SuperRare NFT Marketplace Review

Since the launch of the ERC721 token standard in 2017, the NFT market has grown significantly. Initially, the focus was on NFT-based games allowing users to own and trade in-game assets. However, the market dynamics shifted, resulting in a surge in demand for tokenized digital art and collectibles. SuperRare, a peer-to-peer NFT marketplace, positioned itself to capitalize on this shift by concentrating solely on digital art. This review examines how SuperRare has made a name for itself in the competitive NFT sector and outlines its pros and cons.

What is SuperRare?

Founded in 2018 by John Crain, Charles Crain, and Johnathan Perkins, SuperRare is an NFT marketplace for minting, selling, and buying NFTs. It provides all the necessary tools to interact with other NFT users and ensures that the processes are user-friendly. SuperRare focuses on Ethereum's NFT ecosystem and only accepts ERC721 tokens, distinguishing itself in the Ethereum NFT landscape. While competing with platforms like OpenSea and Rarible, SuperRare stands out by attracting high spenders and positioning itself as a marketplace for sourcing unique and rare NFTs.

SuperRare's leadership understands the distinction between uniqueness and rarity, prioritizing digital artworks over collectibles. The platform curates and showcases rare artworks, contributing to its reputation for recording expensive purchases. SuperRare is transitioning to a decentralized governance system called SuperRare 2.0, empowered by the governance token $RARE, allowing stakeholders to influence protocol development.

SuperRare’s Layout

SuperRare's design is tailored to digital artists, offering an easy-to-use NFT minting tool and a visually pleasing layout that favors simplicity.

How to Create NFTs on SuperRare

To create NFTs on SuperRare, follow these steps:

1. Connect your wallet and create an account by selecting your wallet type and signing up.
2. Visit superrare.com/tokenize to mint an NFT, upload files and descriptions, and pay the gas fee.

How to Sell NFTs on SuperRare

For approved sellers on SuperRare:

• Choose between fixed price, scheduled auction, or reserved auction.
• Pay a 15% commission and list your NFT.
• Receive a 10% royalty when your artwork is resold on the secondary market.

How to Buy NFTs on SuperRare

Buying NFTs on SuperRare is straightforward:

• Confirm the sales type of your preferred NFT.
• Place a bid for auctions or make an offer for fixed-price listings.
• Pay a commission of 3% along with the gas fee.

Pros of SuperRare

• No coding required: SuperRare's user-friendly interface simplifies NFT minting.
• Non-custodial: Users retain control over their cryptocurrencies and NFTs.
• Embracing decentralized governance: SuperRare 2.0 allows users to participate in protocol decisions.
• List exclusive artworks: SuperRare prioritizes rare and unique digital artworks.
• Fixed 10% royalty fee: Creators receive a passive income from secondary sales.

Cons of SuperRare

• Supports only Ethereum: Limited blockchain options may discourage potential buyers.
• High commission: A 15% commission on sales is higher than competitors.
• Lengthy checks for sellers and creators: Approval process differs from other platforms.