 10k and continues to grow rapidly alongside the network. In fact, just this past week the number of creators who have minted at least one NFT on the platform also passed 10k.
Finally, creators are earning a significant amount of ETH, which is attracting top-tier as well as up-and-coming talent to the network. This in turn is attracting collectors, with the number of unique collectors on Foundation eclipsing 14k this week.
📈 Over 8 Million NFTs Have Been Minted on Flow
Dapper Labs, the company behind CryptoKitties, created the Flow blockchain as a scalable alternative to Ethereum, specifically for building decentralized applications like games and NFTs. First with CryptoKitties and then with the launch of NBA Top Shots, the Flow platform saw explosive growth in the number of NFTs being minted. Dapper Labs has now also signed deals with the Ultimate Fighting Championship (UFC) and Dr. Seuss to develop crypto collectibles in the same way.
Flow reached a peak of 179k NFTs listed on February 22nd, right around the time a Lebron James highlight sold for an unprecedented $200,000.
Flow sees an average of 183k transactions daily. The fact that this has kept steady over time is a good indicator of ecosystem health.