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- SuperRare is an NFT marketplace that is focused on offering rare and unique releases
- Blockchain technology and smart contracts, that powers the platform, makes it one of the legit and safest Non-Fungible Token hub
- To upload an NFT, users will have to apply for approval on the platform
- The platform is compatible with three types of crypto wallets and supports only ETH coins
SuperRare is a digital collectibles marketplace. The platform allows its users to collect and trade unique, single edition crypto artworks. Notably, the platform was launched back in 2018. Since then, it has amassed more than $90 million in sales for creators globally. The marketplace based on the Ethereum blockchain has posted its best month of total sales volume to date in terms of USD. The users can acquire a blockchain deed of ownership for digital collectibles on the platform, including memes, videos, and artworks. SuperRare allows users to create, sell, and collect rare crypto-collectibles globally. The smart contracts platform enables artists to release the paintings tracked on the blockchain, making the piece rare, verified, and collectible. Indeed, the artists are offered a revenue stream, which helps them to fund new projects.
Is SuperRare a legit NFT marketplace?
There is a lot of scam and hacking news rising as headlines in the cryptocurrency industry. Although blockchain technology is secure, individuals in the cryptosphere are becoming victims of fraud due to a lack of awareness regarding platforms. However, when the question arises whether the DeFi SuperRare platform is safe, the users can stay assured. On the platform of SuperRare, cryptocurrency enthusiasts can find limited edition digital artwork.
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The rare collectibles marketplace is safe because the decentralized platform is powered by secure blockchain technology. Similar to most of the NFT hubs, SuperRare is also non-custodial, as the rare NFTs never leave the artist’s wallet until it is sold. Indeed, the smart contract locks the tokens, same with funds, while placing a bid on the platform.
Notably, when a rare NFT is sold, the smart contract that is agreed upon when listing on an NFT activates and pulls it from the owner’s wallet. Later the contract automatically deposits the funds owed or vice versa. It is worth noting that the entire process is backed by and secured by the blockchain and verifiable.
How do users upload NFT on the SuperRare platform?
On the platform of SuperRare, there are a few different methods to purchase or sell rare Non-Fungible tokens (NFTs). Such methods include auctions and offers. With the current craze over the digital collectibles market, everyone seeks to get in on the action. Such action goes for the artists who are willing to sell their work as Non-Fungible Tokens.
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However, the artists will have to get chances of being accepted to the platform. Observing the current market, we noted that there are plenty of low-quality tokens. Several globally are uploading junk, making it tedious to look for a quality piece. Following the scenario, SuperRare requires an approval process before allowing any art to list. The measure provides buyers to see high-quality curated content and makes artists far more likely to sell their work at a reasonable price. The platform only allows one piece on their platform, so you’re not allowed to create multiple copies of a single sample. Moreover, users are not allowed to listen Non-Fungible Token if the same art piece is listed on another marketplace. While uploading a piece, artists can also choose to add perks for their buyers, such as a promise to deliver a physical copy of their creation upon purchase.
As of March 2021, the SuperRare NFT marketplace states that it is still in the early access stage. Only a small number of artists are now being approved. To apply for approval:
- Go to SuperRare.co and Find the super rare artists application form.
- Enter name and email address on the forum and place links to websites or social media pages where the artist will display its artwork.
- Then you will need to provide SuperRare’s reviewers with two additional links. The first link should must be provided of a Google Drive containing three to five original pieces of your art pieces, which are not tokenized and available for sale anywhere else, as the market looks for non-minted items. The second thing the users have is to link to a short introduction video of themselves.
- The platform can take over four weeks to review an application, but they also say they’re being flooded with requests, so it’s unclear how long you can expect to wait.
The digital collectibles marketplace is more likely to accept artists with a lower number of already minted works.
SuperRare accepts three types of wallets
Currently, SuperRare supports three different cryptocurrency wallets. However, all the supported crypto wallets are compatible with the Ethereum network, as the platform uses its blockchain network. Indeed, the supported wallets also include WalletConnect, which itself has a very long list with approximately more than 80 wallets. It is worth noting that WalletConnect also consists of TrustWallet, BitPay wallets, and Metamask. Besides, WalletConnect, Metamask, and Formatic are two other options available on the NFT marketplace platform.
SuperRare has some notable pros and cons
The main advantage of SuperRare is the uniqueness of its platform, which indeed helps to make higher prices. Moreover, the creators are also provided with a 10% royalty on every secondary sale of their unique pieces. Such measure has motivated some of the top creators to continue their incredible work. On the other hand, the digital collectible marketplace also has an ‘offer’ system. Such a system allows an artist to make an offer on the unique art, although the work is not for sale. Such features show that the collectors are interested and can buy artwork that is not directly posted for selling purposes.
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Besides good things, there are two notable lack lusters also available. First, SuperRare charges a much higher commission in comparison to other platforms. 15% for the initial sale is quite high when we compared other major NFT marketplaces like OpenSea and Raible. Simultaneously, it is also noted that the 3% fee on purchases is also significant to be overlooked as compared to OpenSea, which doesn’t charge any such buyers fee.
Secondly, there is just a single payment method available on the entire platform, ETH, where most marketplaces accept multiple forms of cryptocurrencies or at least allow the sellers to choose an option of payments from a list of multi-options.
