Tokenised NFTs for the discerning eye – that's the promise of SuperRare, a platform for true collectible crypto art. SuperRare also isn't interested in just any NFTs. The site attempts to curate its collection, focusing on NFTs that are indeed super-rare.
NFTs – non-fungible tokens – are unique digital files that exist on a blockchain. An NFT can represent either a digital or physical object. Like cryptocurrencies, the success of NFTs relies on the security and unique features of the blockchain.
Put another way, NFTs are real-world assets encrypted on the blockchain. In theory, every NFT is unique and, therefore, non-fungible. However, there are ways to make a collection of similar NFTs of the same (or roughly the same) thing.
Everyone appears to be getting into NFTs these days – and to SuperRare, that's potentially a problem. There's a glut of NFT artwork out there, and not all of it is created equal. SuperRare wants to in only the best NFTs, what they refer to as true crypto art.
One of the key selling points for NFTs is the idea of scarcity – when you purchase an NFT, you purchase a unique item. But recently, some artists have taken to creating multiple unique NFTs of roughly the same item by creating different editions. SuperRare exists to push back on that trend, focusing on exclusive crypto art. SuperRare defines crypto art as NFTs that have their entire history – creation (minting), tokenisation, artist, and every subsequent purchase and sale – encoded on the blockchain.
Although important, it isn't simply the technical data that makes an NFT eligible to be classified as a piece of crypto art. What is equally as important is the age-old idea of curation – selecting the best pieces from all the average ones. SuperRare applies that idea to NFTs. They charge higher fees, display art from better-known NFT creators, and frequently sponsor special collections with similar themes.
SuperRare wants to be the high-end art dealer of the NFT world, all powered by the Ethereum blockchain.
SuperRare refers to buyers as "collectors," and any crypto art purchased on SuperRare is automatically displayed in a user's collection. There are a few steps to follow to become a SuperRare collector and be able to purchase NFTs.
1. Register a wallet
Like cryptocurrencies, NFTs are stored in digital wallets. SuperRare doesn't provide a native wallet; as with most DeFi processes, users start by linking their own third-party wallets. SuperRare currently supports 3 popular Web 3.0 digital wallets – MetaMask, Fortmatic and Wallet Connect.
2. Create an account
Once a wallet is connected, users need to set up a username and password, then follow a simple verification process. Users will need to accept (also known as 'signing) the prompts that come up on their wallet to finalise their account. After that, they're ready to start collecting!
3. Browse NFTs on SuperRare
Once you've created an account, navigating SuperRare's basic interface is quite simple. Scrolling down from the landing page will reveal the activity feed, which displays artwork for sale and auctions that are soon ending.
Members have the option of making this activity feed custom and displaying NFTs from specific creators in their SuperRare network, which adds a social network element.
The activity feed isn't the only way to find new potential pieces of art for sale. The Market tab displays everything currently available. You can adjust the display to show Artists or Artwork, and add further criteria to narrow down your search. This is the easiest way for newcomers to SuperRare to sort through various artworks they might wish to purchase.
Users can also search for art using the Search tab. From here, you can enter specific keywords, art titles, or artists to find something you desire.
One key feature of the platform is the Features tab. This is the SuperRare digital showroom, where special collections are hosted and collaborations promoted. For newcomers to the NFT world, it might feel a bit overwhelming, but for fans of NFTs and crypto art, the Features section is a great way to see the best of what SuperRare has to offer.
4. Buy an NFT on SuperRare
Once you've familiar with the SuperRare interface, you can now find an NFT you wish to purchase. The actual buying process is relatively simple and depends on the sale type of the asset. Some NFTs are only available via auction – meaning you can make an offer to the seller who will then accept it or let the auction run.
The other options are 'buy it now' NFTs, which can be purchased for a flat price. Users can also make an offer for these artworks too if they don't wish to pay the list price.
Ensure that you have the required amount of cryptocurrency (which will be ETH) in your connected wallet for the art. Then, simply click on 'Buy Now' or 'Make An Offer' depending on the NFTs' list type.
From there, follow the prompts on SuperRare as well as your wallet to confirm the transaction. When the sale has been executed, the NFT will be on display in the Collections tab of your profile.
Selling NFTs on SuperRare is a bit more difficult. SuperRare wants to sell true crypto art, not just run-of-the-mill NFTs. To that end, the requirements for sellers on SuperRare are higher than on other NFT marketplaces.
Any potential sellers need to first apply to SuperRare. The application itself is simple, but requires sellers to commit to certain standards. Any NFT listed on SuperRare must be original, created by the owner of the account, and – most importantly – not tokenised anywhere else. In theory, this means that all of the art for sale on SuperRare is truly one of a kind: unique tokens representing unique pieces of digital art.
Once a seller has been accepted onto the SuperRare platform, there's a simple process to create an NFT.
- Visit superrare.com/tokenize (only works once you are whitelisted as a seller).
- Upload the digital file and fill in key info – description, creator, date, etc.
- Mint token.
Note that the last step isn't quite as simple as it seems – at that point, the creator will be liable for the current Ethereum gas price, which varies daily, and the tokenisation process can take up to several hours to complete. Creators will need enough ETH in their connected digital wallets to cover at least the gas fees in order to successfully mint a new NFT.
SuperRare is an art-oriented NFT platform; you won't find games, domains, music or some of the other NFT categories that you might see on other websites.
Instead, SuperRare hosts a truly impressive range of artists, from creators who draw anime or photorealism, to psychedelic or conceptual art. At times, SuperRare feels very much like a high-end art gallery, with lists of up-and-coming names, new kids on the block and trend-setting artistic endeavours.
SuperRare's basic interface is quite simple. Scrolling down from the landing page will reveal the activity feed, which displays artwork for sale and auctions that are soon ending.
Members have the option of customising this activity feed and displaying NFTs from creators in their SuperRare network, which adds a social network element.
The activity feed isn't the only way to find new potential pieces of art for sale. The Market tab displays everything currently available. You can adjust the display to show Artists or Artwork, and add further criteria to narrow down your search.
One key feature of the platform is the Features tab. This is the SuperRare digital showroom, where special collections are hosted and collaborations promoted. For newcomers to the NFT world, it might feel a bit overwhelming, but for fans of NFTs and crypto art, the Features section is a great way to see the best of what SuperRare has to offer.
- SuperRare provides flexibility with its NFT sales. Creators can set a list price, but also accept offers from collectors. In other cases, they can put NFTs up for auction, allowing collectors to bid against each other.
- SuperRare keeps fees fairly simple. It charges sellers a 15% commission on all sales on the platform. That's high for most NFT marketplaces, but is low compared with real-world art galleries, which is the model SuperRare is trying to replicate.
- One of SuperRare's biggest claims to fame is the use of the blockchain to make artists' commissions standard. Every secondary sale of an NFT on SuperRare will pay the artist 10% of the sale price, in perpetuity. This means the original creator always gains a reward from his work, no matter how many times it changes hands.
- The platform has recently gone one step further – there's now a collector's commission as well. This states that 1% must be paid to the first collector. The first collector can purchase an NFT, resell it, and then gain 1% of the sale price the next time the NFT changes hands. Unlike the creator's commission, the collector's commission degrades over time by 50%, until it is exhausted. There's even a secondary collector's commission, where the second collector earns a 0.5% commission on subsequent sales, which also degrades. Both the artist's commission and the collector's commission are drawn from the SuperRare network fees. The network fees are defined as the 15% seller's fee and 3% buyer's fee that SuperRare charges on all transactions.
The SuperRare platform is based on Pixura, another company from the same founders. Pixura markets a code-free NFT builder, allowing everyone from individuals to companies to make and integrate their own NFT marketplaces.
Both platforms receive good marks for security, with only a few internal issues reported. However, the broader NFT market is at risk of fraud, as SuperRare's own editorial team reports. Anyone buying and selling on SuperRare needs to be wary of any unusual requests for information or malicious files as part of a safety-conscious approach to managing crypto assets and NFTs.
Rarible and SuperRare both cater to different sectors of the burgeoning NFT market. Rarible promotes community governance and empowers creators to set commission fees and future royalties. As one of the largest NFT marketplaces, Rarible also has a higher volume and greater variety of NFTs available, not just crypto art.
SuperRare, on the other hand, is the high-end art gallery of the NFT world. It positions itself as a curator, in theory selecting high-quality NFT creators who produce unique works of crypto art.
SuperRare has managed to find a niche within the NFT sector. By focusing on collectible high-quality pieces of digital art, the platform has become the high-end gallery of the cryptocurrency world. With a clean interface, it is easy to browse collections and flexible curation allows users to keep track of their favourite artists. The transaction fees are higher than most other NFT platforms, but that may be a small price to pay for discovering such rare pieces.
Pros and cons of Sorare
Pros
- True to its name – SuperRare tries to deliver high-quality, truly unique works of crypto art.
- Not just NFTs, but crypto art – SuperRare doesn't dabble in NFT memes or games; it focuses exclusively on crypto art.
- Curation – From the editorial team at SuperRare and the community, the platform provides numerous ways to curate a high-end NFT collection.
Cons
- ETH only – Users cannot buy or sell with credit cards or fiat currency. SuperRare only accepts payments made in Ether.
- High fees – Like a true art gallery, SuperRare charges comparatively high fees – 15% for original sales and a 3% buyer's premium.
* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
