In the NFT platform market, SuperRare has developed a reputation for prioritizing quality over quantity. SuperRare attracts a lot of interest since it enables artists from all over the world to trade unique, high-quality digital pieces of art.
In 2018, SuperRare was created by the same team that founded Pixura, the core technology of SuperRare; they include Charles Crain, John Crain, and Jonathan Perkins. In addition to these CEOs, this NFT marketplace has established a group of collectors and creators that handle governance.
Several well-known investors in this NFT marketplace include Samsung Next, Mark Cuban, and Ashton Kutcher.
What is SuperRare?
SuperRare is an Ethereum-based peer-to-peer exchange for non-fungible tokens (ERC-721 NFTs).
It is a marketplace where users may buy, sell, and exchange one-of-a-kind digital artworks. This NFT marketplace features a carefully curated selection of digital artwork created by well-known NFT creators and up-and-coming artists. Each work of art is truly produced by one of the network’s artists and tokenized as a crypto-collectible digital object that you can buy, sell, and possess.
From psychedelic and conceptual art to photorealistic graphics, this marketplace contains works that cover a wide range of artistic genres.
This NFT marketplace began as a high-end art gallery that only featured exclusive NFT collections from well-known artists that had been approved by its core team. However, in 2021, the platform introduced its RARE token to simplify platform governance, transforming it into a decentralized autonomous organization (DAO) led by its community of creators and collectors.
What sets SuperRare apart?
SuperRare places a strong emphasis on the rarity of its digital artworks to set itself apart from other NFT marketplaces. To mint NFTs on this NFT marketplace, an artist must submit an application and receive permission from SuperRare Labs. To ensure that their works are, as the name suggests, “extremely rare,” SuperRare also demands artists to submit only one-of-one art NFTs.
The marketplace typically generates more sales per token because it specializes in beautiful art NFTs. For instance, NFTs by the artists Kevin McCoy, Don Diablo, and XCOPY have each sold for over $1 million. In 2021, Time sold a “Is Fiat Dead?” NFT magazine cover and Gucci has released limited-edition NFTs on the marketplace.
How does SuperRare work?
The Ethereum blockchain is used by the SuperRare cryptocurrency platform to mint, transact, and verify the NFTs that are listed there. This NFT marketplace is non-custodial, like the majority of NFT marketplaces, which means that a seller’s NFT is locked in a smart contract when it is advertised and remains there until it is sold.
Similarly, when used to bid on an NFT, a buyer’s funds stay safeguarded via a smart contract and are only transferred if and when a user’s bid is successful.
If the NFT artwork is available on the platform, the artist may choose to sell it at a fixed price or through an auction.
Similar to other NFT platforms, SuperRare mostly uses a timed auction approach for its operations. Initiating an auction with just a start and end date and no reserve or setting one up with a particular reserve price that bids must satisfy.
Users have the option to customize their displays and highlight particular NFTs from their favorite creators, which adds a social component to the platform’s curation process. Users’ SuperRare NFT purchases are automatically displayed in their NFT collection.
Additionally, by enabling any user to submit an offer for any NFT they see on the platform — not just those that are currently up for sale — the SuperRare Offers system creates a secondary market for NFT art. Using the Market page, users can explore the platform for possible artwork to buy and narrow their search using several pre-programmed criteria.
Users of the NFT marketplace can search the website for NFT artwork that isn’t currently for sale or auction. They can make a purchase bid for an NFT that catches their eye, but the decision to sell it rests entirely with the owner.
A purchaser of a SuperRare NFT art has the option to resell it at their price on other NFT art marketplaces.
How to buy NFTs on SuperRare?
NFT purchases on this NFT marketplace are similar to NFT purchases on other Ethereum-based NFT markets.
- Link your crypto wallet
- Create an account
- Explore NFT listings
- Select “Buy Now” or “Place A Bid” for any ongoing auction
- Select “CONFIRM” to finish buying the NFT.
Link your crypto wallet
Go to SuperRare.com and click the sign-in link in the upper right corner of the page to link your Ethereum wallet. SuperRare allows many additional Ethereum wallets via WalletConnect, although the majority of its customers use the MetaMask wallet. You can use well-known options like Trust Wallet, imToken, and Rainbow Wallet without risk, according to SuperRare’s help center.
Create an account
Create an account on SuperRare. Enter your email address and a preferred username.
Explore NFT listings
After linking your wallet, select the Market button under the Art tab to begin browsing the most recent NFT listings. Browse the most recent NFT drops here, and use the Artist and Artwork filters to focus your search.
Select “Buy Now” or “Place A Bid” for any ongoing auction
To find out more about an NFT and its transaction history, choose any that catch your eye. Click on “BUY NOW” to buy the NFT art you like. Or if the NFT has a Place Bid button, you can click on it to submit a bid.
Select “CONFIRM” to finish buying the NFT
It’s vital to know that only ether (ETH), the native coin of Ethereum, is accepted by SuperRare. Before making a bid, you must have enough ETH in your wallet. You must also consider the flat 3% gas tax on the Ethereum blockchain and the commission fee charged by SuperRare.
If your bid is accepted, your new NFT ought to show up on your account. You can always sell your NFT again, but you will only get 90% of the secondary sale price. The remaining 10% is paid as a royalty to the original artist.
How to Sell NFT on SuperRare Marketplace
SuperRare is still in early access and has onboarded only a few carefully chosen artists. It’s not as simple as clicking Create, choosing a JPEG, and paying a gas price to mint NFTs on the NFT marketplace. You must fill out a formal application and adhere to the site’s standards for quality and rarity to sell your art on the platform.
Here’s how to become an artist on SuperRare
- Click on “How to Join as An Artist?”, and select “THIS FORM” on the page. A Google Forms webpage would show up.
- Fill out the form with your personal information.
- Upload the URL to a Google Drive folder containing a video application confirming your status as the creator of the works you are submitting and three to five distinct pieces that you want them to view.
- Complete the form’s remaining mandatory questions. When finished, press “SUBMIT.”
Any user who believes their work satisfies SuperRare’s standards can submit it via the company’s official Google Form. Only original digital works that haven’t already appeared on other NFT markets are accepted by SuperRare from artists.
You can send SuperRare a fresh Google Form for review if you don’t get a response after around a month.
This stringent screening procedure has the advantage of allowing SuperRare to regulate the caliber of NFTs accepted on its platform. From the viewpoint of an artist, a SuperRare listing enhances a creator’s standing in the crypto art community. As part of each NFT’s smart contract, the marketplace awards its artists with a royalty fee of 10% for each secondary NFT sale. Additionally, artists receive 85% of their initial NFT sale.
How to Create NFT on SuperRare Marketplace
- Go to “superrare.com/tokenize”
- Upload your work and its description.
- Click “ISSUE TOKEN” and agree to the terms and conditions of SuperRare.
- Click on “BEGIN TOKENIZATION” to upload your work.
- Your work has now become a SuperRare crypto art. Your screen will read TOKENIZATION COMPLETE!” after your upload. You can now view your work in the Marketplace.
What is SuperRare Token?
SuperRare tokens (RARE) were released in 2021. RARE is an ERC-20 token with a 1,000,000,000 total supply.
SuperRare started airdropping RARE tokens in 2021 as a thank you to users who had made the platform successful as well as to artists who had produced artistic works over time.
The RARE coin and SuperRare DAO are intended to provide the platform’s community of collectors and artists the power to influence SuperRare’s development. RARE is used to vote on changes to the marketplace crypto platform that have been proposed, to influence future curation choices, and to select how to distribute monies from the community treasury.
To manage the money kept in the SuperRare DAO and assist in implementing choices made by the larger RARE token-holder community, the NFT marketplace has established a Governance Council made up of elected SuperRare community members.
Owners of RARE have control over SuperRare’s governance, giving them the authority to direct the platform.
To ensure that the RARE tokens are distributed to platform members, the SuperRare committee keeps an eye on the network’s community treasury. 40% of all total RARE tokens are allocated to a community treasury.
What are SuperRare Spaces?
SuperRare spaces are autonomous galleries that curate, market, and sell works of art. The community of RARE holders selects each Space for inclusion in the network.
Instead of being managed by the core SuperRare Labs staff, SuperRare Spaces are autonomously curated stores under the control of RARE token holders.
In contrast to SuperRare’s initial artist vetting procedure, these Spaces can list any artists’ work that the community accepts, which is crucial to SuperRare’s effort to foster a more diversified art ecosystem. The SuperRare DAO consults the Governance Council before making decisions about SuperRare Spaces.
A Space is given the authority to function independently as curators and commissioners after it is voted into SuperRare. As a result, they can sign up new artists who are not yet featured on SuperRare, advertise sales, conduct auctions, and earn commissions.
Numerous online hubs or markets where you may exchange your digital art have arisen as a result of the rising popularity of NFT art. SuperRare is one such hub, and it runs on the Ethereum blockchain.
This NFT Art Marketplace is a social marketplace that brings together artists, art lovers, and NFT fans.
SuperRare has established a reputation as one of Ethereum’s most exclusive NFT art marketplaces due to its rigorous requirements.