SuperRare is an art-focused non-fungible token (NFT) marketplace that does not deal in a wide variety of other digital commodities. SuperRare ensures that each item in its NFT collection is a one-of-a-kind piece by carefully curating the collection and selecting the artists who are allowed to mint NFTs on its platform by hand. Find out if SuperRare is the perfect choice for you by reading our comprehensive review of the product.
Full SuperRare review
People who are passionate about art and artists that take digital art seriously might consider using our NFT marketplace.
What does “SuperRare” stand for?
Users of the art-centric NFT platform known as SuperRare are given the opportunity to trade curated NFTs created by a small number of carefully chosen artists. SuperRare is an easy-to-use platform that bridges the gap between traditional art galleries and NFT platforms. This allows SuperRare to make NFTs accessible to purchasers who are more familiar with traditional art markets.
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Compiled list of musicians and performers
SuperRare conducts due diligence on each and every artist before allowing them to join their platform and only allows a select few creators overall. This means that the quality is higher than on other marketplaces, and there is a considerably lower danger of purchasing a piece of work that has been fraudulently created. In addition, there is only one copy of each work in existence. On certain platforms, users are able to produce a limited number of copies of their work; but, on SuperRare, every item is one of a kind.
Collaborators with the established art world
The real art world is not completely foreign to SuperRare. Recently, it formed a partnership with Miami Art Week in order to produce a digital art and NFT experience. A platform that spans the physical and digital worlds might be appealing to collectors and artists at this time because they are trying to figure out how non-traditional forms of art (NFTs) might interact with traditional forms of art.
Payments of royalties
After the initial sale, whereby the artist keeps 85% of the proceeds from, royalty payments of 10% are made to the artist for each subsequent sale of their work. Through the use of smart contracts, these fees are incorporated into each token, ensuring that artists will get a steady stream of cash from their work. Additionally, collectors can get royalties through SuperRare’s payment system.
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What aspects could use some work?
Currently only available on the Ethereum network.
The Ethereum (ETH) blockchain is the most widely used for NFTs; yet, it also has the highest transaction fees and the largest carbon footprint due to the fact that it is the most expensive. The significant update that Ethereum is currently undergoing is not expected to be finished until 2023 at the earliest. Users of other prominent NFT platforms, such as Solana (SOL) or Polygon, are able to build and trade NFTs on blockchains operated by other organizations (MATIC). It would be beneficial for SuperRare to provide this choice for its customers.
The fees are relatively hefty.
SuperRare is a unique combination of a conventional art exhibition and a decentralized trading platform. As a direct consequence of this, its fees are not competitive when compared to those of pure NFT platforms that handle bigger trading volumes. In contrast to other marketplaces, it does not provide any options for gasless minting, and the 3% fee that is applied to each purchase is significantly more than in other sites.
Not appropriate for NFT traders who are just starting out.
SuperRare is an invitation-only platform that was developed with the most dedicated collectors and artists in mind. This indicates that the work it sells is on the pricier side, and that the platform is not geared toward attracting new investors in NFTs. If you are just starting out and want to invest in NFTs, you should probably search for a platform that is not as specialized as some of the others.
Possible alternatives to think about
OpenSea is one of the largest NFT marketplaces out there and has a massive assortment of products, including art, music, photography, domain names, and a great deal more. If you are looking for a wider selection of NFTs, you should check it out. In addition, the fees are significantly cheaper than those of SuperRare.
Rarible is a multichain marketplace that takes Ethereum, Flow (FLOW), and Tezos. If you wish to use other blockchains besides Ethereum, you can do so there (XTZ). In addition to that, it is attempting to include Solana. It is possible for gas expenses to be greatly reduced by providing consumers with the choice to use alternative blockchains.
Platform functionalities
SuperRare showcases original works of art created by a handpicked group of established and up-and-coming artists. In addition to the primary market, consumers have access to a secondary market comprised of carefully curated stores known as SuperRare Spaces. In addition, members of the community are welcome to take part in the organization’s decentralized decision-making process. Those who have the SuperRare token, often known as RARE, are eligible to participate in the curation of the site.
Services
People can mint non-fungible tokens (also known as non-fungible tokens) on the art-focused platform SuperRare, which also allows users to buy, sell, and showcase NFTs. It markets itself as “Instagram meets Christie’s,” and it offers for sale digital artwork created by a select few artists who have been chosen carefully.
Blockchains
For all of its NFT transactions, SuperRare relies exclusively on the Ethereum blockchain. Despite Ethereum’s status as the most widely used network for NFTs, the platform is plagued by issues such as network congestion, exorbitant fees, and high environmental costs. Some NFT marketplaces have made it possible to conduct transactions on alternative blockchains that are less crowded. This may result in a reduction not only of the taxes but also of the carbon footprint.
Wallets that are supported
MetaMask, Fortmatic, and Wallet Connect are three of the most popular Ethereum wallets, and SuperRare is compatible with all of them. One of the most widely used NFT wallets is called MetaMask, and it is compatible with a wide variety of applications.
READ MORE: Best NFT Wallets
Payment mechanisms
Ethereum is the sole form of currency that can be used to purchase items from SuperRare. SuperRare is not like other platforms in that it does not let transactions or payments to be made on other blockchains, nor does it accept payments made with credit or debit cards. You can acquire Ethereum from any of the best cryptocurrency apps or exchanges, and then transfer it to the cryptocurrency wallet of your choice.
Fees
The costs charged by SuperRare are marginally more expensive than those charged by competing sites. However, it also takes a commission that is lesser than what you might see in a conventional gallery.
The following are the primary costs:
• There is a 3% transaction fee added to all purchases made by buyers.
• The gallery is entitled to a fifteen percent cut on the first sale.
• Artists are entitled to a royalty payment of ten percent for each additional sale.
• Ethereum gas fees are deducted from the total amount of each transaction.
Which NFTs are available for purchase on SuperRare?
SuperRare is primarily concerned with the buying and selling of rare non-fantasy trading cards. The marketplace is only open to a select few talented artists, and the only items it offers for purchase are unique, one-of-a-kind creations. Although this figure has a tendency to change, the platform now has more than 30,000 different types of NFTs available for purchase, and the average price of a SuperRare NFT is less than $4,000. Other non-fictional items, such as land in the metaverse, music, films, or sports collectibles, are not ones that may be bought or sold on SuperRare.
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Is it risk-free to make utilization of SuperRare?
According to the founders of SuperRare, who spoke with BTCBox, the artwork on SuperRare has never been hacked into or exploited for the purpose of money laundering. Users of SuperRare do not have to worry about storing their assets on a centralized platform. Because of this, there is a decreased likelihood of being attacked by cybercriminals. On the other hand, you have a significant portion of the responsibility for ensuring the safety of your possessions.
Phishing attempts, in which thieves pose as emails or messages from supposedly trusted sources in an effort to deceive victims into divulging personal information, are one potential threat. SuperRare does provide some safeguards for its users, such as the capacity to ascertain whether or not an individual participating in a conversation on Discord actually belongs to the organization with whom one is interacting. On the other hand, it would be beneficial to see additional anti-phishing measures taken.
Another significant danger associated with NFTs is fraud, which has become more widespread in recent years. Several artists from different parts of the world have lodged complaints against individuals who have created NFTs of their work without their permission or who have used NFTs in other ways to infringe against their copyright. Due to the fact that SuperRare meticulously curates its lists of artists and works, the occurrence of this scenario is highly uncommon on its marketplace.
If you fit any of the following criteria, you should go with SuperRare:
• You are a collector who is looking for unique pieces of art that have been handpicked.
• You are a well-known artist who is interested in having royalties applied to all of your sales.
• You are confident in your ability to use Ethereum and pay the necessary gas fees.
