SuperRare is a non-fungible token (NFT) marketplace founded by John Crain in 2018 and built on the Ethereum blockchain. SuperRare has become one of the top 10 NFT marketplaces based on all-time sales volume, according to Statista.
SuperRare isn’t like most other NFT platforms you’ll find online. Although all marketplaces claim to focus on crypto art, many of the digital assets they sell are highly pixelated, computer-generated works that would have never passed as art before the NFT boom.
That’s not the case with SuperRare. The platform is centered around the artistic value of NFTs and doesn’t offer access to any collections of multiple similar pieces. All NFTs you’ll find on the platform are truly one-of-a-kind digital artworks.
Key Features of SuperRare
When you sign up for SuperRare, you’ll have access to several features. Some of the most appealing to NFT enthusiasts include:
SuperRare’s fee structure is simple. There are two transaction fees charged:
- The Buyer Fee. The buyer will always pay a 3% buyer fee when making a purchase on the platform.
- Primary Sale Fee. The first sale of an NFT is known as the primary sale. The platform retains 15% of the sale price on all primary sales, leaving 85% of the sale price for the artist. Keep in mind that this fee is only charged on primary sales. You won’t pay fees on secondary sales if you’re the seller.
It’s also important to keep in mind that the platform’s fees aren’t the only fees you’ll pay when buying or selling NFTs. Blockchains have their own fees, known as gas fees, that are dictated by the demand on the blockchain at the time of the sale. On the Ethereum network, where SuperRare is built, gas prices can be as low as a few bucks but have been as high as hundreds of dollars in ETH.
The best way to make sure you pay the lowest gas fees possible is to time your trades when the market is less active. There’s less demand on the blockchain at night or early in the morning. So, there’s less demand on the blockchain during these times. As such, making NFT transactions during these times could give you significant savings on gas fees.
Built on the Ethereum Blockchain
Although Bitcoin may be the most popular cryptocurrency in the world, Ethereum is the most actively developed blockchain. Blockchains are decentralized systems that store data in smart contracts, making it possible to validate transactions and verify ownership.
As with any technology, there’s a major benefit to using the most actively developed options. SuperRare runs on the Ethereum blockchain, meaning the NFT exchange is built on a blockchain that’s proven itself to be reliable, secure, and accessible.
Buy Art That Isn’t Listed for Sale
SuperRare’s website displays some digital artworks for sale and others that don’t seem to be. However, everything’s for sale for the right price, and the platform makes it possible to make an offer, even when assets aren’t “listed” for sale.
If you find a digital item that’s a must-have for your art collection on the SuperRare platform and it’s not listed for sale, simply use the offer feature. The offer you make will be sent to the verified owner of the piece. The owner then decides whether to take your offer, reject it, or make a counteroffer.
Compatible with Four Cryptocurrency Wallet Providers
Crypto collectibles must be stored securely in a crypto wallet. The NFT marketplace is compatible with four of the most popular crypto wallets.
The supported wallet brands include MetaMask, FortMatic/Magic, Crypto.com Wallet, and Argent.
Focused on Art
If you’re an art enthusiast, the fact that the platform is actually focused on art is a major draw. All NFT providers call non-fungible tokens digital art. But let’s be frank here, a majority of images that are minted as NFTs would never have been considered art in the past. Suddenly, a pixelated image of a punk or one of endless iterations of cartoon apes can be claimed to be artwork worth real money.
There’s a chance for that fad to fade, but real art will always have value.
The SuperRare platform is where some of the top artists sell their single-edition works. You’ll find the same genres of art you’d expect to see in art galleries and museums. Some of the most popular on the website include realism, photography, and animations.
No matter what type of crypto art you’re looking for, there’s a great chance the platform has something that’s appealing to your visual sensibilities.
Automatic Royalties on Secondary Sales
If you’re a collector who buys an NFT, you can resell or relist it as a secondary sale to another buyer. The original creator of the NFT often receives a royalty on this secondary transaction.
Although most NFT platforms offer the option to earn royalties on secondary sales, the option is automatic with SuperRare. Artists automatically earn a fixed 10% royalty on all sales of their art in the secondary market.
Advantages of SuperRare
The platform is one of the top 10 NFT marketplaces online today, offering a long list of advantages to collectors, artists, and enthusiasts. Some of the biggest advantages of the platform include:
- Artists Automatically Earn Royalties. Traditional artists usually only make money off of the first sale of original works. As a crypto artist, you’ll automatically earn a 10% royalty on all secondary market sales when using SuperRare.
- Built on Ethereum. The Ethereum blockchain is the most popular and most actively developed blockchain in the world. Because SuperRare is built on the leading blockchain, you can expect reliability and stability as you transact.
- Own Unique Art. You won’t find copies or collections of pieces that look the same on the platform. All art you come across will be single-run productions designed for individual sale. You can rest assured the art you buy on the platform is unique.
- Sellers Don’t Pay Fees on Secondary Transactions. The 3% transaction fee is only charged to the buyer. That means you can resell your NFTs without owing a cut to the platform.
Disadvantages of SuperRare
There are plenty of reasons to consider signing up for SuperRare, but there are also a few drawbacks. The most important to consider are:
- Gas Fees. Etherium provides reliability and security, but gas fees can be very high during peak demand periods. If you’re an artist or a seller, you pay gas fees when you mint NFTs and when you accept an offer from a buyer. If you’re a buyer, you pay gas fees when you buy fixed-price NFTs.
- Only Accepts ETH Payments. Most NFT marketplaces accept a wide range of cryptocurrency payments, and some accept fiat-money payments like credit cards and debit cards. Unfortunately, SuperRare only accepts ether (ETH) — the native coin of the Ethereum blockchain — as a payment method.
- High Transaction Fee. The 3% transaction fee is high compared to popular NFT marketplaces like OpenSea and Rarible, which only charge 2.5% transaction fees.
- No Custom Royalty Settings. You’ll always earn a 10% royalty on secondary sales of your art through the platform. However, other marketplaces allow you to customize your royalty, with some caps as high as 50%.
How SuperRare Stacks Up
OpenSea is the largest NFT marketplace in the world, so it’s SuperRare’s biggest competitor. Here’s how the two compare:
|Pay Gas Fees When Minting?||Yes||No; gas fees are paid only when the NFT sells.|
|Payment Methods||Ether (ETH)||Credit cards, debit cards, and more than 150 different cryptocurrencies.|
|Who Pays Transaction Fees?||Buyer||Seller|
|Types of NFTs Sold||Only single-edition digital artworks.||All kinds of NFTs.|
The digital art industry is booming, and many expect it to continue on an upward trajectory. It’s not surprising if you want to get involved. However, SuperRare isn’t a one-size-fits-all solution for everyone.
The platform is best for you if you’re an artist who produces one-off digital works or a photographer who’s looking for a simple way to bring your work to a mass audience. It’s also a great option if you’re an art collector who wants to find something truly unique.
If you’re more interested in collections like CryptoPunks, CryptoKitties, and Bored Apes, popular options like OpenSea are your best bet.
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