SuperRare is a difference maker in the NFT marketplace with its quality NFTs. In this review, find out everything you need about the SuperRare platform. Read on!
SuperRare: What is it?
SuperRare is a platform designed for selling NFTs. Discover the features of SuperRare below.
What is SuperRare?
SuperRare is entirely dedicated to buying, selling, and trading NFTs. As an NFT exchange platform, SuperRare brings together artists, art enthusiasts, and NFT enthusiasts.
The particularity of SuperRare is that it only offers hand-picked NFTs. Indeed, the team strives to select rigorously only to retain “super rare” works!
In terms of numbers, SuperRare is:
- Around 32,000 NFTs on sale;
- Nearly 7,000 NFT owners on the platform;
- A trading volume of over $100,000 over seven days.
SuperRare only manages NFTs based on the Ethereum blockchain. The platform is more restrictive than others, such as OpenSea, which has expanded its offering to Solana, Polygon, and others.
The team behind SuperRare
SuperRare was created in 2018 under the leadership of Charles Crain, John Crain, and Jonathan Perkins. The trio had previously developed Pixura, the technology behind SuperRare. These founders then surrounded themselves with a community of artists and collectors.
Since 2021, it has been a decentralized autonomous organization (DAO) that ensures SuperRare’s governance. At the same time, the RARE governance token was created.
SuperRare, the NFT platform of rarity and excellence
SuperRare’s specificity focuses on the quality and rarity of its NFTs.
Carefully selected artists
SuperRare screens artists before highlighting them on the platform. Only a limited number of creators manage to obtain their entry fee. Only 1% of artists who apply successfully pass the SuperRare selection process!
As a result, the quality of the works offered on SuperRare is generally higher than on other platforms. Additionally, each NFT must be unique. This increased requirement level also makes it possible to limit the risks of offering fraudulent works.
Partners in the world of traditional art
Another exciting aspect of SuperRare is that the platform is closely linked to the traditional art world. For example, in 2021, it joined forces with Miami Art Week, an unmissable event in contemporary and modern art.
This anchor allows SuperRare to link the physical world and the digital world. This is undoubtedly an advantage at a time when collectors and artists are questioning how traditional art and NFTs can interact.
SuperRare: For whom?
Theoretically, the SuperRare platform is aimed at all audiences from different industries. NFT collectors, as well as investors, will undoubtedly find what they are looking for there.
However, there are better platforms for beginners than SuperRare. Indeed, the platform is intended to be quite elitist. As a result, the average price of the works offered is generally several thousand euros. If you want to invest a small amount in your first NFT, you will quickly become disillusioned with SuperRare!
The different types of NFTs present on the SuperRare marketplace
SuperRare is not a general NFT platform. Unlike other NFT marketplaces, which touch on a little bit of everything (art, domain name, audio, photo, sport, etc.), SuperRare focuses on NFTs in the art field.
Remember also that SuperRare only selects Ethereum NFTs. For example, you must turn to other NFT marketplaces if you are looking for an NFT on Solana, Flow, Tezos, Klatyn, or Polygon blockchains.
Furthermore, the offer could be more extensive in terms of numbers. Don’t expect to find millions of NFTs on the platform. You will have to choose from “only” around 30,000 NFTs.
If most of the large NFT exchange platforms resemble mass retail supermarkets, it is clear that SuperRare is more like a high-end new store!
NFT services offered on the SuperRare platform
The SuperRare platform offers both NFT trading and an NFT creation service.
The NFT marketplace
SuperRare is, above all, an NFT marketplace. Therefore, it is the meeting place between artists who sell NFTs and investors or collectors who come to buy them. Transactions take place peer-to-peer, that is to say, without an intermediary between the seller and the buyer.
To purchase an NFT on SuperRare, you must:
- Connect your crypto wallet (or wallet) to SuperRare. If you still need one, open a crypto wallet compatible with SuperRare, such as MetaMask, Rainbow Wallet, WalletConnect, Trust Wallet, or imToken.
- Open an account on SuperRare by providing an e-mail address and username;
- Select the NFT of your choice on the platform;
- Choose the available purchase option that suits you; “buy now.” “make an offer” or “Make a bid.”
- Complete the purchase.
Create NFTs on SuperRare
SuperRare also allows artists to create their own NFT. As mentioned above, SuperRare has an elitist policy, and the selection process is very harsh. To try your luck, go to the “How to Join as An Artist?” page and click “This form.” You will then have access to a form to submit your artist profile. You will need to indicate general information such as:
- First and last name;
- Website or artist portfolio;
- Instagram, Twitter, or other social network link (optional);
- E-mail address.
Then come more in-depth questions. For example, you should record a short video of about a minute to introduce yourself. Although the form is in English, you are free to shoot the video in the language of your choice. You must also provide 3-5 of your works and explain the history of these creations and why you think they deserve to be on SuperRare.
Your application will then be evaluated by the SuperRare teams. If accepted, you will receive an invitation to publish your work on the platform. Creating the NFT is called “mint” or “minting.”
The most significant difficulty in minting an NFT on SuperRare is getting an invitation. The following is quick and intuitive and requires no particular skills. Do the following to get started:
- Upload your work;
- Add a description;
- Click on “Issue token;”
- Click on “Begin tokenization.”
SuperRare: platform fees
Purchase fees on the NFT SuperRare marketplace are set at 3%. This percentage is relatively high compared to other major NFT platforms. SuperRare charges a 3% commission (paid by the buyer) on each transaction carried out on the site. This is undoubtedly explained by the fact that SuperRare is not positioned as an NFT platform in the pure sense but as a hybrid between an NFT platform and a traditional gallery.
Additionally, the seller also has to pay a fee for each sale. When the work is first sold, the seller must pay 15% gallery fees to the platform. Later, the artist receives 10% royalties on each resale if the NFT is relisted.
Furthermore, as on any NFT platform, you must also pay gas fees when you create (mint) an NFT on SuperRare. The amount of gas fees depends on the blockchain on which you want to mint the NFT. In this case, on SuperRare, you will have to use the Ethereum blockchain, which generates high gas fees on Ethereum.
Also note that SuperRare does not allow “gasless minting,” that is to say, putting the NFT on sale without transferring it to the blockchain. This option, offered among others by OpenSea, allows gas fees to be paid only during the actual sale of the NFT rather than during the mint.
SuperRare is not the biggest NFT platform, and that’s on purpose! The marketplace strives to build an exclusive and elitist universe to offer its customers only the best NFTs of the moment.
SuperRare – Pros and Cons
- High-quality NFTs.
- A platform specialized in art.
- Ideal marketplace for connoisseurs (investors and collectors)
- Creation of NFT is possible by invitation.
- Difficult to access for artists (very rigorous selection)
- The average price of work is pretty high (unsuitable for beginner buyers)
- Relatively high fees
- Compatibilité uniquement avec la blockchain Ethereum.