SuperRare

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Discover SuperRare's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is SuperRare?

SuperRare is a decentralized digital art marketplace on the Ethereum blockchain. It features curated NFT art, allowing artists to mint and sell unique digital assets. The platform uses the $RARE token, which enables governance and curation participation among community members, ensuring that artists and collectors have a voice in shaping the platform's future.

How is SuperRare used?

SuperRare (RARE) is a governance token that enables community members to participate in the decision-making process for the future of SuperRare, a platform for digital art backed by non-fungible tokens (NFTs) on the Ethereum blockchain. Here's how it is used:

  • Governance: Holders of $RARE can vote on proposals, known as SuperRare Network Improvement Proposals (SIPs), to guide the evolution of the platform. This includes decisions on where value accrues in the network, control of curation and key market parameters, and the tools available to artists, collectors, and curators.
  • Curation: $RARE is used for voting on Spaces, which are environments within the SuperRare ecosystem where artists and collectors can interact and organize exhibitions. This allows community members to have an active role in SuperRare's path towards decentralized curation.
  • Participation: $RARE holders can participate in the broader decision-making process for the future of SuperRare, ensuring that the community has a voice in shaping the platform's direction.

Overall, $RARE is a key tool in SuperRare's transition to a decentralized autonomous organization (DAO), where power is distributed amongst the community to ensure a more democratic and community-driven platform.

How do I store SuperRare?

To store SuperRare ($RARE) tokens, you need to add the custom token address to your MetaMask wallet. Here are the steps:

  1. Open MetaMask: Ensure you have MetaMask installed and set up on your browser.
  2. Access the Assets Tab: Click on the MetaMask icon in your browser and select the "Assets" tab.
  3. Add Custom Token: Click on "Add Token" and then select "Custom Token."
  4. Enter Token Details: In the "Token Address" field, paste the official $RARE contract address: 0xba5BDe662c17e2aDFF1075610382B9B691296350.
  5. Token Symbol and Decimal: The token symbol and decimal fields should automatically fill.
  6. Complete the Process: Click the "Next" button to complete the process. MetaMask will now display $RARE tokens in your list of assets.

By following these steps, you can successfully store your $RARE tokens in your MetaMask wallet.

How to buy SuperRare?

To buy SuperRare (RARE) tokens, you can follow these steps:

Buying from Decentralized Exchanges (DEX)
  1. Choose a DEX: Select a decentralized exchange (DEX) that supports SuperRare (RARE) trading.
  2. Set up a wallet: Download and install a Web3 crypto wallet (e.g., MetaMask) or an App wallet (e.g., Trust Wallet) supported by the DEX. Create and set up a new wallet.
  3. Transfer cryptocurrency: Transfer the mainnet cryptocurrency (e.g., ETH, BNB) to your wallet address. This can be done by purchasing with fiat and transferring from a centralized exchange (CEX) or using an existing balance.
  4. Connect wallet to DEX: Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
  5. Find and swap: Find the "Swap" option on the DEX, select the token you want to trade from (e.g., ETH), and SuperRare (RARE) as the "To" currency. Enter the amount and confirm the swap.
Buying from Centralized Exchanges (CEX)
  1. Choose a CEX: Select a centralized exchange (CEX) that supports SuperRare (RARE) trading, such as Binance or Coinbase.
  2. Create an account: Register an account on the CEX's website or app, and verify your identity.
  3. Fund your account: Use fiat to buy a stablecoin (e.g., USDT) or a cryptocurrency (e.g., ETH) on the CEX.
  4. Transfer to RARE: Transfer the purchased stablecoin or cryptocurrency to the CEX that supports SuperRare (RARE) trading.
  5. Buy RARE: Use the transferred funds to buy SuperRare (RARE) in the spot market.

Important Notes:

  • Always triple-check the contract address to ensure you are interacting with the official SuperRare (RARE) token.
  • Be cautious of malicious actors and scams.
  • Consult local authorities for tax information and ensure compliance with regulations.
  • SuperRare (RARE) is a governance and curation token, not an investment product.
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History of SuperRare

SuperRare, a curated marketplace for unique digital artwork, was founded in 2018 by John Crain, Jonathan Perkins, and Charles Crain. Initially, it was an experiment to prove the concept of NFT marketplaces, but it quickly grew into a significant digital art marketplace. The platform was initially open to artists minting multiple editions of artworks, but it eventually shifted to focus on 1/1 pieces, earning a reputation for showcasing high-quality artworks. The founders hired curators to ensure the quality of the artworks, and being whitelisted to mint on SuperRare became a badge of honor for artists, signifying blue-chip legitimacy in the cryptoart space.

SuperRare was the first NFT art marketplace to offer artist royalties in perpetuity with each secondary market sale, a revolutionary concept in visual art markets. It also introduced collector royalties, incentivizing both artists and collectors to engage with each other and participate in the NFT art community.

The early years were slow, with the founders facing challenges during the "crypto winter" of 2018. Despite these difficulties, they continued to build the community and improve the product, driven by passion rather than immediate financial success. It wasn’t until 2020 that the marketplace volume began to pick up significantly.

Today, SuperRare is an ultra-exclusive online crypto-art marketplace on the Ethereum blockchain, known for featuring the best of the best in fine-art NFTs. The platform has a high level of entry, and most artists' work is highly valued. Notable artists like XCOPY, Don Diablo, and Kevin McCoy have sold NFTs on the platform for over $1 million each.

SuperRare has evolved from a centralized model to a decentralized approach, introducing the RARE token, which gives owners governance over platform processes, including artist selection. This shift reflects the platform's commitment to joining the decentralization of the Web3 world.

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How SuperRare works

SuperRare (RARE) is a cryptocurrency project that operates as a decentralized marketplace for digital artworks. It is built on the Ethereum blockchain and utilizes non-fungible tokens (NFTs) to tokenize and secure digital artworks. Here's how it works:

Minting NFTs

To mint NFTs on SuperRare, artists must submit a formal application, including a video introduction and at least three of their best artworks. The platform has a rigorous screening process to ensure the quality and exclusivity of the artworks. Artists who pass the application process can mint one-of-a-kind NFTs, which are then listed on the platform for sale.

Governance and Curation

SuperRare has a native cryptocurrency called RARE, which serves as a governance and curation token. Holders of RARE tokens can participate in the decision-making process for the platform, including voting on new artists and curators for the platform's mini-marketplaces called SuperRare Spaces. The token also enables community members to guide the evolution of the platform in a transparent and democratized manner.

Auctions

SuperRare offers two types of auctions: scheduled auctions and reserve auctions. Scheduled auctions have a set start and end date, while reserve auctions begin when a specified reserve price is met. Bidding is available at amounts equal to or higher than the starting bid price, and bids cannot be canceled once placed. If a bid is placed within the last 15 minutes of an auction, the auction time is extended by 15 minutes.

Community Engagement

SuperRare functions as a social network for crypto art, allowing artists and collectors to interact and share their work. The platform has introduced various features, such as SuperRare Spaces, where artists and collectors can organize exhibitions and interact. It has also collaborated with other platforms and artists to create unique projects and events.

Earning Potential

Artists can earn income by selling their digital artworks on the platform, and collectors can potentially increase the value of their artworks. However, the art market can be volatile, and success depends on various factors such as the quality and popularity of the artworks.

Blockchain and NFTs

SuperRare utilizes the Ethereum blockchain and the ERC-721 protocol for NFTs. Each artwork is represented by a unique NFT, which contains ownership certificates and information about the artwork. The platform ensures the transfer of NFTs to buyers and facilitates transactions securely through cryptography.

Overall, SuperRare (RARE) is a unique platform that combines art, blockchain, and community engagement to create a vibrant marketplace for digital artworks.

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SuperRare's strengths

The token SuperRare (RARE) has several strengths:

  • Governance and Curation: $RARE is a governance and curation token that enables community members to participate in decision-making processes and shape the future of SuperRare. This token allows holders to vote on proposals, influence key market parameters, and guide the evolution of the platform.

  • Decentralization: SuperRare is transitioning into a decentralized autonomous organization (DAO), where $RARE token holders will have significant control over the network. This shift towards decentralization aims to empower community members and ensure that the platform is governed by those who care about it the most.

  • NFT and Digital Art Focus: SuperRare is a marketplace specifically designed for digital art and NFTs. The $RARE token is deeply connected to this ecosystem, making it a strong choice for those interested in the digital art and NFT space.

  • Community Engagement: The token is designed to facilitate community involvement through voting, proposal creation, and other governance mechanisms. This encourages active participation and fosters a sense of ownership among community members.

  • Security and Transparency: The official contract address for $RARE is publicly available, ensuring transparency and security for users. Additionally, the platform emphasizes the importance of verifying the contract address to avoid scams.

  • Availability on Major Exchanges: $RARE can be purchased on popular exchanges such as Uniswap, Binance, and Gemini, making it easily accessible to a wide range of users.

  • Long-Term Potential: Predictions suggest that SuperRare could reach significant price levels in the future, driven by factors such as the growing demand for NFTs and advancements in blockchain technology.

SuperRare's risks

SuperRare (RARE) carries several financial risks that investors should be aware of. Here are some key points to consider:

  1. Risk Rating: According to InvestorsObserver, SuperRare (RARE) has a moderate risk rating, indicating that the token is susceptible to price manipulation and volatility.

  2. Market Manipulation: The risk gauge rank for RARE suggests that the token can be influenced by significant amounts of money, which could lead to price swings.

  3. Price Volatility: The token's price can fluctuate rapidly due to changes in market conditions, trading volume, and market capitalization.

  1. Liquidity Risks: The liquidity of RARE can impact its price and trading activity. If liquidity is low, it can be challenging to buy or sell the token quickly and at a fair price.

  2. Regulatory Risks: As a governance token, RARE is not considered an investment product, and regulatory changes could impact its usage and value.

  3. Security Risks: The token is vulnerable to malicious actors attempting to take advantage of the RARE ticker symbol, making it essential to verify the contract address when interacting with the token.

  1. Scalability Risks: The token's usage in decentralized governance and curation mechanisms can be affected by the scalability of the underlying blockchain technology.

  2. Community Risks: The success of SuperRare and RARE relies heavily on community engagement and participation. If the community loses interest or trust in the project, the token's value could decline.

  3. Sybil Attacks: The staking mechanism proposed for RARE is susceptible to sybil attacks, which could compromise the integrity of the governance process if not properly mitigated.

  1. Competition Risks: The digital art and NFT market is highly competitive, and SuperRare faces competition from other platforms. If SuperRare fails to innovate and maintain its competitive edge, RARE's value could suffer.

It is crucial for investors to carefully evaluate these risks and consider their own financial goals and risk tolerance before investing in SuperRare (RARE).

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Did SuperRare raise funds?

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SuperRare’s team

  • John Crain: Co-founder of SuperRare, who initially envisioned the platform as a place where buyers could find NFTs with a degree of confidence about authenticity.
  • Charles Crain: Co-founder and CTO of SuperRare, who worked alongside his brother John to create the platform.
  • Jonathan Perkins: Co-founder of SuperRare, who helped launch the platform and witnessed its massive growth, particularly after the sale of Beeple’s NFT for $69 million.

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