Superrare is a premiere digital art market on the Ethereum network. It boasts over $200 million in its digital art collection and $3 million in artists’ royalties paid to date. Superrare is a smart contract platform that allows one to easier create, sell, and collect rare digital artworks.
Superrare is a non-profit organization that uses blockchain and art as a means to popularize technology and help the public to understand it. The project is DAO and doesn’t have executive leadership in the traditional sense. Its governance council consists of seven people who control the Community Treasury via 4 or 6 multi-sig-wallet. The genesis signers include John Crain, Nick Tomaino, Dereck Schloss, Serena Tabacchi, and a few other professionals from the industry. Signers though are not executors for decisions passed through governance and don’t have the ability to unilaterally allocate treasury funds. They just look after the security and safety of the underlying assets.
At first SuperRare 1.0 was launched, where the core team was hand-picking and approving artists to mint their work on the platform and share smart contracts as SuperRare NFTs. This was changed with the launch of SuperRare 2.0 in August 2020, which introduced web-scale curation, independently running storefronts on the platform, and sovereign minting contracts for the content creators to mint, promote, and sell their work.
Superrare 2.0 also introduced Super Rare Spaces, which are independently-run storefronts on Super Rare that can curate art and artists, promote sales, run auctions, and collect commissions. Each Space has the opportunity to launch its own token, and then invite artists to mint their NFTs with them, allowing each Space to become a crypto art gallery.
Artists can also deploy custom NFT minting contracts, and tokenize and sell their art as independent artists thanks to self-sovereign minting contracts.
Artists can create limited-edition digital artworks tracked on the blockchain. Instead of selling art, artists are paid their share of the artwork’s royalties. According to Rareart.io, the business model is closer to publicly traded companies than to that of traditional art galleries. It is run by Rare Digital Art, Inc, the developer of the Ethereum-based Rare Art DApp.
All artworks are stored as ERC721 tokens on the Ethereum blockchain and can be traded on the Rare Digital Art platform. Each token is assigned a unique piece of art. To each owner, the art piece is unique and can be traded or sold worldwide.
Superrare has a website and a forum where digital artists can post their work. Superrare also has a physical gallery, located in Amsterdam.
The project has received some positive attention from big names in the digital art community.
RARE is the native ERC-20 token of the project with a total supply of 1 billion tokens. 150 million RARE were retroactively airdropped, and distributed to the community of artists and collectors that contributed to the development of the project. 400 million were left for the community treasury owned and operated by the holders. 255 million RARE tokens went to the core project contributors that played a significant role in the establishment of the platform. 145 million RARE coins went to investors who took part in the funding rounds. Those tokens are vested for 3 years. 50 million RARE were sent to strategic partners and future contributors of the network.
Average Fees on Superrare
Superrare DAO community receives 5% of the sale amount. Additionally, there is a 3% tax added to all the sales on Superrare, which is paid by the buyer. On the primary sale, the artist gets 85% of the sale, while another 15% goes to the Superrare platform. The fee can go down to 10% on prospective transactions.
The RARE Token Wallets
There are several wallets that support RARE tokens. Some of these wallets are MyEtherWallet, Jaxx, and Exodus, Coinbase, Metamask, Lumi Wallet, Enjin, Trust Wallet, Ledger, imToken.
