SuperRare NFT is a platform reserved to art NFTs. It does not trade or exchange other types of digital collectibles, making it rare. SuperRare NFT handpicks artists who can mint them on the NFT marketplace. It guarantees that each collectible is unique and original. It connects the gap between real-world artworks and digital art making it easier for art buyers to access both.
This article will discuss SuperRare NFT and why you should buy or sell using this marketplace. We will give you a complete guide about SuperRare NFT and the pros and cons of using the SuperRare platform. We will also look at the future performance of these non-fungible tokens in SuperRare.
What Is SuperRare (RARE)?
SuperRare is a dedicated NFT marketplace where you can buy superrare arts. John Crain is one of the founders of the NFT marketplace that runs on the Ethereum blockchain. SuperRare boasts almost $3 million in artist royalties paid to date and $90 million of collected digital art. The core team hand-picked and only approves artists to mint their artworks on a shared smart contract as SuperRare NFT in SuperRare 1.0.
The SuperRare version 2.0 introduces web-scale curation, which runs independently on the NFT marketplace. This version also allows artists to mint, promote, and sell their art directly through sovereign minting contracts. SuperRare NFT marketplaces is a decentralized autonomous organization that provides community governance.
It means that there are funds allocated to the Community Treasury that they can use to improve the protocol and network. It is also their job to oversee and manage the SuperRare spaces.
Last August 17, 2021, airdrop launched RARE, and users garnered 150 million tokens. It started with a market price of 90 cents. On August 27, ten days after the release, it jumped from $3.12 to $3.36 on October 11. As of December 2021, the trading price for it is $1.40. The daily trading volume is $24 million, and it has a market cap of $142 million.
As of April 25, 2022, the current price is $0.5724, with a trading volume of $22,833,715 and a market cap of $58,229,631. It is lower compared to the past performance of the token.
What Makes SuperRare Better Than Other NFT Platforms?
SuperRare network only allows users to purchase SuperRare NFT using ETH. The digital art collected offers governorship status to the owner. If you own RARE, you can join and vote in Spaces forums. It allows new artists to join the independently running storefronts of the SuperRare cryptocurrency exchange.
Spaces serve as gallery openings, like in real-world art galleries, in which the community of tokens owners has all the power.
These people can decide which artwork or artists to sell. Using the SuperRare NFT marketplace, you can browse all the available artworks and start collecting. The art creator will receive a royalty payment in every transaction that they make. Each one of these transactions is recorded on-chain real-time. The owner can easily verify if the art proceeds to their account or not.
Pros and Cons of Using SuperRare
Like any other platform and cryptocurrency exchange, using the SuperRare marketplace also has pros and cons. To protect your crypto assets, you should know every platform’s good and bad sides.
So, in this section, we will talk about the advantages and disadvantages of using SuperRare.
A curated list of artists
SuperRare NFT marketplaces choose artists very carefully. They only allow a limited number of artists on the platform. Only the approved artists can showcase their art on the premier NFT platform. It is to make sure that the quality and uniqueness of skills are preserved.
It reduces the significant risks of buying fake or invaluable items. The quality will be exceptionally higher than in other marketplaces. Additionally, each piece of work is an original and only copy of the art, making it more interesting.
Partners with traditional art world
SuperRare is a combination of traditional and digital arts. Recently, it partnered with Miami Art Week to form an excellent NFT experience and digital art. Collectors and artists saw a great opportunity for traditional and digital arts to interact. The platform can bridge the two forms of art.
The exchange commission protects this platform, and everything that happens here is recorded in the Ethereum blockchain. The artist will receive a 10% royalty payment for every work they can sell. After the first sold item, it will go up to higher fees of 85%. The fees are created through smart contracts to ensure the ongoing income of the artist.
Only runs on the Ethereum network
The Ethereum network is a big chain that is continuously improving. It is well-known for NFTs. However, Ethereum is known to have high gas fees and an unsustainable protocol. Ethereum has an ongoing upgrade called the Ethereum 2.0. It will improve when it comes to scalability, reliability, and speed.
Since SuperRare exists in the Ethereum blockchain only, it is also unsustainable yet. Aside from Ethereum, Solana or Polygon also offers NFT trading and collecting, which SuperRare users may try.
Relatively high fees
Since SuperRare combines both traditional and digital art galleries, it includes high transaction fees or gas fees. It doesn’t have any options for gasless minting, which some NFT platforms do. It also consists of a 3% fee on every purchase, which is higher than other NFT platforms.
Not suited to first time NFT traders
SuperRare is a particular provider of service to selected artists and collectors. It is not designed for beginners or new NFT investors. The select SuperRare artwork also costs high. If you are an unknown NFT creator or investor, look for other beginner-friendly platforms.
How to Mint and Sell NFTs on SuperRare
Once you’ve been accepted to join the SuperRare Spaces, you may now upload your digital works, mint, and sell them. SuperRare NFT can be in the form of a photo (JPEG or PNG), videos (GIF or MP4), and other formats.
Here’s how to upload your digital work to the SuperRare marketplace:
- Visit the website “SuperRare.co/tokenize.”
- Click the arrow pointing upward on the upload page. It will allow you to choose and upload your work. Make sure that the size is 50 MB or below.
- Once done uploading, enter the essential details about your work. It may include the title of your art or file, your username/name, tags, the date or year of creation, and a fantastic description of the art.
- Click the “issue token” button and tick agree to terms of services. Afterwhich, click on “begin tokenization.”
- Your hardware wallet or Ethereum wallet will play a significant role here. You can use other extensions such as Binance wallet or MetaMask wallet to process every transaction to the blockchain quickly.
- You may use a scanner, such as Etherscan to know the time needed for the NFT to mint successfully.
- Once done, you will see on your SuperRare profile the “tokenization complete” note. It shows that minting has been successful.
- Go to “markets.” Click on “recently active” and choose “newest.” You will now see you’re uploaded NFT.
After uploading and confirming your token, it is time to sell NFTs.
Here are the ways how to sell NFTs.
An auction allows you to show your work to a crowd of investors and collectors. As you know, buyers of the SuperRare NFTs should bid higher than the set price. The highest bidder, after 24 hours, wins the artwork, and everyone can see it on the blockchain.
Reserve auctions allow you to set the minimum price acceptable for bidding on a specific artwork. The platform will not consider bidding below the reserve price for your token. The auction automatically begins after setting the reserve price and ends after 24 hours. In a scheduled auction, you choose when to start, the starting price, and when the auction will end. It may last between 24 hours to one week.
When collectors visit your profile and want to buy SuperRare NFTs that are not listed for auction, they can set offers. If you put up the artwork for auction, the existing offer can be withdrawn by the investor. If they still wish to buy the item, they have to bid again during the auction. In short, offers are prices set by collectors, while the artist has the right to charge the cost in an auction.
#3. Buy Now
Another way to sell SuperRare NFTs is to select the Buy Now option. It allows you to set a price for the artwork without an auction. Investors and collectors will see your digital work and may wish to buy the NFT at the set price or send in offers.
How to Buy a RARE
Here is the step-by-step process on how to buy RARE.
- Register on the fiat currency to crypto exchange
Register on one of the many trusted platforms for crypto exchange. Make sure to create a strong password and always double-check your account.
- Use fiat money to buy ETH
Buy Ethereum from the platform. You will use this digital asset to buy the token. You can use your credit card or debit card to pay for the ETH. A bank transfer using a legitimate and acceptable bank account is also used nowadays. Although it is faster, you will need to pay high fees when using cards. On the other hand, a bank transfer is cheaper but not as quick.
- Transfer ETH to an Altcoin Exchange
RARE is an altcoin, and you need to transfer your ETH to an exchange platform to buy RARE tokens.
- Deposit ETH to the exchange platform
Deposit your ETH to the exchange platform and wait for the verification. Depending on the blockchain traffic, you will receive a notification and the deposit in a few seconds or an hour. After this, you are now ready to purchase RARE tokens.
- Start trading
For trading, you may use Binance or Gate.io as a platform. Ensure that the correct coin is selected to ensure that the transfer will be accurate. Type in “RARE,” and you will see RARE/ETH. Choose the pair, then click confirm.
You will also see a green button that says “Buy RARE.” When everything looks good to you, including your account information and the amount you want to buy, you may confirm your order.
The Future of SuperRare
Every token and cryptocurrency’s performance is highly unpredictable. You may base your prediction on the graph of the previous months or years. However, the future is still uncertain. The past performance of a token or crypto will not guarantee its future performance. Nevertheless, when the SuperRare NFTs were introduced to the public, they loved it.
At the event held at the Tate Modern museum in London, SuperRare NFTs show the potential of digital and physical art together. When you buy-sell tokens or cryptos, have due diligence, have your advice, and consider your circumstances. Consult the relevant regulators’ websites to ensure the presence of applicable regulatory requirements.