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Look out for “SuperRare” NFT marketplace

With the rise of NFTs we have explored 2 sites OpenSea and Rarible out of the 12 most popular ones and now we are diving into SuperRare.

SuperRare, which is based in the US, has been active since 2017 and created by John Crain, Charles Crain and Johnathan Perkins-the CEO, CTO and CPO, SuperRare uses the ETH blockchain. They are also the founders of Pixura, the company that builds the crypto collectible technology that runs SuperRare.

SuperRare is a platform that digital art lovers can connect and collect, they call it “social collecting”, the term is used by the community where the idea is that the artist and the collector are able to easily interact with each other and share their passion for art.

What’s the difference

SuperRare uses smart contracts which uses a tracking and authentication system, with this the creator of the art collects a fee every time the NFT is resold. Since the smart contract is coded into the NFT the artist is guaranteed an automatic royalty for their creation even long after it leaves their possession.

As an original creator of a new art piece you will receive 85% of the commission while the gallery receives 15% of your first sale, any sales after that the creator receives 3% commission. At the time of writing more than 5,000 artworks have been created with over $500,000 in fees collected by artists on SuperRare.

To be allowed to create artwork on SuperRare you have to be invited or apply to join the network as an artist and fill in an application with the requirement that all artwork created on SuperRare must be original, created by you, digital and must not be tokenized on any other marketplace.

SuperRare and its fees

SuperRare is not your traditional marketplace, unlike others they don’t charge for enabling the sale.
At SuperRare you will have to pay 15% in gallery fees when you are the artist. It’s a high fee that you as an artist have to pay, and as a buyer you pay 3% to SuperRare, as a creator you still get 10% of every sale as royalty from sale. This is the highest fees of all of the NFT marketplaces, which can make them lose customers when having such a high fee.

Bright future

In 2018, SuperRare introduced the benefits of blockchain to collectors in the traditional art world during Christie’s Art + Technology blockchain summit. In 2020 the project collaborated with DADA.art for an event at the Tate Modern museum in London, this is the first time art was created as a world-class museum and then immediately made available for collectors across the world. If SuperRare continues working with highly established art institutions there is only one way SuperRare can go, and that is up.

Pros

  • A new way for artist to sell their digital work
  • Easy to use
  • Strong development team
  • Money goes to the artist, certificates of authenticity

Cons

  • High fee for the gallery
  • You need to have a wallet with Ethereum to interact with Superrare like MetaMask
  • You must be invited to the platform to create artwork
  • Only supports JPEG/PNG or GIFS

 

 

 

 

 

 

 

Image: mollyroselee

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

decrypt.co/resources/what-is-superrare-3-minute-guide-explained-art-collectible

www.cryptowisser.com/nft-marketplace/superrare/

www.producthunt.com/posts/superrare/reviews

superrare.com/about