SuperRare

About SuperRare

SuperRare is a blockchain-based platform that allows artists to create and sell unique digital artworks known as “non-fungible tokens” or NFTs. Founded in 2018, SuperRare has emerged as one of the leading NFT marketplaces, with over $300 million in trading volume to date. The platform focuses specifically on single-edition digital art, providing artists with a new way to monetize their creations.

History of SuperRare

SuperRare was founded by John Crain and Jonathan Perkins. The founders’ vision was to build a platform tailored to the needs of digital artists, allowing them to sell truly scarce, certified digital artworks to collectors around the world.

In 2018, SuperRare launched on the Ethereum blockchain as one of the first “art-centric” NFT marketplaces. The beta platform started off slowly, but gained momentum as the NFT market heated up in 2020 and 2021. SuperRare has differentiated itself by maintaining a highly-curated selection of artists and focusing on single-edition works rather than multiple editions.

How SuperRare Works

On SuperRare, each artwork is minted as a non-fungible token (NFT) on the Ethereum blockchain. This creates digital scarcity, proves ownership, and allows for trading on the secondary market. Artists submit their work to be considered for the marketplace. If accepted, they can set pricing and auction parameters. Collectors can browse, bid on, and purchase the one-of-a-kind digital artworks.

Smart contracts execute all transactions, recording information about creators, owners, bids, and sales. The artists receive 85% of primary sales proceeds, with the remainder going to SuperRare. Artists also earn 10% on secondary market sales. Collectors can display and re-sell works they’ve purchased. SuperRare integrates with crypto wallets and makes use of the RARE governance token.

Unique Features of SuperRare

SuperRare pioneered single edition drops, limiting each artwork on the platform to just one copy. This showcases digital art’s intrinsic scarcity and creates desirability. SuperRare also maintains selective curation, accepting just around 10% of artist submissions. This provides quality control and surfaces promising emerging artists.

Additionally, SuperRare focuses solely on digital art, rather than collectibles, gaming NFTs, etc. It also requires credit card purchases, unlike crypto-only platforms, opening up access. An upcoming token-gated members club promises exclusive content and perks. These differentiators have allowed SuperRare to stand apart from other NFT marketplaces.

SuperRare Tokenomics

SuperRare has an Ethereum-based governance token, RARE, used to incentivize activity on the platform. RARE holders can vote on platform upgrades and participate in staking to earn rewards. 10% of primary sale proceeds are used to buy back and distribute RARE tokens each quarter.

RARE’s total issuance stands at 1 billion tokens, allocated as follows:

• A retroactive airdrop of 150 million RARE is set aside for the initial group of artists and collectors who have significantly contributed to SuperRare’s development, with a 90-day claim period.
• The Community Treasury gets 400 million RARE, controlled by its members. At the outset, 25% is immediately available, with the remainder being gradually released over four years.
• SuperRare Labs’ key team members, instrumental in building the platform, are allocated 255 million RARE. These tokens will be vested over three years, starting after a six-month period.
• Investors from early funding rounds are allotted 145 million RARE, with these tokens also vesting over three years, but with a one-year delay before commencement.
• Finally, 50 million RARE is earmarked for strategic partners and future collaborators of the SuperRare network, with a minimum six-month vesting period after they’re assigned.

As a governance token, RARE provides the SuperRare community with a means to steer the future evolution of the platform in a decentralized, democratic fashion aligned with their interests.

Adoption and Partnerships

Since its 2018 launch, SuperRare has seen steadily growing adoption. By 2021, over 400 artists were active on the platform, along with thousands of registered collectors able to purchase works using credit cards or crypto. Monthly sales volume reached into the millions of dollars.

SuperRare has fostered partnerships with brands like Ledger, allowing users to connect hardware wallets. They’ve also integrated with platforms like Twitch for special artist drops. In 2021, SuperRare teamed with Spatial to showcase augmented reality exhibitions.

The exclusivity of SuperRare’s offerings has attracted wealthy collectors, including celebrities like Mark Cuban, Eminem, and Tony Hawk. These high profile sales and partnerships have increased visibility and validation of digital art NFTs as sought-after assets among both artists and collectors.

Conclusion

Since its launch just a few years ago, SuperRare has rapidly emerged as one of the premier marketplaces for single-edition digital art NFTs. With its selective curation, focus on exclusivity, and attractive economics for artists, SuperRare sits at the intersection of blockchain technology and the future of creativity.

As adoption of digital collectibles continues to accelerate, SuperRare is poised to further its mission of enabling a new generation of artists to monetize their work and connect with collectors around the world. The SuperRare platform and RARE token offer powerful tools to service this emerging ecosystem.