What is SuperRare?
SuperRare is a decentralised auction house for the buying and selling of Non-Fungible Tokens (NFTs). It was founded in 2017 as one of the earliest NFT marketplaces. SuperRare has since then become a leader in the space by building trust among buyers, sellers, and collectors who are looking to invest in digital art.
SuperRare is more focused on one-off pieces rather than collections or series, meaning that each artwork is unique and designed specifically for SuperRare. The platform uses Ethereum for payments so both buyers and sellers can use ETH or RARE (the native utlity token of SuperRare) when making transactions.
SuperRare has an extensive fees schedule that is based on primary, secondary, and continuing sales prices. When the NFT is first sold (frequently referred to as mint sale), the artist will receive 85% of the sale amount and the remaining 15% is paid to the SuperRare DAO treasury as a one-time listing fee. To subsidise the fee, creators receive a lifetime 10% royalty fee on that piece of art.
For secondary sales (when a holder is selling their NFT), the seller will receive 90% of the artwork's price and 10% will go to the original artist. In addition to these fees, there is a 3% marketplace fee which is added on top of all sales, which is paid by the buyer, and that fee goes to the SuperRare DAO treasury.
SuperRare NFT Wallets
SuperRare has integrated with various secure crypto wallets, which means you can store NFTs in many different ways. Refer to the below list for a quick summary of the supported wallets on SuperRare.
- Wallet Connect
How to buy NFTs on SuperRare
If you would like to buy NFTs on SuperRare, you will need to do two things first, create a web3 wallet and buy or deposit Ethereum to that wallet. Follow the below steps to buy NFT’s on SuperRare.
- Buy Ethereum from a trusted crypto exchange like CoinSpot, learn how to buy ETH here.
- Create a Web3 wallet, we recommend using MetaMask as it is supported on SuperRare.
- Transfer Ethereum from CoinSpot to your MetaMask wallet.
- Sign up to SuperRare and connect your MetaMask wallet.
- Find the NFT you want to buy, input the amount of ETH you want to offer and tap 'Buy'.
Is SuperRare Safe?
SuperRare is considered extremely safe due to it being secured by the power of the Ethereum network. When a sale occurs, the smart contract you agree to when listing or bidding on an NFT activates and pulls the funds from your wallet, in exchange for depositing the funds you are owed, or vice versa. All transactions are secured by the blockchain and verifiable.
SuperRare is also audited by a third-party security firm and they have implemented KYC/AML compliance.
The Bottom Line
The edge that SuperRare has is the exclusivity of its platform, which helps to generate infamous high sale prices. Additionally, artists receive a lifetime 10% royalty on every secondary sale of their art.
Unlike its popular competitors, OpenSea and Rarible, SuperRare focuses on the quality and rarity of its art and considers itself as the high-end art gallery of the NFT world. The platform positions itself as more of a curator selecting high-quality NFT artists who produce unique works of art. SuperRare is a great platform to invest in if you’re looking for very high-end rare NFTs and digital art.