SuperRare

SuperRare Review

SuperRare has been active since 2018 and is based in the US. It operates on the ETH blockchain (the NFTs are ERC-721 NFTs).

If you're looking for cheap NFTs from unknown artists, you might find them here as well, but most of the NFTs minted and sold here are produced by more well-known NFT-creators. The list of creators with NFTs sold on this marketplace is very long.

What is an NFT Marketplace?

An NFT Marketplace is a marketplace for NFTs. So far so good. But what is an NFT?

NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.

Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).

SuperRare Focus

The key focus of SuperRare is exclusive digital art (i.e., "superrare" digital art), but there are also less exclusive art here as well. The NFTs are based on the ETH-blockchain.

Layout of SuperRare

Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from SuperRare's browse section. The section includes several filters you can use. You can filter on whether the NFT has a list price or a reserve price, if there are open offers, if it's still owned by the creator or if the NFT offered is offered on the secondary market, and more.

If you zone in to one of the specific NFTs, in this case the NFT called The Last Samurai created by the artist @oriveda, the page layout is as follows. As can be seen from the picture below, the layout includes information on the price, how many people that have seen it, how many editions there are, the bidding history etc. 

SuperRare Fees

When you buy an NFT somewhere, it is customary for the relevant NFT Marketplace to charge a fee for enabling the sale. This fee is typically a percentage of the NFT's sale price and is taken from the seller's profit. This can be compared with how regular art galleries normally take a share of the sale of any paintings etc. hanging in the gallery when a sale is executed.

At SuperRare, you will have to pay 15.00% in gallery fees when you are the artist. We do not know of any other NFT Marketplace charging higher gallery fees than this, but there are a few charging exactly that (15.00%). For secondary sales, the creator receives a 10% royalty per sale.

The buyer of an NFT also has to pay fees to SuperRare. For the buyer, that fee is 3.00%.  

While 15.00% is on the highest end among NFT Marketplaces, it should be considered a very competitive fee compared to an ordinary physical art gallery (where 30-50% in gallery fees is not entirely uncommon).

SuperRare Payment Methods

A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal-deposits.

SuperRare doesn’t allow withdrawals or deposits through credit/debit cards or PayPal. Accordingly, you need to have a previous holding of Ethereum in order to be able to interact on SuperRare.