SuperRare

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SuperRare Review

In the world of collectibles, people want the real thing and are willing to pay a lot of money for it. And where you find a lot of money, you also find fraud, forgery, and general mischief. By using the Ethereum blockchain, the entire history and provenance of an artwork can be tracked on a distributed ledger that no one controls and anyone can access.

SuperRare was founded in 2017 by John Crain, Charles Crain and Johnathan Perkins – CEO, CTO and CPO. They are also the founders of Pixura, the company that develops crypto-collection technology for SuperRare. On the SuperRare platform, artists create an artwork and tokenize it – that is, they link the art to a token. This is not just any token, but the new digital art is forever linked to a Non-Fungible Token (NFT). This special type of Ethereum token has the property of being as unique as the artwork itself.

Once the NFT is on SuperRare, it can be bought, sold, or even HODLed as a long-term investment. Artists can either offer their creation in an auction process or sell it for a set price. Once the NFT is sold to a buyer, it can be resold at any price on a variety of NFT trading platforms.

Whats special about SuperRare?

SuperRare is a platform where digital art lovers can connect and collect – they call it “social collecting”. The idea behind SuperRare is the belief that collecting is inherently social, so collectors and artists should be able to interact easily over their shared passion. On the platform, users can see who the top collectors and trending artists are, how many pieces they have purchased or created, and how much ETH they have spent or accumulated. They can also see the art itself along with a description and its owner history.

Beyond just tracking and authentication, the SuperRare Smart Contract system allows the original creator of the art to collect a fee from the resale prices – similar to a royalty. Each time an NFT is resold, the creator earns a fee. Because the fees are accumulated by artists as a function of the smart-contract code, it guarantees them an automatic royalty on their creations long after they leave their possession.

For the first sale of a new artwork, the original creator receives 85% of the commission, while the gallery receives 15%. For each subsequent sale, creators receive 3% commission. To date, more than 5,000 artworks have been created and over $500,000 in fees have been collected from artists on SuperRare.

Although anyone is able to buy and hold Ethereum tokens like the NFTs used by SuperRare, only artists who are invited can create artwork on the platform. To join the network as an artist, you must fill out an application with the requirement that all artwork created for SuperRare must be original, created by you, digital, and must not be tokenized anywhere else on the internet.

Conclusion

SuperRare has a strong focus on being a marketplace for people to buy and sell unique, one-of-a-kind digital artwork. Each piece of art is authentically created by an artist on the network and tokenized as a crypto-collectible digital object that you can own and trade. They describe themselves as a cross between Instagram and Christie’s, offering a new way to interact with art, culture, and collecting online.

Every piece of art on SuperRare is a digital collectible – a digital object secured by cryptography and tracked on the blockchain. SuperRare has built a social network on the marketplace. Since digital collectibles have a transparent record of ownership, they are perfect for a social environment.

All transactions are conducted using Ether, the native cryptocurrency of the Ethereum network. Right now, SuperRare is working with a small number of hand-picked artists; however, you can use a form to submit your artist profile to get on their radar for their upcoming full launch.

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