SuperRare (RARE): The Ultimate Curated NFT Art Experience
Talk about NFT enthusiasts, and the first thing that comes to mind is crypto gamers decorating their NFT avatars or degens obsessed with pixelated, sometimes controversial, art. Few people would immediately link NFTs with fine art during such a conversation. Yet, hidden somewhere in the NFT quarters of the Ethereum (ETH) blockchain, there’s a welcoming retreat for true digital fine art connoisseurs. Meet SuperRare (RARE) — an Ethereum-based NFT marketplace focused on refined and exclusive digital artwork. While most other NFT marketplaces offer a diverse variety of products — from gaming assets and avatars to entry tickets and more — SuperRare specializes only in fine art NFTs.
The art that finds its spot on the digital shelves of this marketplace isn't trivial or common: true to its name, SuperRare only features rare artwork. In order to be accepted as a creator on the platform, artists must submit an application form and be selected.
Talk about exclusivity!
Nevertheless, while some might find the concept of SuperRare a touch too elitist, many others — particularly true crypto fine art aficionados — will welcome a rare platform that caters exclusively to their tastes.
Key Takeaways:
SuperRare is an Ethereum-based NFT marketplace specializing exclusively in rare digital artwork NFTs.
To list their artwork on SuperRare, creators must submit an application form and be selected by the project's team.
The platform's native cryptocurrency, RARE, is used for governance, NFT curation and staking processes.
What Is the SuperRare NFT Marketplace?
SuperRare is an Ethereum-based NFT marketplace that specializes exclusively in digital artwork NFTs. In order to list NFTs on the platform, creators need to submit an application form and be selected by the project team reviewing their samples. One key requirement for NFTs approved by the platform is uniqueness. Using the curated selection process, SuperRare maintains high standards and exclusivity for its marketplace. The platform positions itself as an upmarket provider specializing in quality and rare digital art.
You won't find gaming, web3 domain, membership pass or other types of NFTs on SuperRare. The platform caters only to those interested in artwork-based NFT assets. Contemporary and abstract art–based digital paintings are typically the pieces regularly listed on its marketplace.
Source: SuperRare.com
SuperRare was launched on Ethereum in April 2018 by SuperRare Labs, a startup founded by three early NFT enthusiasts — brothers John Crain and Charles Crain, along with Jonathan Perkins. In August 2021, SuperRare introduced its native token, RARE, designed to promote decentralization and community-driven governance on the platform.
How Does SuperRare Work?
Creating and Minting NFTs on SuperRare
Starting as a creator on SuperRare isn't as easy as on the majority of other NFT marketplaces. To be accepted, creators need to fill out the platform's official Google Form. Successful applicants are contacted and invited to list their work on the marketplace. Part of the selection process requires artists to submit three to five artwork pieces that are used to evaluate their talents, as well as the fit of their creations to the overall spirit and purpose of the platform. Thus, degen-style pixelated monkeys are probably not the surest way to qualify as a SuperRare creator — but who knows?
Those whose work is accepted can then prepare and list their artworks on the marketplace. Each piece of artwork has a size limit of 250 MB, with acceptable file formats of PNG, JPEG, GIF, MP4 and GLB. Tokenizing and selling physical artwork on SuperRare isn't possible, as the platform only supports digital art pieces. The actual artwork is stored on the InterPlanetary File System (IPFS) platform, while the NFTs reside directly on the Ethereum blockchain.
Upon the first sale of an NFT, known as a mint sale or primary sale, the creator receives 85% of the price, with the remaining 15% going to the SuperRare DAO Community Treasury, a decentralized fund aimed at promoting the platform's decentralization and community development. Any sales of items after their primary sales are classified as secondary sales, for which the seller receives 90% of the price paid, with the remaining 10% going to the original creator as a royalty.
Buying and Collecting Digital Art on SuperRare
Lovers of digital fine art can purchase SuperRare NFTs via three main modes — Auctions, Offers and Buy Now. Auctions are further divided into Reserve Auctions and Scheduled Auctions. The mode under which an NFT is listed is determined by its creator.
A Reserve Auction features an initial reserve price. When a bidder meets the price, a 24-hour countdown kicks in to allow other buyers to place their competing bids. Meanwhile, a Scheduled Auction features preset start and end times and an optional starting price. Each auction ends at the specified time, regardless of whether any bids meet the starting price.
In Offer sales, prospective buyers simply contact the creator and offer their price.
Finally, there's the self-explanatory Buy Now mode, whereby you simply buy the NFT listed at a fixed price by clicking on the Buy Now button. All sales, regardless of their mode, include a 3% transaction fee paid by the buyer.
SuperRare also runs a rewards program for the holders of its exclusive RarePasses. A RarePass entitles the holder to receive one monthly NFT airdrop for an artwork from a participating creator chosen by the SuperRare team. Additionally, the holder gets three chances each month to win an NFT from a participating artist. There are 250 RarePasses in total, and a wallet can hold up to five RarePasses that maximize their airdrop rewards and chances to win.
SuperRare vs. OpenSea
SuperRare is often compared to another popular NFT marketplace, OpenSea. Both platforms are based on the Ethereum network, but they cater to somewhat different audiences, and significantly differ in terms of fees paid and artist royalties. While SuperRare is an exclusive market for rare digital artwork NFTs, OpenSea supports the sales of a wide variety of both exclusive and common NFTs, including those for gaming assets, digital and physical artwork, event tickets, avatars and more.
Royalty fees for secondary sales, which amount to 10% on SuperRare, are optional on OpenSea. In addition, the transaction fee is somewhat lower on OpenSea (2.5%) as compared to SuperRare (3%). Finally, while the transaction fee is paid by the buyer on SuperRare , OpenSea deducts this fee from the seller.
What Is the Rare Protocol?
In 2023, the SuperRare Labs team introduced Rare Protocol, a set of smart contracts on Ethereum designed to promote the open curation and discovery of rare NFTs. The protocol is open for anyone to participate. Users of Rare Protocol can stake RARE, the platform's native cryptocurrency, on their preferred creator to gain entry into the artist's Rarity Pool. As the creator sells their fine art NFTs, stakers in their Rarity Pool also receive crypto rewards from the sales.
As users continue staking in different pools, the SuperRare protocol will create a web of Curated Lists, each containing a list of various creators endorsed by the staker community. Hence, Curated Lists and Rarity Pools are deeply intertwined, allowing Rare Protocol to serve as a giant hub for rare NFT and talent discovery. The whole idea behind Rare Protocol is to encourage active NFT discovery and curation driven by the user community.
What Is the RARE Crypto Token?
In August 2021, the project introduced its native governance and curation token, RARE. RARE is an ERC-20 asset on the Ethereum blockchain. It's used primarily for the following functions:
To elect SuperRare Spaces operators through voting. SuperRare Spaces are specific community-vetted areas where creators can showcase their work. Each Space is run by one or more operators. RARE holders can vote to elect these operators.
To cast governance votes on the SuperRare DAO. Certain governance decisions concerning the platform's operations are made through community votes among RARE holders. One such critical vote is for the allocation of the DAO's Treasury funds.
As a staking asset in Rare Protocol's Rarity Pools.
RARE's total and maximum supply is specified at 1 billion. The entire supply will be released within four years from the token's launch (by August 2025), as some portion of it is subject to vesting schedules. The distribution shares for the total supply are shown in the chart below.
Source: Medium.com/SuperRare
RARE Crypto Price Prediction
As of Sep 16, 2024, the RARE token is trading at $0.1368, which is 96.3% lower than its all-time high (ATH) of $3.64 on Oct 11, 2021, and 166% higher than its all-time low (ATL) of $0.05122 on Oct 19, 2023.
Long-term price forecasts for RARE are generally bullish. PricePrediction expects the token to trade at $0.205 in 2025 and $1.37 in 2030, while DigitalCoinPrice predicts a maximum price of $0.36 in 2025 and $1.03 in 2030.
Is RARE Crypto a Good Investment?
You might consider investing in the RARE cryptocurrency based on the following considerations:
Although the NFT trade niche is highly competitive and congested, SuperRare is the confident leader within its own segment — upmarket, higher-value artwork NFTs. The lack of a strong direct competitor within this segment makes the platform a natural choice for artists and collectors interested in this form of NFTs. This should benefit its marketplace, as well as the RARE token.
As community-curated initiatives gain traction on SuperRare’s platform, the value of the RARE token could rise, since it plays a crucial role in SuperRare's governance and curation processes. The initial curation process on SupeRare, introduced with the platform's launch in 2018, was almost completely driven by the project’s team. The introduction of SuperRare Spaces in 2021 and the Rare Protocol in 2023 signify the push toward a community-driven approach to curation, with the RARE token playing a key role in this process.
Closing Thoughts
SuperRare's NFT art market is a unique place within the blockchain ecosystem, where creators can sell art that attracts truly refined tastes. There's no shortage of marketplaces flipping NFTs whose prices are close to zero, and whose utility is limited to a minor asset within an obscure crypto game. In fact, the NFT marketplace corner of the industry is crazily competitive, with many providers plying the trade.
In this NFT sea of mediocrity, SuperRare stands out as the symbol of fine quality in artwork NFTs, still unchallenged in that space after more than six years since its launch.
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