How much of the first time NFT buyer’s growth is driven by Random Earth and Know Where on Terra Blockchain?

NFTs are non fungible tokens. Basically, “non-fungible” means that it is unique and cannot be substituted with anything else. A bitcoin, for instance, is fungible – if you trade one for another, you’ll get the same thing. A non-fungible piece of art, however, is one-of-a-kind art. By trading it for a different art, the original Mona Lisa painting for something else, you’d get something completely different. No more Mona Lisa with you! Don’t worry about the last part unless you are running the Louvre Museum.

In this post we are going to explore growth of NFTs on Terra blockchain by exploring sales on RandomEarth and Knowwhere, the two most popular marketplaces on Terra.

A NFT marketplace, KnowWhere was originally created by its founders as a platform for selling their own collection of NFTs. Terra’s first NFT collection is Spaceloot. It began as a side project, but grew quickly. Due to the demand and interest from Terra users, the founders of Spaceloot wanted to create a marketplace for trading NFTs. Terra did not have a mature market or a functioning platform, in contrast with Ethereum. They decided to build their marketplace and it became KnowWhere as we know it today.

RandomEarth, the new entrant of NFT Marketplace on Terra Blockchain, took over NFT the ecosystem in a matter of months. Launched in early October 2021, RandomEarth has become Terra’s premier marketplace for NFTs. Random Earth is the hottest marketplace for Terra Blockchain, thanks to its alliance with GalacticPunk. Though, GalacticPunks (GPs) are not associated with CryptoPunks of Ethereum, GPs are considered the CryptoPunks of Terra blockchain. GPs are backed by the founder of Terra blockchain as well as many prominent leaders of Terra ecosystem.

Terra blockchains Columbus 5 upgrade kick started growth of NFT party. The chart below shows the unique users purchasing NFTs on Knowwhere and RandomEarth.

RandomEarth and Knowwhere contributed to the new users growth in equal parts, with Knowwhere holding a slight edge over RandomEarth on the total first time NFT users.

Being first and only NFT Marketplace on Knowwhere, new users flocked to it till RandomEarth was launched. Since the launch of RandomEarth in Oct 2201, most of the first time NFT buyers on Terra are using RandomEarth. The combination of better marketplace features and NFT collection partners like Galactic Punks, RandomEarth executed very well.

Great artists and NFT projects also play a major role in new users growth. Lets us look at which NFT collection is responsible for new users growth. Derby Stars NFT collection led the pack with 436 first time NFT buyer on Terra, followed by Spaceloot and Levana Dragons. Check the chart below to see the list of top 20 NFT collections that attracted first time user sales on Knowwhere and RandomEarth.

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