What is SuperRare?
Welcome to the SuperRare! This marketplace flawlessly bridges NFTs and high-end physical art galleries, all powered by the Ethereum blockchain. Seeking top-notch NFTs that unite wealth and ignorance in an explosion of artistic brilliance? Look no further, my friend! Especially if you crave those minted and sold by the celebrated creators of our time.
But hey, we get it – decisions are tough. Are you torn between cozy Netflix & Chill sessions and delving into the NFTs? Don’t worry! This NFT marketplace overview has got you covered, unraveling all the secrets of SuperRare 2023 and giving you everything you need to become a true connoisseur. Let the NFT & Chill session begin!
SuperRare Overview and History
SuperRare NFT marketplace is a decentralized NFT trading platform where users can buy and sell non-fungible tokens (NFTs). Founded in 2018 and domiciled in the United States, SuperRare upped its share of the NFT marketplace when it collected $9 million in a Series A funds drive in March 2021, overseen by Velvet Sea Ventures. The fundraising round attracted celebrity investors such as Mark Cuban, Marc Benioff and Ashton Kutcher.
Read more: What are dynamic NFTs? Use cases and examples
Despite joining the league of the market leaders in the NFT space, SuperRare has also been affected by the down-market and recently laid off at least 20% of its workforce to remain with at least 230 employees. The NFT trading platform focuses on one-off collections instead of series, meaning most art pieces are specifically designed for SuperRare.
The platform runs on the Ethereum blockchain, and traders can choose between ETH and RARE, the platform’s native utility token, for their transactions. While the applicable 3% marketplace fee and 15% gallery fee could scare newbies, serious NFT collectors and investors don’t mind it since they get access to highly curated SuperRare digital collectibles.
SuperRare 2023 Alternatives
OpenSea
Established in December 2017, OpenSea is the pioneer NFT marketplace founded by Alex Atallah and Devin Finzer. The platform was created to give NFT enthusiasts a safe and secure environment to exchange crypto art: the marketplace has a huge user base with over 30 million NFTs. OpenSea is easy to navigate, and users can search for what they need by artist, creator, and type of digital art or well-known NFT collections. The platform supports the trade of ERC-721 or ERC-1155 NFTs on leading blockchains Ethereum, Polygon and Klatyn.
Read more: OpenSea’s NFT Trading Revolution: Deals Unleashed!
The OpenSea NFT marketplace has several noteworthy features; NFT Gifting, where users can gift each other art pieces they can send to their ETH addresses, and NFT Minting – there’s no charge for minting. Still, users pay a one-time gas fee or an alternative 2.5% gas fee based on a buyer’s offer. Regarding the cost of doing business, it’s almost free to set up an account apart from the 2.5% fee, making OpenSea among the most moderately affordable NFT marketplaces. The wallets supported include MetaMask, MetaMask Mobile, Coinbase Wallet, Trust Wallet and Portis, Dapper, and Bitski, among others.
Rarible
Rarible is among the leading SuperRare competitors. Established in 2020, the platform lists over 100,000 digital assets in its Dapp marketplace. Artists using Rarible can choose a royalty rate, meaning they can earn money every time their art piece exchanges hands in the market. The platform features art, images, music, video, domain names, games and adult content and has native governance token called RARI.
Transaction fees on Rarible are 2.5% for every purchase, and the platform provides an API that enables developers to access all transaction data. The multi-chain NFT marketplace currently supports Ethereum, Tezos, Solana, Polygon, and Flow, with plans to integrate another blockchain. Still, in the meantime, users can switch between blockchains. The platform supports various wallets, including Coinbase, Metamask, Rainbow, Portis, WalletConnect, Torus, MyEther Wallet, and others.
Magic Eden
The Magic Eden NFT marketplace is perhaps the only one offering 0% listing fees, with the company saying it’s focused on community. The platform supports various blockchains, including Solana, Ethereum and Polygon. Magic Eden is especially ideal for beginners learning the ropes of the NFT market because of its user-friendly interface. The platform is also perfect for emerging designers and collectors who wish to dip their toes and grow their knowledge in NFT marketplaces.
The Magic Eden is especially popular for availing easy access, low fees and a supportive community – the only payable fees are 2% transaction fees when you have made a sale, which is much lower than on most other platforms. The Magic Eden Launchpad feature is especially famous for assisting NFT creators with minting. The platform effortlessly supports wallets like Phantom and Metamask.
SuperRare Pros and Cons
SuperRare addresses a specific niche in the NFT marketplace, and users will find it has much to offer.
SuperRare Pros
Unique, high-quality art: SuperRare artists and artwork are unique because anyone and everything has to undergo a vetting process before they can be admitted to the platform. All art pieces are single edition meaning they can’t be found anywhere else.
Ethereum only: Operating on the Ethereum blockchain means the platform uses smart contracts to increase accessibility and eliminate fraud. Transactions are done using ETH or in-house currency RARE. The interface is easy-to-use making site navigation something users can enjoy.
Read more: Explosive Revelations: Mysterious Ethereum Address ‘0xd275e’ Raises Eyebrows in Crypto Circles
Integration of traditional art: SuperRare has a hybrid system that helps bring traditional art into the world of NFTs, enhancing their adoption. The most interesting feature is that artists can register for a 10% royalty payment whenever their art piece changes hands.
SuperRare Cons
Every NFT marketplace has disadvantages, and SuperRare isn’t exempted.
Exclusivity: The relatively high transaction fees of up to 15% mean the platform isn’t ideal for beginners or budget-conscious traders. Artists are also required to pay gas fees on Ethereum, which can be quite high in some instances.
Invite-only: You can’t just join SuperRare unless you get an invitation. The platform only on boards a handful of artists monthly; you must submit your profile and wait to be invited.
SuperRare Features
Supported Wallets
SuperRare supports leading cryptocurrency wallets, including MetaMask, WalletConnect, and Ledger Live. Others are Coinbase Wallet, Rainbow, and Gnosis Safe. If you’re just beginning your Web3 journey, the MetaMask is highly recommended.
Supported Blockchains
The SuperRare NFT Marketplace operates on the Ethereum blockchain, meaning all minting, transactions, and verification happen on the ETH network. You need to note that SuperRare is a non-custodial platform, and, as such, a user’s NFTs remain locked up in a smart contract when it gets listed and only leave when it’s been sold.
NFT Minting
Minting NFTs on SuperRare 2023 is the first step towards getting a chance at the SuperRare auction and sales procedure. The unique process goes beyond selecting a JPEG and paying gas fees. You must submit a formal application on the SuperRare platform to ensure you will conform to the site’s quality and scarcity criteria. The process entails building a new block on the Ethereum network signed by the creator using the ERC-721 NFT standard. Once you begin the process, you’ll be required to fill up a Google form to choose between minting using the standard SuperRare contract and creating your new contract. Once you create a contract, the NFT remains on the Marketplace menu.
Conclusion about SuperRare
NFT investment SuperRare targets traditional art collectors interested in dipping their toes into the elevated NFT experience. Alongside Gemini’s Nifty Gateway, the platform ranks among Web3’s finest NFT marketplaces, specifically designed for any artist who wants to chase some clout as it offers them access to new galleries or Spaces on the blockchain platform. SuperRare goes beyond your traditional NFT marketplace to include only the highest-quality and scarce art pieces you can’t find on any other platform.
You could sum up the invite-only, single edition SuperRare NFT marketplace using three words: exclusive, fashionable and expensive – this guarantees NFTs that will almost always fetch high prices. It’s no wonder that pundits looking at SuperRare tokenomics with its market cap of $35 million and sitting at the #443 rank at the time of writing is a positive sign as the bear market edges close to its end.
Suppose you’re keen on digital art, videos and photography. In that case, the SuperRare NFT marketplace, with its professional-grade digital art pieces in its SuperRare Spaces and SuperRare market, is right for you. If you’re an established NFT artist with a professional portfolio to boost, nothing provides more offerings for digital art enthusiasts than SuperRare 2023.
FAQ about SuperRare
How to Buy NFT on SuperRare?
Step#1: Connect your digital wallet to the SuperRare marketplace.
Step#2: Enter your email address and preferred username to create a SuperRare account.
Step#3: Choose an NFT from the marketplace. The prices are indicated on each artwork as the SuperRare auction and sales continue between the parties. The final bid price for each will be shown once a sale is accomplished.
Step#4: Click “BUY NOW” when you’re ready to buy your selected NFT art. You could also “PLACE A BID” or “MAKE AN OFFER” during an ongoing auction.
Step#5: Click on “CONFIRM” to complete the transaction.
How do you get invited to SuperRare?
To become invited as an artist on SuperRare 2023, you must fill in a Google form on the platform’s website. Ensure that you carefully read the terms and conditions to include every required detail, besides ensuring that all your attached links and folders are accessible. The administrators will review your application and revert if you’re eligible.
Is SuperRare decentralized?
The SuperRare NFT marketplace is fully decentralized and curated, runs smart contracts, and operates on the Ethereum blockchain.
How long does the SuperRare application take?
Applying to curate at SuperRare isn’t like your typical acceptance and rejection cycle of regular application processes. Instead, once you’ve presented your application, the curation team will review your application together with others on a rolling basis. Once your status changes from “Submitted” to “Invited”, you’ll receive official notification via email. The typical waiting time will take anything between 3 and 5 weeks due to the large number of applications received.
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