If you have been reading our blog, you would be well aware of all that is going on in the NFT realm. But if you are still a newcomer, read our guide on NFTs first, and then dive into this guide. In brief, Non-Fungible Tokens are a specialized form of digital tokens embedded on a blockchain. These tokens represent the ownership of an asset, either digital or physical. Moreover, marketplaces are used to sell, buy, or create NFTs. We have already covered some of these marketplaces on our blog. And today, we will talk about SuperRare NFT, one of the most innovative and curated marketplaces on the Ethereum blockchain.
Without further ado, let’s dive in.
SuperRare is a decentralized marketplace that allows users to create, buy, and sell unique digital assets. It was launched in 2018 by John Crain, Charles Crain, and Johnathan Perkins. They already had a crypto platform Pixura. They used the same platform stack to build SuperRare.
Since then, this marketplace has seen $90 million in art sales by over 1400 artists. Some people still call NFTs a hype bubble, but if we have witnessed anything, it is that NFTs are here to stay. This platform has produced a great number of interesting digital artists and crypto artworks.
In early 2021, the SuperRare NFT platform raised $9 million. This seed funding included venture capitalists like Ashton Kutcher’s Sound Ventures, Chamath Palihapitiya, and Mark Cuban.
In essence, this platform is also based on blockchain technology which makes it somewhat similar to every other crypto marketplace. However, there are a few details that make the experience much better on this site.
SuperRare NFT has introduced a social collecting feature. In addition to selling and buying collectibles, users can also get information about other artists. For instance, you can see how much ETH artists have collected and how many sales they have conducted. Also, users can connect and form a community on the platform.
Apart from the community experience, there is one fundamental difference between this and other marketplaces. If you have read our guide on Rarible, you would know it lets you create multiple copies of a single asset. Similarly, many other marketplaces allow this.
However, SuperRare stays true to its name; and only allows unique single edition collectibles. This way, the rarity of an item can positively affect the token’s price as well.
We have covered this part in almost each of our guides. But we do it again only to make sure that you understand the process.
The first step to owning any collection or assets is to create a crypto wallet. You can get several choices on the Ethereum blockchain, but the one recommended by most marketplaces is MetaMask.
After creating a wallet, you will need to buy ETH. As you know, SuperRare NFT works on Ethereum, so most creators sell their work in ETH currency. Therefore, the collectors need to have it in their wallets before purchasing any crypto asset.
Lastly, connect your wallet with the SuperRare website to get access to all artwork listed on this site.
Technically, CryptoPunk #9998 sold for $532 million. This number is jaw-dropping, even by the standard of the crypto market. However, one caveat is that the buyer was also the seller. So, there are some reservations regarding this sale.
Officially, at the time of writing, CryptoPunk #4156, sold for $10.2 Million, is currently the most expensive CryptoPunk NFT sale ever. Also, you should know that this is not a rare case. Many of the rare assets in this selection go for millions. For instance, #3100 was priced at $7.58 million.
According to Larva Labs, the lowest price of a CryptoPunk is 63.99 Eth (USD 245,606.41). And they also mention the total sales value of this collection, which is $1.79 Billion (USD). The NFT art platforms have taken an interesting turn. A few years ago, these marketplaces were centralized. Although they were based on blockchain, a team of developers controlled the marketplace. However, this landscape is evolving.
Recently, SuperRare NFT introduced a curation token, RARE. It works almost similar to RARI of the Rarible marketplace. This move will take this platform towards becoming a DAO (Decentralized Autonomous Organization).
These tokens will be distributed among the creators, artists, and collectors of the SuperRare network. The total volume of these tokens is 1 billion, out of which 40% will go to the community treasury, and the rest is for users, investors, and the team behind SuperRare.
If you own any NFT from this marketplace, you can head on to their website to check if you qualify for the RAREDrop.
In the coming days, the community of creators and collectors, who own RARE, will be able to make decisions about the platform. Currently, the team of SuperRare curates the new collectibles and the gallery. However, once this becomes mainstream, the community will be able to create SuperRare Spaces. These spaces will be curated by the community and a member chosen by the community will head them.
If you are an artist, you might want to convert your art into NFTs. Before you apply on the SuperRare network, you should know they are very picky about each artist they allow on their platform. If you think you are the best at what you do and you can create some rare pieces, you should join the platform.
Once you qualify, SuperRare NFT allows you to Sovereign Smart Contracts. These contracts will allow artists to create a token named after their brand.
Apart from the regular sale of NFTs, you can also enable the royalty-based sale. This will earn you 10% of the profits whenever your art is sold again. Also, the buyers will have to pay low transaction fees, called gas fees.
By now, you will be pretty well aware of everything currently going on at SuperRare NFT. A few days ago, on December 2nd at Art Basel Miami, Ross Ulbricht sold 10 NFTs. The proceeds were then donated. As you can see, the realm of NFTs is not only great for profits but for giving back to the community as well. Keep reading our blog to stay updated!