SuperRare Review 2023: Is it a Trustwhorty NFT Marketplace?
SuperRare Review: Our Opinion
SuperRare is an exclusive NFT platform that is the best fit for art lovers who are serious about rare digital art. The NFT marketplace allows users to trade curated art-focused NFTs from a particular group of preselected artists. SuperRare is a bridge between high-end physical art galleries and NFTs. It isn’t for NFT newbies as its items may price out most beginners.
An Overview of SuperRare
SuperRare started in 2017 when Jonathan Perkins, John Crain, and Charles Crain brooded over the idea of a digital art marketplace geared towards the current digital crave. The answer was SuperRare, which was officially launched in 2018.
The 3 founders of SuperRare also founded Pixura, another platform that enables users to trade, mint, and track cryptocurrency collectibles. Pixura’s tech stack is actually what powers the SuperRare platform.
Since its launch, SuperRare has experienced widespread adoption by digital art collectors and creators. For example, in March 2021 SuperRare closed a funding round where they raised $9 million from capital ventures such as Sound Ventures, Mark Cuban, Velvet Sea, etc.
That said, SuperRare itself is a decentralized marketplace for NFT art with a social network build. The platform was built on the Ethereum network and it uses the same to enable creators to mint their digital artwork. Once the NFT is minted on the NFT marketplace it can be sold, bought, or held by other users.
SuperRare also allows creators to earn royalties from secondary sales of their digital art. The platform also features social network capabilities as it allows users to follow, comment, like, and engage with other NFT collectors and creators.
Key Features of SuperRare
$RARE is SuperRare’s governance token. $RARE token holders can be likened to stakeholders as they play an active role in determining the growth of SuperRare. The token is also used to vote in SuperRare Spaces.
The $RARE token is a means to identify and empower new curatorial talent in the SuperRare ecosystem. The token functions as the primary vehicle used to onboard the growing network of curators, collectives, and galleries in the SuperRare Space. $RARE can be bought on top crypto exchanges like Binance, Gemini, or DEXs like Uniswap.
SuperRare Spaces are galleries for curators, collectors, and community members vetted by the SuperRare community to highlight and release crypto art through SuperRare. Simply put, they are independently curated storefronts on SuperRare. Every SuperRare Space is overseen by designated operators. These operators are chosen by a community vote of $RARE token holders. After being elected, the operators can choose and onboard any market or artist they deem fit. They can also earn commissions on all sales made through their designated Space.
$RARE token holders also vote on which Space should go live next in a recurring vote. This voting method is known as the Space Race.
The SuperRare DAO is the governing council of the SuperRare community. The DAO is made up of a group of community-nominated $RARE token holders who are tasked with overseeing SuperRare Spaces, the expenses of the community treasury, and voting on decisions concerning the future of SuperRare. The community treasury contains $RARE and ETH. It is overseen by the DAO and can be publicly viewed at superraredao.eth.
SuperRare DAO can earn on-chain commissions on sales of digital assets made from SuperRare Spaces. This is a form of incentive that motivates DAO members and token holders to pursue high-quality curation of all Spaces added to SuperRare.
SuperRare allows collectors to bid on artworks through auctions. Sellers can set “Buy Now” list prices that digital assets can be bought at. Artworks that are not under auction can still receive open offers from collectors.
There are 2 types of auctions on SuperRare: Scheduled Auctions and Reserve Auctions.
With this type of auction, sellers get to choose the start date and time, the end date and time, and the starting bid price. The auctions are set to start and end at the exact time set by the seller regardless of whether or not any bid placed within that time frame met the starting price.
The length of the scheduled auction is between 1 to 7 days. Once the auction is scheduled, a countdown timer indicating the start time of the auction appears on the digital art. At the beginning of the auction, the timer begins to countdown to indicate how much time is left.
All bids placed during the auction cannot be canceled. If a bid is placed 15 minutes before the auction ends, the auction time is extended by 15 minutes. If a bidder is outbid, their bid is returned to them. The art collector with the highest bid at the end of the auction wins the artwork.
This type of auction is perfect for sellers who are not in a hurry to sell a work but wish to get at least a certain amount of money for it. With a reserved auction, the seller chooses a public reserve price.
When the reserve price is met, the timed auction kicks off. The first bid on the crypto art must be at least the reserve price. Once the auction commences, the timer starts a 24-hour countdown to the end of the audition. The highest bid at the end of the auction wins the auction.
Types of NFT You can Buy and Sell
Just like its name, SuperRare focuses on offering rare NFTs. Unlike most NFT marketplaces, SuperRare NFT marketplace only accepts a restricted number of carefully selected artists and it only sells one edition piece.
The average price of NFTs on the platform is $5,000 although this amount fluctuates. Currently, the platform offers more than 36,000 NFTs and does not offer other types of NFTs found on popular NFT marketplaces such as gaming, domain names, Metaverse, videos, music, etc. just art.
SuperRare only supports the Ethereum blockchain for its NFT transactions.
SuperRare supports Ethereum-compatible wallets. The wallets also need to support WalletConnect. Examples of such wallets are Rainbow wallet, imToken, Trust Wallet, Crypto.com, Metamask, Fortmatic etc.
Once you’ve been verified on SuperRare that is you’ve been confirmed and whitelisted to own the digital pieces that you uploaded, you are eligible to mint your art. Artists are, however, required to pay gas fees for artwork minting. SuperRare makes it quite seamless to tokenize and upload your art in several formats PNG, JPG, etc. and have it up for auction.
To mint your art, go to this page SuperRare.co/tokenize, and you’ll be redirected to an upload environment.
Next, click the icon with the arrow pointing downwards to upload your artwork. But make sure your art is optimized so it does not exceed the maximum size (50MB).
Once you’ve uploaded the item, input the required details which include the title of your art, year of creation, your username or name, and an exhaustive description of your art.
Next, click “Issue Token” and agree to the terms of service. Click “Begin Tokenization”.
Your MetaMask extension should pop-up requesting that you approve or set your gas price. Do so and confirm the transaction on the blockchain. If you want to know the estimated minting timeframe you can use Etherscan.
Once it is done, you’ll get a “Tokenization complete” message on your SuperRare profile which states that minting was successful.
To see your NFT go to Markets then Recently active, then Newest.
How to Buy NFT on SuperRare?
There are 3 ways to buy NFTs on SuperRare; Auction, Offers, and Buy Now.
If you opt for an Auction, there are 3 ways to do so. The first allows you to bid above the set price for an exclusive art within a 24-hour timeframe. At the end of the auction, the highest bidder gets the art. The second is called reserve auctions and this means that the NFT has a minimum price at which you must bid. The last is the scheduled auction which requires the buyer to start bidding at a particular price at a specific time.
The second way to buy SuperRare NFT is through an offer. This works by offering to buy an exclusive art that is not listed on the auction house. With this method, you can set the price as a art collector.
The last option for buying NFTs on SuperRare is through the Buy Now function that allows you to simply buy the NFT at the set price or send in an offer.
SuperRare has arguably the highest fees of all NFT platforms. But it does take a lower commission than a conventional gallery. That said, here are the primary fees:
- Buyer: 3% fee on every purchase
- Artist: 10% royalty payment on all secondary sales
- Gas Fee: Users pay gas fees on all transactions
Gallery: The platform takes a 15% commission on the first sale
SuperRare Payment Methods
SuperRare only supports one payment method, which is Ethereum. Now while some other NFT marketplaces allow users to use credit or debit cards to buy Ethereum or another crypto before purchasing NFTs, SuperRare does not permit this, so you’ll need to hold Ethereum to use the platform.
SuperRare is secured by the Ethereum blockchain. The smart contracts on the blockchain ensure that both parties in every transaction fulfill their obligation. Also, SuperRare is a non-custodial marketplace, which means that it does not store users’ assets, each artist is responsible for the safety of their art collection. This makes the platform less at risk of being targeted by hackers. Users can protect the assets in their custody by implementing some safety measures.
SuperRare also carefully curates its list of artists and works, this makes the platform less susceptible to NFT fraud.
The SuperRare support team can be contacted via email and the chat box located at the bottom-right corner of the web page. The platform also has a support center that is fully equipped with detailed guides providing answers to frequently asked questions about different aspects of the platform.
SuperRare is an exclusive art-focused NFT marketplace for advanced NFT traders who don’t mind high-end items. This platform isn’t for beginner NFT traders and people searching for more than one type of NFT as the platform only offers art NFTs.
Our extensive analysis of the NFT Marketplaces doesn’t stop here. You can also read about our Nifty Gateway Review as an alternative to SuperRare or you can check out our list of Top NFT Marketplaces.
Most frequent questions and answers
Yes, SuperRare is one of the best NFT marketplaces for art-focused NFTS. It gives curated artists the perfect marketplace to sell their digital artworks. With regards to the traditional art world, SuperRare creates a bridge between it and the digital space. SuperRare has a physical gallery in New York where SuperRare NFTs are showcased.
Depending on your influence in the art space and the originality of your work, SuperRare may be considered tough to get into the platform.
There are approximately 7,000 curated artists on SuperRare, although the exact number isn’t made available.
We always try to provide the most accurate information available, and make sure our team follow through.
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