If you’re new to digital art collecting and non-fungible tokens (NFT), you may want to consider SuperRare as your NFT marketplace of choice. SuperRare features digital art that’s exactly as the name implies, unique art creations that you can’t find elsewhere.
This review illustrates all of the pertinent information that you need to know to make the best decision for your goals as a buyer or digital artist. Learn more about this platform and what they have to offer as it relates to NFT art projects.
What is SuperRare?
Jonathan Perkins and John Crain created SuperRare in 2018. The platform houses over 15,000 unique art creations within their gallery-style NFT marketplace. The platform has stated that they envision themselves much like Christie’s, a prestigious art gallery that conducts private sales and auctions.
If you’re looking for limited-edition NFT crypto art, SuperRare has the best digital art creators out there. SuperRare is a lot like other competing NFT spaces like KnownOrigin, MakersPlace, and Nifty Gateway.
The sleek, clean aesthetic of the site makes it easy to find what you’re looking for in any category. Each of the digital assets is showcased beautifully and hand-selected by the SuperRare team.
How does SuperRare work?
SuperRare is a dApp that specializes in curation, and they only work with curated digital creators that want to gain exposure and sell crypto-collectibles. Every month a few lucky artists get to display their work that SuperRare deems high-quality.
If a collector wants to make a purchase, then they must connect a web3 wallet on the Ethereum network. MetaMask is the most frequently used crypto wallet in general amongst NFT marketplaces. Buyers have to pay a transaction fee of 3 percent, while the creators have to pay a 15 percent commission fee to SuperRare.
Another unique feature of SuperRare is that they ensure that creators get 10 percent in royalties for every secondary sale of their NFT. This is a built-in feature from the smart contract.
What currencies can you use on SuperRare?
You have to use ETH (ether) to buy NFTs on SuperRare. Users cannot purchase digital art with any fiat currencies or other cryptocurrencies, such as Bitcoin.
It is interesting to note that SuperRare has a native curation token called RARE. You don’t use this currency for purchases, however. It will get used to moving forward a decentralized autonomous organization (DAO). A DAO lets loyal users vote on various components of the platform.
What types of NFTs can you buy on SuperRare?
There are multiple types of ERC-721 (non-fungible tokens) available on the SuperRare network. They have been separated into these categories:
3D artwork. If a buyer wants to look around the 3d section, they’ll notice that moving the mouse changes the viewing angle of the piece. A number of the pieces feature animation, increasing their unique value.
Still image. Traditional still images are at the top of the list when it comes to trending NFT art.
Video. The videos featured on SuperRare can be animated or filmed. They usually have sound as well.
GIF. A GIF is an animation or short clip that plays on a loop with various themes.
How do you buy an NFT on SuperRare?
If you want to make a purchase and join the digital art world, you can connect your Ethereum wallet from Wallet Connect, MetaMask, or Fortmatic. If you haven’t already purchased any ether, you’ll need to buy some from a reputable cryptocurrency exchange like CoinBase or Binance.
Once you get the ETH, you have to transfer it to your wallet to cover the NFT and the gas fees. After you’re all set, go to the SuperRare website and find the NFT collectibles that you want. You can then bid in an auction, purchase instantly, or make your best offer.
Do you need to store your NFTs? How do you do so?
SuperRare is non-custodial, and therefore, thru do not seize your digital items. They merely serve as a medium similar to eBay. Their focus is on the artist and facilitating the exchange of digital goods for funds.
Once the buyer sends their payment, they will receive the NFT to their digital wallet. It’s advisable to get a hard wallet in addition to MetaMask. While MetaMask has its security features available, if your device gets hacked or compromised, your assets can get stolen. Protect your NFT art collection by getting a hardware wallet immediately.
How do you sell an NFT on SuperRare?
SuperRare requires that you submit a portfolio of your original artwork to the platform. Furthermore, the platform is very selective and will only work with a handful of new creators every month. All is not lost if they fail to reach out to you promptly because, at the moment, they are understaffed, but they plan on working at a higher capacity shortly.
Furthermore, your work has to be original and created by you. Moreover, it must not be available anywhere else on the internet. All pieces have to be legal and created digitally.
Selling options on SuperRare
Before selling artwork on SuperRare, you have to apply to the platform and be accepted onto the site first. As previously mentioned, the company is big on exclusivity and will only hire a few new creators each month. After you’re accepted, you will have the autonomy to sell your NFTs with the following options:
Auctions. Setting up an auction requires that you give potential buyers a set amount of time to bid on your digital work. When the timer expires, the person with the highest bid will win, and the owner of the subsequent account will buy the NFT.
Instant sales. Additionally, you can sell your NFT at a specified price. Users can then choose to buy the product at that price or make you an offer that you can choose to deny or accept.
SuperRare is ramping up its hands-on approach when it comes to the crypto art in their platform, and as a result, they charge higher transaction fees on all primary sales of each NFT.
The first time that you sell one of your assets, SuperRare takes a 15 percent commission from the sale of your NFT. Furthermore, the platform will continue to track your piece of art, and you will receive 10 percent of each secondary sale.
If you are a buyer, you’ll pay a 3 percent transaction fee to SuperRare every time that you buy a digital piece. You may also have to pay royalties if you find yourself buying from the secondary market.
Gas fees do not go to SuperRare as they serve as payment to use the Ethereum blockchain. However, you should always calculate gas fees into your final cost. You can expect to see any of the following gas fees.
Minting. When mining a new piece of art, artists will have to pay gas fees.
Accepting an offer. If Sellers accept an offer on the platform, they must pay a gas fee as well.
Purchasing. If buyers pay for a digital art piece outright, they will pay for the gas fee alone.
Is SuperRare safe to use?
SuperRare is a safe and secure platform thanks to blockchain technology. However, the platform will never seize your digital assets. More accurately, it will track the digital data using smart contracts created by the blockchain. The platform is merely a transactional service for sellers and buyers to work together conveniently.
Despite how secure SuperRare is as a site, it’s still necessary to be aware of phishing sites. Furthermore, when following links to the site, make sure that you are actually on the site superrare.com before buying anything. There are always scammers looking to defraud you of your cryptocurrency and your assets.
Pros and cons of SuperRare
Below are the advantages to choosing SuperRare:
Exclusive art. Since SuperRare is highly selective with its artists, the platform has a reputation for having high-quality and exclusive digital art.
Simple user interface. The site is user-friendly and very easy to navigate. You can choose to filter categories to find the exact kind of digital art that you’re looking for.
High royalties. Creators receive high royalties on all future sales of their digital assets.
Below are all the disadvantages of choosing SuperRare:
High commissions. When compared to other NFT marketplaces, SuperRare charges a high commission, 15 percent, for the initial sale of any piece of art.
ETH-only. You only have the option to purchase digital art using ETH. You are not able to use any other cryptocurrencies such as bitcoin or any other fiat currency.
Frequently asked questions
Below are the answers to the most common questions asked concerning SuperRare:
1. What is SuperRare built on?
SuperRare is built on Ethereum, which is secure blockchain technology. It records smart contracts between sellers and buyers and keeps track of all the data related to all non-fungible tokens that are exchanged.
2. Does SuperRare have a token?
SuperRare’s native currency is named RARE, and it is utilized to develop SuperRare DAO. A DAO is an organization that’s decentralized and autonomous. All token holders, called RARE holders are allowed to have a say in the future development of the platform.