Non-fungible tokens (NFTs) have soared in global popularity as mainstream artists and companies join the movement of tokenized digital art and collectibles. The sheer quantity of these tokenized assets changing hands has given rise to several NFT marketplaces – a handful of which have gained some serious momentum.
Among these platforms is SuperRare, one of the most popular NFT marketplaces today.
In this overview, we’ll go over the SuperRare platform, what it can do, and how to use it to buy or bid on digital art.
What is SuperRare?
SuperRare is a digital artwork marketplace which revolves around unique, single-edition digital artworks. It caters to both creators and buyers, enabling artists to create and tokenize their art.
The platform is based on the ERC-721 token standard, which is currently the most common type of NFT token on Ethereum. Royalties of 10% are built into the artworks, providing revenue for the creator whenever secondary sales are made.
The SuperRare platform has been designed with the social aspect of art collection in mind, resembling what SuperRare themselves describe as “Instagram meets Christies”. Users can follow their favorite creators, as well as browse a feed of recommended content as they would on social media. There is also an “activity” feed and a trending artists section, to keep users up-to-date with the latest happenings.
Reminiscent of Instagram, the user interface is very slick and mobile-friendly, enabling a smooth scrolling experience.
All transactions on SuperRare are made using Ether (ETH), with a 3% transaction fee paid on all purchases by the buyer. Creators are charged a 15% commission by SuperRare for primary sales.
SuperRare was officially launched in April 2018, however its beginnings date back to 2017 when its three original founders began working on the idea.
John Crain, Charles Crain, and Johnathan Perkins worked out of a coffee shop in Brooklyn, New York, to create a new art market that was suitable for the digital age. The market was designed to use NFTs to authenticate and certify digital art, so that buyers and users would be able to verify it was genuine.
SuperRare closed a Series A funding round in March 2021, which raised $9 million. This was led by Velvet Sea Ventures and 1confirmation, with additional participation from Ashton Kutcher’s Sound Ventures, Mark Cuban and Chamath Palihapitiya.
Future plans for the funds raised include working on layer-2 scaling for faster and cheaper transactions, improving the social elements of the platform, and working to add new artwork formats.
SuperRare is a project by a parent entity called Pixura, a crypto collectible-focused company with the same founders.
How Does it Work?
As with all decentralized applications (DApps), to get started with SuperRare you’ll need a web3 wallet like MetaMask or Coinbase Wallet. Users need to sign up by selecting a username and email address, as well as signing a transaction via their wallet.
Once connected, click “Browse market” to check out artworks and creators. If you find an artist that catches your eye, you can follow them by clicking on their username and then clicking “follow”. Any new pieces they release will then be shown on your personalized feed.
When you find an artwork you like, you can purchase it or make a bid. Do this by clicking “Buy Now” or “Make an Offer”.
To finalize the purchase or bid, confirm the transaction in your wallet. Please note that this step costs gas (fees on the Ethereum network).
If you made an outright purchase using the “buy now” function, you’ll be able to view the artwork in the “collection” tab under the user drop-down menu. If you made an offer, it will be visible in the “notifications” tab.
And there you have it – you’ve officially made an offer for digital art on SuperRare!
If you want to stay up-to-date with everything happening with SuperRare, check out their blog on Medium for in-depth updates. For discussion you can also join their Discord server, or have a look at their sub-Reddit. The project is also active on Twitter, Instagram and even YouTube.
Alejandro is a New Zealand-based trader and writer who has been involved in the cryptocurrency and blockchain space since early 2016. Being extremely passionate about this emerging technology, he has written content for a myriad of projects and news outlets.