SuperRare Review

What is SuperRare?

SuperRare is a unique NFT marketplace that has a closer correlation to art galleries than it does to ofter NFT spaces such as OpenSea or Rarible. In fact, the platform compare’s itself to Christie’s, a gallery known for prestigious auctions and private sales. The SuperRare platform has a clean, sleep look that allows each piece of art to be properly showcased. Each single-edition NFT is hand-picked by this extremely selective platform, founded by John Crain and Jonathan Perkins. Like the other best NFT marketplaces, you will be able to browse through the work to find rare digital art you won’t be able to find elsewhere.

How does SuperRare work?

SuperRare is a dapp that works with curated artists who want to sell their unique crypto-collectibles online. The platform only chooses a few select artists to work with each month to ensure the only quality items make it onto the platform. Those who wish to purchase the art will connect to the platform with an Ethereum wallet such as MetaMask. Buyers will pay a 3% transaction fee when purchasing art and the creator will pay a 15% commission to the platform. When NFTs are resold in the future, the artist will receive 10% in royalties due to the smart contract on the asset.

What currencies can you use on SuperRare?

You can only purchase non-fungible tokens on this art marketplace using ether (ETH). You cannot use bitcoin, other cryptocurrencies, or fiat currency to invest. While the platform does have its own token, RARE, it isn’t used to buy or sell art. Instead, it is a curation token used to create a DAO (decentralized autonomous organization) where owners will be able to vote on new features within the platform.

What types of NFTs can you buy on SuperRare?

The type of non-fungible tokens (ERC-721 NFTs) available on SuperRare can be broken down into the following categories:

• Still image – Whether a piece of art or a well-taken photograph, stills remain one of the most popular forms of NFTs.
• 3D artwork – When browsing the 3D artwork on the platform, you’ll notice that you can move each piece with your mouse to view it from different angles. Many assets are animated, making them even more unique.
• GIF – GIFs are short clips or animations that replay over and over. They come in many different themes.
• Video – The videos displayed on the platform may either be filmed or animated. They are frequently accompanied by sound.

Potential buyers can apply filters within the marketplace to find their favorite category of art.

How do you buy an NFT on SuperRare?

To start collecting on SuperRare, you will need to create an account and sync it to a web3 Ethereum wallet, such as MetaMask, Fortmatic, or Wallet Connect. If you don’t already have ether in your wallet, you will need to purchase it from an exchange (such as CoinBase) and transfer it. When you’re ready, visit the art marketplace and browse the non-fungible tokens until you find one you want to purchase. At that point, you can either bid on an auction, buy one outright, or make an offer.

Do you need to store your NFTs? How do you do so?

Your NFTs will not be stored on SuperRare. The platform will never take custody of the digital assets and simply serves as a platform where people can connect web3 wallets in order to make the transaction. To ensure that your art collection remains secure, you should invest in a hardware wallet. This will prevent your NFTs from being stolen if your browser or computer is compromised.

How do you sell an NFT on SuperRare?

To sell on SuperRare, you will need to submit a portfolio of your original art collection to the platform on this form. The platform will only work with a few new artists each month. Don’t be discouraged if they don’t reach out to you right away. They are currently understaffed but promise they will work at a higher capacity in the future. Your art must be original, created by you, and must not be available anywhere else on the internet. Each piece must be digitally created and legal.

Selling options on SuperRare

In order to sell on SuperRare, you must apply to the platform and be accepted. The company is very selective on who they work with and only chooses a few artists per month. Once accepted, you will be able to sell your digital art with the following options:

• Auctions – When setting up an auction, you are giving potential buyers a specific amount of time to bid on your digital art. At the end of the timer, the highest bid will win and the owner of that account will purchase the NFT.
• Instant Sales – You can also place an NFT for sale for a specific desired price. Another user can choose to buy the product at that price or make an offer that you can choose to accept.

SuperRare fees

As SuperRare takes a more hands-on approach with the crypto art on their platform, they do charge a higher transaction fee on the primary sales of each non-fungible token. When you first sell your digital asset, SuperRare will take a 15% commission from the sale. That being said, the platform will continue to monitor your piece of art and you will receive 10% of each secondary sale, allowing you to earn your investment back. As a buyer, you can expect to pay a 3% transaction fee to SuperRare whenever you purchase digital artwork. Don’t forget that you may also be paying royalties if buying on the secondary market. While gas fees don’t go to SuperRare (they are a payment to use the Ethereum blockchain), you should calculate them in your final cost. Expect the following gas fees:

• Minting – Creators will pay gas fees when mining a new piece of art.
• Accepting an offer – Sellers will pay a gas fee if they accept an offer on the platform.
• Purchasing – Buyers will pay the gas fee if they purchase an NFT outright.

Is SuperRare safe to use?

It is safe to buy and sell NFTs on SuperRare. Not only is the platform secured with blockchain technology, but it will never take custody of your digital assets. Instead, it will create smart contracts to track the digital data. The platform acts as a transactional service for buyers and sellers to work together seamlessly. That being said, you should always be aware of phishing sites. When following links to the site, ensure that you are actually on superrare.com before making a transaction. Scammers are always looking for ways to rob you of your cryptocurrency and assets.

Pros and cons of SuperRare

Pros

• Exclusive Art – As SuperRare is very selective on whom they work with, the platform is known for showcasing high-quality, exclusive art.
• Simple UI – The site is clean and very simple to use. You can browse or filter categories to find the type of crypto art you enjoy the most.
• High Royalties – Artists can enjoy high royalties on the future sales of their digital assets.

Cons

• High Commissions – Compared to other NFT marketplaces, SuperRare has high commissions, at 15% of the initial sale of a piece of art.
• ETH Only – You can only pay for art with ETH. You cannot use bitcoin, any other cryptocurrencies, or fiat currency (USD, GBP, AUD, etc).