SuperRare

SuperRare lets art lovers buy and sell unique and single edition NFTs (non-fungible tokens) from a decentralized marketplace.

Overview

SuperRare is an NFTs marketplace powered by Ethereum blockchain technology. The crypto art platform connects art creators and collectors to buy, HODL, or trade super rare NFTs in a decentralized environment, devoid of third-party interference and centralized governance. NFTs are non-fungible digital assets secured by cryptography that shows provable ownership. In addition, they usually come with unique metadata that makes them have only one owner at a time.

The platform enables creators to mint their art piece and tokenize it as a crypto-collectible digital item by linking the asset with a unique and indistinguishable token. Users can sell, buy, trade, or HODL minted NFTs via SuperRare’s intuitive and user-friendly interface. The marketplace also pays commission to creators when their artwork transacts on other NFT platforms or secondary markets. It uses Ethereum smart contract technology to automate royalty payments. 

Furthermore, SuperRare charges buyers little commission on every NFT purchased. It also earns fees on artist gallery sales. The marketplace uses Ethereum’s mainnet coin, Ether (ETH), to facilitate all the digital artworks transactions. Consequently, only those with an Ethereum wallet can use the platform. SuperRare also has a native token, $RARE, which it uses for network governance and decision-making. 

SuperRare also builds in some social media features that let platform members interact freely in a decentralized online community, making it more than an NFTs marketplace. These features allow members to like, interact and follow their favorite artists.

Product Details

SuperRare allows users to trade their digital collectible without learning how to code. The online marketplace curates many NFTs from the world's best artists, allowing art lovers to bid for them, which they can HODLed or resell on the open market for a higher value. NFTs creators can also sell outrightly for a fixed price. Additionally, SuperRare utilizes Ethereum blockchain technology to provide verifiable proof of history. As a result, people can trace an art piece to its original owner, preventing counterfeiting. Furthermore, the platform enables users to create their NFT marketplace seamlessly. They can also display their art pieces in virtual galleries.

SuperRare’s decentralization makes the marketplace free from single authority and centralized control. The decentralization reduces the level of trust participants must place in one another by democratizing decision-making and transferring control to a distributed network. This feature deters individuals from exerting authority over others. Plus, SuperRare’s transaction records are immutable and tamper-proof. Consequently, users cannot change or alter them. Furthermore, SuperRare’s recently launched governance token, $RARE, helps further decentralize the NFT marketplace. The coin allows holders to participate in network governance. 

SuperRare democratizes network governance, allowing $RARE holders to participate in decision-making. Decentralized Autonomous Organizations are digital organizations without hierarchical management. The members-owned community or enterprise runs on blockchain technology and uses decentralized voting systems to reach decisions. They provide a safe way for internet strangers to commit funds to specific causes. SuperRare’s DAO allows token holders to vote on additional Spaces (independently curated storefronts designed to promote artists) or galleries, allowing the community to earn commissions on each sale. Members can also vote on allocating funds from the community treasury and proposed improvements to the network and protocol. The DAO six-member governance council controls the community treasury through a 4-of-6-multi-sig wallet. The council does not have the power to allocate funds unilaterally but merely executes decisions passed through governance.

SuperRare allows members to relate in a decentralized online community. So besides trading or HODLing NFTs, creators and collectors can follow and interact with each other. They can also like or comment on the platform. The website homepage shows personalized feeds of recent NFTs transaction activities, allowing them to engage with content effortlessly. Plus, the decentralized social network shows top collectors and trending artists for easy follow. Furthermore, the website allows visitors to enter their emails to join their newsletter. 

SuperRare uses Ether (ETH) cryptocurrency for on-chain transactions. As an Ethereum-powered platform, the marketplace relies solely on the blockchain’s ETH token for payments despite having a native coin $RARE. As a result, users must connect Ethereum wallets to SuperRare to buy items on the marketplace. The platform is compatible with Metasmask, Fortmatic, Wallet Connect digital wallets and allows new members to select their preference when signing up. Additionally, SuperRare stores purchased NFTs on the wallets.

SuperRare requires digital creators to apply for approval to mint their NFTs. Unlike other peer NFT marketplace that allows creators to mint and sell the same artwork in multiple quantities, the platform curates only single edition and unique pieces from quality creators to make its collections super rare. As a result, the marketplace currently onboards only a small number of hand-picked artists. SuperRare requires interested creators to fill out an online form to get considered. It uses metrics like social media activities, art style, and community involvement to evaluate applicants. 

SuperRare is intuitive and easy to use. The platform creates an easy experience for users. For instance, users can sign up to join the platform by connecting an Ethereum wallet in a couple of straightforward steps. They can discover all the activities on the platform, including unique NFTs, by clicking the “Market” tab on the navigation menu. Also, the filter features make it seamless for visitors to narrow down their searches. Website visitors and users can also see top trending artists and popular collections on the fly without any navigation. SuperRare’s design is simple, and colors are also easy on the eyes.

SuperRare uses smart contract technology to automate royalty payments. Smart contracts are a pile of computer codes that digitize agreements and automatically execute them when parties to the contract meet the predetermined terms. The self-executing computer program enables a trustless transaction environment, allowing people to enter into agreements confidently. SuperRare allows NFTs creators to earn fees from resale prices, providing passive income from artworks that resell on the secondary markets. The marketplace eliminates error-prone and subjective human factors in royalty payment using smart contracts, ensuring guaranteed outcomes and trustlessness.

Recap

SuperRare is a decentralized NFT marketplace and social network. The platform allows art lovers to sell and collect single-edition and unique digital art pieces. It runs on Ethereum technology and uses the blockchain’s native token to facilitate transaction payments. Additionally, the marketplace allows art creators to earn lifetime royalties on their artworks, automating payments with Ethereum smart contracts.