Non-fungible tokens (NFTs) have exploded in popularity as more prominent artists and businesses join the tokenized digital art and collectibles movement. The sheer volume of tokenized assets changing hands has spawned a slew of new NFT marketplaces, a few of which have achieved significant traction.
One of the most prominent NFT marketplaces nowadays is SuperRare. You should use SuperRre if:
- You’re a collector seeking selected and unique works of art.
- You’re a well-known musician who wants to be paid royalties on all purchases.
- You’re confident in your ability to use Ethereum and pay the gas fees.
Let’s review the SuperRare platform
What is superRare?
SuperRare is a curated NFT platform for artists, where users can exchange NFTs from a small selection of handpicked artists. SuperRare, with its user-friendly platform, bridges the gap between traditional art purchasers and NFT platforms, making NFTs more accessible to them.
Overview of SuperRare
SuperRare was formally launched in April 2018, but its origins can be traced back to 2017, when three of the company’s founding founders began working on the concept.
From a coffee shop in Brooklyn, New York, John Crain, Charles Crain, and Johnathan Perkins set out to develop a new art market fit for the internet age. The market was created with the intention of using NFTs to authenticate and certify digital art so that buyers and consumers could check its authenticity.
In March 2021, SuperRare completed a $9 million Series A fundraising round. Velvet Sea Ventures and 1confirmation led the charge, with Ashton Kutcher’s Sound Ventures, Mark Cuban, and Chamath Palihapitiya joining in.
The money raised would be used to work on layer-2 scalability for faster and cheaper transactions, expanding the social aspects of the platform, and adding other artwork formats.
SuperRare is a project of Pixura, a crypto collectibles-focused company founded by the same creators.
Features Of SuperRare
SuperRare showcases one-of-a-kind artwork from a carefully selected group of artists. In addition to the main market, visitors can visit SuperRare Spaces, which are carefully selected stores. The community can also take part in the organization’s decentralized governance. Those who own the SuperRare token (RARE) can contribute to the platform’s curation.
For its NFT transactions, SuperRare only uses the Ethereum blockchain. The most widely used network for NFTs is Ethereum, although it suffers from network congestion, expensive fees, and high environmental costs. Transactions on less-congested blockchains are now possible on some NFT marketplaces. Both the taxes and the carbon footprint can be reduced as a result of this.
Wallet it supports
MetaMask, Fortmatic, and Wallet Connect are three popular Ethereum wallets that SuperRare supports. MetaMask is a popular NFT wallet that works with a variety of programs.
SuperRare is an art-focused platform where anyone can create, purchase, sell, and display non-fungible tokens (NFTs). It sells digital art from a select number of handpicked artists and bills itself as “Instagram meets Christie’s.”
SuperRare only accepts Ethereum as a payment mechanism. SuperRare does not take credit or debit card payments, nor does it allow transactions or payments on other blockchains. Any major cryptocurrency software and exchange can help you buy Ethereum and transfer it to your crypto wallet.
The fees charged by SuperRare are slightly greater than those charged by other platforms. It does, however, require a smaller commission than a regular gallery.
The following are the key charges:
- On all purchases, buyers must pay a 3% fee.
- On the first sale, the gallery receives a 15% commission.
- Every successive sale earns the artist a ten percent royalty payout.
- Each transaction incurs Ethereum gas fees.
How SuperRare Works
- To get started with SuperRare, you’ll need a web3 wallet like MetaMask or Coinbase Wallet, as with all decentralized applications (DApps). Users must first create an account by providing a username and email address, as well as sign a transaction using their wallet.
- Click “Browse market” once you’ve connected to see what artworks and producers are available. If you like an artist’s work, you may follow them by clicking on their username and then selecting “follow.” Any new work they create will appear in your personalized feed.
- If you appreciate an artwork, you can buy it or place a bid on it. Click “Buy Now” or “Make an Offer” to do so.
- Confirm the transaction in your wallet to complete the purchase or bid. Please keep in mind that this step will cost you gas (fees on the Ethereum network).
- You can view the artwork in the “collection” area under the user drop-down menu if you made an outright purchase using the “buy now” function. If you’ve made an offer, it’ll show up in the “notifications” section.
Why Choose SuperRare?
Every NFT platform has something that makes it different from the other marketplace. Let’s go over the unique features of SuperRare.
Every time their work is sold, artists receive a 10% royalty payment (after the initial sale, for which the artist gets 85 percent ). These fees are embedded into each token via smart contracts, ensuring that artists get paid on a consistent basis for their work. SuperRare also features a royalty payment system for collectors.
They partner with the traditional art world
SuperRare has a foot in the world of actual art. It recently collaborated with Miami Art Week on a digital art and NFT experience. As collectors and artists consider how traditional art and NFTs might interact, a platform that connects the physical and digital worlds could be appealing.
There is a curated list of artists
Every artist that appears on SuperRare is thoroughly vetted, and only a small number of creators are accepted. This means there’s a considerably lower chance of purchasing a forgery, and the quality is higher than on other markets. Furthermore, each work is limited to a single edition. Some platforms allow users to produce a series of limited editions, but each piece on SuperRare is one-of-a-kind.
The SuperRare Token(RARE)
SuperRare began airdropping RARE tokens to users who contributed to the platform’s growth, as well as producers who have produced artistic outputs throughout time independent of the financial worth of their actual NFT sales in 2021. RARE is an ERC-20 token with a 1,000,000,000 total supply. A community treasury receives 40% of all RARE tokens in circulation.
The SuperRare DAO and RARE tokens are intended to empower SuperRare’s community of collectors and artists to define the platform’s destiny. RARE is used to vote on planned SuperRare crypto platform enhancements, to affect future curation decisions, and help select how cash from the community treasury is allocated.
SuperRare has formed a Governance Council, comprised of elected SuperRare community members, to supervise the funds held in the SuperRare DAO and to assist with the implementation of choices made by the RARE token-holder community.
Imperfections Of SuperRare
There’s always something to improve in any marketplace and SuperRare is not an exemption. SuperRare could do better if its features are improved. Let’s quickly look at some of them.
SuperRare is a cross between a classic art gallery and a new-fangled technology (NFT) platform. As a result, its fees aren’t competitive with pure NFT platforms with bigger volume trading. It doesn’t have any gasless minting choices (which some marketplaces do), and the 3% cost on each purchase is higher than elsewhere.
Not best for the first time NFT traders
SuperRare is an exclusive forum for collectors and artists that are serious about their work. This means the work it sells isn’t cheap, and the platform isn’t built for novice NFT investors. If you’re a beginner seeking to invest in NFTs, you might want to opt for a less specialized platform.
It only runs on the Ethereum network
The Ethereum (ETH) blockchain is the most widely used for NFTs, but it is also the most costly in terms of gas (transaction) fees and has a high carbon footprint. Ethereum is undergoing a significant update, which will take until 2023 to complete. Other well-known NFT platforms, such as Solana (SOL) and Polygon, enable users to develop and trade NFTs on different blockchains (MATIC). SuperRare should provide this option to its users.
What NFTs can you buy with SuperRare?
SuperRare focuses on dealing rare NFTs, as the name implies. The site only allows a small number of carefully selected artists and only offers one-of-a-kind works. The average price of a SuperRare NFT is less than $4,000 as of March 2021 (though this number fluctuates), and the platform has over 30,000 NFTs. Other sorts of NFT, such as metaverse land, music, films, and sports items, are not traded on SuperRare.
Is SupeRare safe to use?
With SuperRare, users do not save their assets on a centralized platform. As a result, you’re less likely to be targeted by hackers. On the other side, you are mostly responsible for your assets’ security.
SuperRare is an exclusive crypto art marketplace that bills itself as “Instagram meets Christie’s,” and features a curated selection of digital artwork by well-known NFT artists as well as up-and-comers. The SuperRare NFT marketplace started out as a centralized platform that vetted artists through its core team, but in 2021, it launched its RARE governance token, signaling the start of its transformation into a decentralized autonomous organization (DAO) led by a community of artists and collectors.