SuperRare Review

If you're passionate about NFTs and love unique digital art, SuperRare might be a platform you'll want to check out. So, in this SuperRare review, I'll cast light on what it has to offer.

While there are many NFT marketplaces like that offered by Kraken or Binance NFT, SuperRare stands out with its focus on exclusivity. That said, does the platform offer good value for your NFTs and wallet? How do SuperRare fees compare with its features?

Well, let's find out what the SuperRare NFT marketplace is all about!

Verdict at a glance: SuperRare is a curated platform for discovering and collecting unique digital artworks. Its strengths lie in its focus on quality, community engagement, and innovative features. However, I personally found a few limitations with SuperRare. Its transaction fees can be high, and the exclusive use of Ethereum for payments can be restrictive for some users.

What is SuperRare?

Let's begin the SuperRare review by getting acquainted with this exclusive NFT marketplace.

SuperRare is a curated NFT art market built on the Ethereum blockchain. It was co-founded by John Crain, a former product engineer at ConsenSys, who now serves as CEO of SuperRare Labs. Charles Crain and Jonathan Perkins, previously the co-founders of Pixura (the technology powering SuperRare), were also part of the NFT platform's founding team.

Unlike other NFT marketplaces, SuperRare focuses exclusively on art NFTs. This means you won't find digital gaming assets, music NFTs, or Web3 domains on the platform. Instead, SuperRare boasts a diverse collection of artistic styles, ranging from conceptual art to illustrations and photography NFTs.

To ensure the exclusivity of its digital artworks, SuperRare requires artists to apply and gain approval from SuperRare Labs before minting NFTs on the platform. Additionally, artists are required to submit one-of-a-kind pieces, further emphasizing the rarity and uniqueness of the artworks featured on SuperRare.

Following that, in 2021, SuperRare introduced its native cryptocurrency, RARE. As a decentralized governance token, RARE empowers holders to not only vote on the platform's future direction but also admit new artists to mini-marketplaces called SuperRare Spaces.

SuperRare Review: PROS

To kick off this SuperRare review on a positive note, let's start by highlighting the reasons why the marketplace is a popular choice among NFT enthusiasts.

Diverse NFT Art Categories

SuperRare offers a wide variety of NFT art, ensuring there's something for everyone, as boasted in many user SuperRare reviews. From animation and surrealism to abstract and illustration, you can find pieces that match your unique tastes and interests.

Remember when we discussed the platform's commitment to exclusivity in the “What Is SuperRare” chapter? Well, allow me to retrace a bit: being a marketplace that offers a curated collection of high-quality art NFTs, SuperRare only allows selected pieces of artworks to be listed in its gallery.

While the focus on NFT art can be limiting, it also shows that SuperRare understands its target audience very well. Specifically, collectors who are looking for highly exclusive, and therefore, "super rare" NFT art pieces.

And, NFT art is not exactly limiting, as it comprises diverse categories. Here are the types of NFT art you can discover on SuperRare:

• Still Images. This is the most common type of NFTs, which includes traditional art pieces and photographs.
• Graphic Illustrations and Digital Art. Graphic illustrations are artworks created using digital tools and techniques. They can range from simple line drawings to complex, detailed illustrations. On the other hand, digital art is a broader term, encompassing all forms of art created with digital technology. These include graphic illustrations, 3D art, and animations, among others.
• 3D Artwork. 3D artworks are a type of art you can explore from different angles. Many of these assets are animated, adding to their uniqueness.
• CryptoArt. A specific type of digital art created and distributed on the blockchain, CryptoArt often incorporates elements of cryptocurrency and decentralized technology.
• GIFs. GIFs are short, animated clips that loop continuously, which you can also find on SuperRare's NFT marketplace.
• Videos. SuperRare also features videos, both filmed and animated.
• AI Art. Generated using artificial intelligence, AI art can create new images, manipulate existing ones, or create entirely original pieces.
• Paintings. Traditionally created using paints on a canvas or other surface, paintings are often digitized and sold as NFTs.

With such a diverse range of NFT art, SuperRare offers a platform for collectors and artists to find or exhibit unique and valuable digital artworks.

Fair Compensation for Artists and Collectors

Another standout feature highlighted in many user SuperRare reviews is the platform's innovative royalty system, which benefits both artists and collectors.

Artists receive a significant portion of the revenue generated from their artworks. For primary sales, where the art is sold directly for the first time, the artist will receive 85% of the SuperRare price, while the platform takes 15% commission fee.

In secondary sales, where collectors resell artworks to other collectors, a royalty is generated. For that, collectors receive 90% of the sale price while the original artist earns 10% as a royalty.

A bit of funfact, SuperRare was a pioneer in introducing artist royalties for NFTs in 2018. This groundbreaking concept has since become a standard in the NFT ecosystem.

Specifically, the introduction of Collector Royalties in 2021 was a significant milestone for the NFT ecosystem. Thanks to this innovative concept, collectors can earn royalties on the artworks they trade, further incentivizing participation and community engagement.

The Collector Royalty program was initially piloted for 12 months to assess its effectiveness and sustainability in the market. The pilot period concluded in July 2022, and thankfully, SuperRare decided to continue implementing the program. It is clear that the platform is committed to providing fair compensation and community-driven value creation.

For that reason, fair compensation is one of the aspects users should look for in a SuperRare review (or any other NFT marketplace review).

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Active and Engaged Community

The next highlight I want to cover in this SuperRare review is the platform's active forum.

From what I've observed, SuperRare NFT marketplace's forum is a valuable resource for users seeking information, support, and discussion. The online platform not only serves as an NFT marketplace but also as a central hub, connecting fellow art connoisseurs in ongoing conversations. Anyone can get engaged and share their experiences with the SuperRare community.

Whether you're a seasoned NFT collector or a newcomer to the platform, the forum offers a wealth of knowledge and insights. From troubleshooting technical issues to discussing the latest trends in digital art, SuperRare's forum provides a space for users to connect, learn, and grow together.

Here's what you can do on the SuperRare forum:

• Seek advice and guidance from experienced users;
• Share your own knowledge and expertise with the community;
• Stay up-to-date with the latest news and developments related to SuperRare and the NFT space;
• Connect with like-minded individuals and build relationships within the SuperRare community.

All things considered, the SuperRare forum is a vital asset for users who want to make the most of the platform. By actively participating in discussions and sharing your experiences, you can contribute to the growth of an inspirational art community and potentially gain insights into SuperRare prices and market trends.

Enhanced NFT and Talented Artist Discoverability

As emphasized in the earlier section of my SuperRare review, the platform offers a diverse range of NFT art. However, beyond that, SuperRare also ensures that you can easily find the perfect NFT to your taste.

Thanks to SuperRare's user-friendly interface and comprehensive filtering options, you can quickly and easily discover the art that interests you. The platform's layout is designed to provide a seamless browsing experience, allowing you to easily navigate through the vast collection of NFTs.

While navigating the gallery, SuperRare's filters enable users to narrow down their search based on various criteria, including:

• List Price or Reserve Price. Filter NFTs based on whether they have a fixed price or are available for auction.
• Open Offers. View NFTs that currently have active bids.
• Creator Ownership. Identify NFTs that the original creator still owns.
• Secondary Market. Find NFTs that are available for resale.

Furthermore, when you click on a specific NFT, you'll be presented with detailed information about the artwork. The information you'll find includes the art's price, view count, edition number, bidding history, or other relevant details.

On top of that, to enhance NFT discoverability, SuperRare has integrated the Rare Protocol. Let me give you a bit of a background story to this innovative protocol. Web3 has struggled to live up to its promise of "art for all". With falling NFT sales and changing attitudes from financial players, it's clear that there's a deeper problem than just the prolonged bear market.

Aside from environmental impacts and security issues, one of the biggest challenges for NFT adoption has always been helping people discover authentic art in a sea of options^[1]. Therefore, SuperRare's protocol aims to address the challenges of finding authentic art in the vast NFT landscape.

Sounds like a big task! So, how does the Rare Protocol do it? By creating an open curation mechanism for NFTs. It works similarly to Ethereum Name Service (ENS), providing the same platform-agnostic data layer. The difference is that when ENS focuses on crypto wallet interoperability on the blockchain, the Rare Protocol focuses specifically on the NFT ecosystem. It uses on-chain data to help with curation, reputation, and discovery.

To summarize, Rare Protocol's decentralized curation layer empowers users to navigate the vast landscape of NFTs and uncover hidden gems. The system benefits both artists and collectors. For one, creators can reach a wider audience. For two, art connoiseurs can discover unique and undervalued works.

Rewards Giveaway Through Staking

Not only for discovering NFTs, Rare Protocol is also used for earning. At the heart of it lies Curation Staking, a system that allows participants to support the artists they like by staking their RARE tokens. Staking involves locking up your token on a blockchain like Ethereum, rewarding stakers with higher privileges (like deeper participation in the ecosystem).

Rarity Pools and Curated Lists are two essential components of Curation Staking. With the RARE token, you can stake on any artist and join their Community Pool, adding up some sense of exclusivity.

Let me get started by explaining how Rarity Pools work. When an artwork is sold, SuperRare will share the rewards to the artist, Community Pool, and stakers. What does this mean? Well, it makes it easier for people to discover hidden talents, thus creating a more level playing field for artists, not just the big names.

Meanwhile, Curated Lists are like snapshots of all the artists the staker supports. Since the lists are interconnected, they form a network that makes discovering new art and artists easier. The goal from this is to create a shared curation layer that improves SuperRare's overall NFT ecosystem.

As the network of Community Pools and Curated Lists expands, it grows into a blockchain-based social graph. Developers can then use this data to build better applications.

Together, the Rare Protocol and SuperRare offer a powerful combination for the users. The platform's focus on curation, community building, and decentralized governance has the potential to streamline capital flow and create a more vibrant and equitable NFT ecosystem.

Strong Commitment to Performance Stability

From what I see, the SuperRare NFT marketplace takes platform reliability and performance seriously. As part of its commitment to maintaining user experience, the platform has implemented various measures to enhance its stability.

One such measure is the SuperRare Bug Bounty Program. This temporary initiative, which was effective as of May 20, 2021, encourages security researchers to identify and report vulnerabilities on the SuperRare platform. Nothing to be scared of - just like any new technology, there is always a possibility of undiscovered bugs or vulnerabilities.

With the bug bounty program, SuperRare aims to incentivize security researchers for their contribution, ensuring the platform's continued reliability and security. The Bug Bounty Program offers the following rewards:

• Critical: $2,000+;
• High: $1,500;
• Medium: $350;
• Low: $150.

Additionally, SuperRare may also award discretionary bonuses for exceptionally well-written and informative reports.

To participate in the program, you must submit a detailed report outlining the vulnerability, its potential impact, and how it can be exploited. Plus, it's also important to maintain confidentiality and report any vulnerabilities securely to SuperRare's designated email address.

By participating in the Bug Bounty Program, you can help SuperRare identify and address potential security risks, ensuring a safer and more reliable platform for all users.

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SuperRare Review: CONS

Despite its many strengths, SuperRare has a few areas where improvements could be made. So, to provide a comprehensive SuperRare review, let's also discuss some potential drawbacks of the platform.

High Fees

One of the most frequently mentioned concerns in user SuperRare reviews is the platform's relatively high fees. While fees are a common aspect of NFT marketplaces, SuperRare's fees might be steeper than some of its competitors.

For artists selling their NFTs on SuperRare, the gallery fee is 15%, which is deducted from the seller's profit. SuperRare's percentage is on the higher end compared to other NFT marketplaces, although it's still competitive compared to conventional art galleries, which often charge 30-50% in fees.

Think of it like this: SuperRare is a premium art gallery in the digital world. Just as you'd expect to pay a higher price for a piece of art from a prestigious gallery, you might also anticipate higher fees on a platform like SuperRare. However, the added exposure and prestige that SuperRare offers might not be enough to offset the substantial fees for some artists.

Limited Payment Options

Another key factor to consider with SuperRare is the platform's exclusive use of Ethereum (ETH) for payments. Unlike other NFT marketplaces that accept cryptocurrencies or even fiat currencies, SuperRare currently only supports ETH.

For those who are already familiar with Ethereum and its ecosystem, this limitation may not be a significant issue. However, it could be a stumbling block for new users who may not have ETH readily available or prefer using other cryptocurrencies. 

Thankfully, Ethereum is widely available on major crypto exchanges like Binance or Bybit, where you can instantly purchase the asset through the "Buy Crypto" or "One-Click Buy" module, respectively.

	BYBIT	BINANCE
Maximum Trading Amount (Daily)	-	-
Withdrawal Fees	0.0001 BTC	0.0001 BTC
Trading Fees	Up to 0.2%	Up to 0.1%
	Visit site Read review	Visit site Read review

Table: Binance VS Bybit pricing comparison.

Still, the additional step of acquiring ETH before making purchases on SuperRare can add a layer of complexity. It's kind of like paying for a meal with a specific type of currency. If the restaurant only accepts gold coins, you'd have to exchange your paper money for gold before you can eat. 

SuperRare Fees and Pricing

While it's not listed as a pro or con, pricing is another aspect you'd likely pay attention to in a SuperRare review.

For starters, artists have to pay 15% gallery fees. But, most importantly, how about royalties? For secondary sales, the original creator receives a 10% royalty per sale. This ensures that artists continue to benefit from the long-term success of their work, even after the initial sale. However, this also means that the overall profit margin for both buyers and sellers can be reduced due to the combined fees.

Moreover, buyers are also subject to a 3% SuperRare fee on each purchase. The fee is added to the purchase price and is deducted from the buyer's funds.

Think about it this way: selling an NFT on SuperRare is a bit like running a lemonade stand. You have to pay for the supplies (in this case, the platform fees) and keep the profit from each sale. As the original creator of the lemonade recipe, you'll get a percentage of the profits from every lemonade stand that uses your recipe.

After discussing about this, you might be wondering what factors influence the SuperRare price for your NFT. Well, several factors can affect the price of your NFT on marketplaces, including the artist's reputation, the rarity of the artwork, and the overall market demand for NFTs^[2].

In essence, SuperRare fees can be a double-edged sword. While they contribute to the platform's operation and support artists, they can also impact the overall profitability for both buyers and sellers. It's important to weigh these fees against the benefits of buying and selling art on SuperRare.

How to Use SuperRare

As we go on with the SuperRare review, let's delve into the practical aspects of using the platform, starting with the various ways you can sell your NFTs.

How to Sell NFTs on SuperRare

SuperRare offers three primary methods to sell NFTs: Auctions, Offers, and Buy Now list prices. Each method provides unique advantages and considerations, allowing you to choose the best approach for your specific goals and preferences. However, regardless of the preferred method, the fee structure remains consistent.

Via Auctions

For those seeking an automated timed auction, SuperRare provides two options: Reserve Auctions and Scheduled Auctions.

In a Reserve Auction, a public reserve price is set. Once this reserve price is met, a 24-hour countdown timer begins. This allows other collectors to place bids before the auction ends.

On the other hand, Reserve Auctions are ideal for artists who are not in a rush to sell their work and wish to secure a minimum price. There is no specific timeframe within which the reserve price must be met. However, once the price has matched, the auction timer starts.

Finally, Scheduled Auctions offer more control over the auction timeline. Artists can specify both the start and end times, along with an optional starting price. The auction will commence and conclude at those designated times, regardless of whether any bids have been placed. 

Scheduled Auctions are suitable for artists who want to sell a piece during a specific time frame, perhaps as part of an event or to create a special occasion around the auction.

Via Offers

In addition to Auctions, SuperRare offers an open Offers system. This allows collectors to make offers on any artwork not currently under auction.

Before Auctions were introduced, the Offers system was known as "Bids". So, if you're familiar with the early days of SuperRare, the Offers system is practically the same as the previous "Bids" system.

Essentially, an offer is a collector expressing interest in purchasing a piece. It's like saying, "Hey, I might be interested in buying this artwork if you're going to sell it".

Any artwork can be offered, regardless of whether the artist intends to sell it. Collectors can make offers at any time, as long as the amount is higher than any existing offer and the artwork is not currently in an auction.

If you're interested in accepting an offer, it's advisable to do so promptly. Offers can be withdrawn at any time, unlike auction bids.

Offers are a valuable tool for price discovery, allowing collectors to indicate their interest in a piece. However, if your primary goal is to sell an artwork, Auctions or setting a Buy Now price are more direct and effective methods.

Via Buy Now

The third option for selling artworks on SuperRare is Buy Now. This straightforward method allows artists to set a fixed price at which collectors can purchase their artwork immediately.

Even with a Buy Now price set, artists can still receive and accept offers on their work. This provides flexibility and allows artists to potentially sell their artwork for a higher price than the listed Buy Now price.

Setting a Buy Now price is ideal for artists who want to avoid the time and uncertainty of auctions. It lets artists specify the exact SuperRare price they are willing to accept for their artwork.

Additionally, artists can combine a Buy Now price with a Reserve Auction to create a more compelling opportunity. So, collectors can purchase the artwork immediately at the Buy Now price or participate in the auction if the reserve price is met.

That's it! You now know the three ways to sell NFTs on SuperRare.

How to Buy NFTs on SuperRare

Now that we've covered the ways to sell NFTs on the platform, there's only one thing left to do in this SuperRare review—explore the simple steps involved in purchasing digital art on the SuperRare NFT marketplace.

Step 1: Begin by connecting your Ethereum wallet, like Ledger Nano X or Ledger Nano S Plus. Doing so will allow you to interact with the platform and make purchases.

Step 2: Once you've connected your wallet, create a SuperRare account using your email address and choose a username.

Step 3: Browse through SuperRare's collection of NFTs to find artworks that pique your interest. Carefully review the details of each piece, including the artist, description, and price.

Step 4: For artworks with a list price, simply click the [BUY NOW] button. If you're interested in an artwork being auctioned, you can either [MAKE AN OFFER] or [PLACE A BID].

Step 5: Finally, hit [CONFIRM] to complete your purchase.

Remember to carefully review the terms and conditions of each sale method before proceeding.

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Conclusion

That's it! The time has come to wrap up my SuperRare review. So, what is the verdict?

Well, the SuperRare NFT marketplace offers a curated platform for discovering and collecting unique digital artworks. With its focus on quality, community engagement, and innovative features, it stands out among other marketplaces.

While SuperRare may have certain limitations, such as the exclusive use of Ethereum for payments, it remains a promising platform for NFT enthusiasts. Just remember, if you want to explore SuperRare, you'll need to get some Ethereum on a reliable crypto exchange like Binance or Kraken before you can make purchases.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. W. Rehman, et al: ‘NFTs: Applications and challenges’;

2. C. Pinto-Gutiérrez, et al: ‘The NFT hype: What draws attention to non-fungible tokens?’.