The SuperRare NFT marketplace was launched in 2018 and mainly focused on art-related NFTs, which means it does not generally list NFTs linked to digital gaming assets, domains, or music. The marketplace has included works in many artistic styles, from photorealistic illustrations to psychedelic and conceptual art.
The company began as a high-end art gallery that only listed exclusive NFT collections from prominent artists vetted by its core team. In 2021, the platform introduced its RARE token to facilitate platform governance, transitioning into a decentralized autonomous organization (DAO) led by its creative and collector community. SuperRare is backed by many well-known investors, including Samsung Next, Mark Cuban, and Ashton Kutcher.
What is SuperRare?
SuperRare is a cryptocurrency art market where you may purchase and trade non-fungible tokens (NFTs). The firm bills itself as “Instagram meets Christie’s,” listing a selected assortment of digital artwork produced by established NFT artists and up-and-coming producers. Its emphasis on quality over quantity has earned SuperRare a relatively excellent reputation within the NFT platform.
It’s one of the most popular NFT markets for fine art on Web3. Instead of diversifying into other businesses, such as NFT gaming or profile pic collections, it focuses solely on providing high-quality and scarce NFT artworks.
How Does It Work?
The SuperRare crypto platform mints, transact, and verify NFTs listed on its platform using the Ethereum network. Like most NFT markets, it is non-custodial, which means that when a seller lists their NFT, it is locked in a smart contract and does not leave their wallet until it is sold. Similarly, when used to bid on an NFT, a buyer’s funds are safeguarded by a smart contract and are only transmitted if and when a user’s bid is successful.
The NFT platform is primarily based on a timed auction concept. Auctions can be set up with a defined reserve price that bids must meet, or they can be started with just a start and end date and no reserve.
Users’ NFT purchases are automatically displayed in their NFT collection. Users can customize their displays and highlight individual NFTs from their favorite producers, adding a social component to the platform’s curation process. Furthermore, the SuperRare Offers system creates a secondary market for NFT art by allowing users to make an offer on any NFT they view on the platform, not only those currently up for sale.
What Makes It Unique?
SuperRare is a curated NFT art market based on the Ethereum blockchain that was co-founded by John Crain, a former product engineer at notable Web3 firm ConsenSys and currently CEO of SuperRare Labs.
It promotes the exclusivity of its digital artworks to differentiate itself from other NFT marketplaces. Any artist wishing to mint NFTs on SuperRare must apply and be approved by SuperRare Labs. To ensure that their pieces are “super rare,” the firm also demands artists to submit only one-of-one art NFTs.
Because the marketplace concentrates on beautiful art NFTs, it has better sales per token. For example, artists Kevin McCoy, Don Diablo, and XCOPY have each sold NFTs for more than $1 million on SuperRare. In addition, Time magazine published an article titled “Is Fiat Dead? ” NFT magazine cover in 2021, and Gucci has released exclusive NFTs on SuperRare. Finally, to assist the site in growing more decentralized, SuperRare developed its native coin, RARE, in 2021.
Supported Wallets
You can connect to SuperRare using a variety of crypto wallets, all of which is Ethereum network compatible. The copany accepts the following wallets:
- MetaMask
- Fortmatic
- WalletConnect
How to Set Up Your Collector Account?
- You’ll need MetaMask, an Ether wallet and account manager for internet browsers, and the latest version of Chrome or Firefox to access the network.
- Click on the little fox icon in your browser extension panel to go through the welcome screens, where you can create a password and accept the privacy policy.
- Next up, you’ll see MetaMask’s “Secret Backup Phrase” screen – these 12 words are critical to saving in a private, secure location OFFLINE. They are the only way to restore your account if you get locked out or lose your password. MetaMask will ask you to confirm it to prove you’ve saved it somewhere.
- Once you successfully create an account. You can now start the account setup on SuperRare.
