Our Take On SuperRare
THE BOTTOM LINE:
Exclusivity is at the center of SuperRare’s brand. It hosts curated artists with one-of-a-kind exceptional NFTs and expensive sale prices. Its art may be high-end, but so are the fees. Art is also the only type of NFT for sale on SuperRare (and that art has to be minted on SuperRare).
- High-quality, unique art
- Operates on Ethereum blockchain
- Partners with traditional art world
- Invite-only for artists
- Not very beginner-friendly
- High fees
As the concept of NFTs gains traction (and revenue), mainstream media is finding new ways to bridge the gap into the crypto medium. SuperRare strives to take the traditional art world into a digital art market.
In fact, SuperRare only trades digital art — no other type of NFT can be sold. In the past 30 days, SuperRare has seen over $187 million in trading volume and 66 traders.
SuperRare curates its artists and digital galleries for a luxury experience, even partnering with designers like Gucci. Its high-end nature will price out many people who are new to NFTs, as will its 3% marketplace fee.
SuperRare has found a niche in the market and if you’re the target audience, the platform will have a lot to offer.
High-Quality, Unique Art
SuperRare’s artists have to be invited to the platform and undergo a vetting process. This ensures that the art sold on the marketplace is high-quality and more valuable. Each piece of digital art sold from SuperRare’s curated collections is single-edition, so there’s only one for sale, making each piece more unique. You can also only buy, sell, and trade NFTs minted on SuperRare.
SuperRare operates on the Ethereum blockchain. This enables smart contracts, creates decentralized data management, increases accessibility, and limits fraud. NFTs acquired from SuperRare can also be bought and sold on OpenSea.
You can use Ethereum coins for your SuperRare transactions or purchase SuperRare’s in-house currency, RARE.
Partners With Traditional Art World
SuperRare still has one foot in the traditional art world and is working on bringing digital art over. For example, SuperRare partnered with Miami Art Week and even opened a physical gallery to display NFTs. SuperRare is also running a collaboration with Gucci, featuring 10 NFT artists who were tasked to capture Gucci’s legacy.
You can also read about featured digital artists and their stories in SuperRare’s magazine.
No NFT marketplace is perfect and SuperRare has its flaws. The platform isn’t ideal for novice digital artists, budget-conscious traders, and NFT beginners.
Invite-Only For Artists
Not just anyone can mint and sell NFTs on SuperRare. Artists must be invited to publish their art on the marketplace. SuperRare only onboards a handful of artists each month. You can submit your profile to SuperRare to increase your chances of being invited, but artists need an established portfolio of digital art that has not been sold anywhere else on the internet.
Not Very Beginner-Friendly
While the site is fairly simple to navigate, the high-end nature of SuperRare may not appeal to most people who are just dipping their toes in NFTs. If you’re exploring digital art for the first time, the luxury market can be intimidating.
The average sale price for digital artwork on SuperRare is a little over $4,000. That can price out most people new to NFTs.
SuperRare’s fees are on the higher end for an NFT marketplace. Gallery fees are 15% for the primary sale. Artists will also pay gas fees when minting artwork. And, because the marketplace is on the Ethereum blockchain, gas fees are generally higher than some others. Buyers pay a 3% NFT marketplace fee on purchases as well.
Who SuperRare Is Best For
SuperRare’s digital art marketplace isn’t for everyone. The NFT platform targets a specific luxury art audience. It’s best for:
- Experienced collectors who are prepared to pay high prices and cover high fees can find valuable trades on SuperRare.
- Fine art investors will enjoy SuperRare’s high-end digital curations. If you believe the future of luxury art is digital, SuperRare is the place to be.
Key Features Of SuperRare
SuperRare caters its features and offerings to the high-end art world. As such, it has many unique offerings you won’t find with other NFT marketplaces. These are the key features that set SuperRare apart:
- Artists need to be invited: NFT artists are vetted for quality and authenticity.
- Single-edition NFTs only: Each piece of digital art sold on SuperRare is one-of-a-kind.
- Supports popular wallets: MetaMask, Fortmatic, and Wallet Connect are compatible on SuperRare.
- Has its own token: SuperRare’s currency is called $RARE. Owners become something like a shareholder or member and can vote on Spaces added to the community.
- Art for sale must be minted on SuperRare: Only NFTs that have been minted on SuperRare can be bought or sold on the marketplace.
- Individual galleries are called Spaces: Spaces are community-operated, voted onto SuperRare, and independently run by a collective.
- Publishes an NFT art magazine: You can get to know featured artists, discover their stories, and read think pieces on NFT art.
Fees For Using SuperRare
Trading on an NFT marketplace will usually cost you some transaction or marketplace fees. This is a service fee the marketplace takes for facilitating trades. SuperRare’s transaction fees are on the higher side at 3%.
Crypto transactions also incur gas fees. Gas fees are paid to the Ethereum miners who validate the transaction. SuperRare describes the gas fee as a toll fee for using the blockchain. Gas fees are dependent on how much traffic and demand the network experiences. If the gas fees are too high, you can wait until demand dies down.
NFT marketplaces may also impose a gallery fee for artists. This means the marketplace will receive a commission from the sale of an NFT. SuperRare has a 15% gallery fee on the primary sale.
|Buyer’s Marketplace Fees
|Gallery Fee For Artists
|Gas Fees (Minting Artwork)
Alternatives To Consider
There are many NFT marketplaces to choose from if SuperRare isn’t for you. Beginners may prefer a marketplace with a wider variety of price points and assets. There are also some budget-friendly marketplaces with lower fees.
OpenSea: Good For Beginners
OpenSea is one of the most popular and largest NFT marketplaces. You can also set up an account for free on OpenSea. Its interface is fairly straightforward and it can be a good introduction to NFTs.
OpenSea accepts over 150 different cryptocurrencies — making the platform more accessible. OpenSea also supports selling a large variety of NFT assets like art, music, trading cards, virtual worlds, and experiences. You can also save money by going gas-free if you use the Polygon blockchain for your transactions.
NBA Top Shot: Good For The Sport Fanatic
The NBA Top Shot marketplace has drawn a lot of people to the world of NFTs with its mainstream appeal. The marketplace sells NFTs of historical basketball highlights, clips, art, and experiences. NBA Top Shot also auctioned off NBA All-Star VIP passes that granted owners VIP access to the next five NBA All-Stars events, celebrity games, practices, slam dunk contests, meet and greets, behind-the-scenes tours, and exclusive merch.
You can start collecting moments for just a few dollars or buy rare highlights for upwards of $1 million. Users can also use a debit or credit card to make purchases, without having to buy any digital money first.
Looking For More Options?
Visit our top NFT marketplace guide to find the right fit for you.
Is SuperRare Right For You?
SuperRare targets traditional art collectors who are looking to explore that same elevated experience with NFTs. If you’re intrigued by the idea of outbidding Snoop Dogg (known in the NFT world as Cozomo de’ Medici), then SuperRare is for you.
Digital artists looking for a bit of clout and to sell their work for a high price, should submit their portfolio to SuperRare. And you can purchase RARE coins if you want to be a member of the art collective with access to creating new galleries or Spaces on SuperRare.
Final Thoughts On SuperRare
SuperRare can be summed up in three words — fashionable, exclusive, and expensive. Invite-only artists and single edition pieces increase the value of its NFTs. You can also visit SuperRare’s physical gallery in New York, where it showcases SuperRare NFTs. The marketplace is on the Ethereum blockchain and supports popular wallets. Its 3% marketplace fee and 15% gallery fee may ward off NFT newbies. But serious collectors and art investors will enjoy its highly curated galleries and art community.
MilkRoad.com reviews cryptocurrency and Web3 products, services, and companies based on five quantifiable metrics to help crypto users understand how they compare based on similar metrics. For the best NFT marketplaces, our editorial team compared supported wallets, integrated networks, 30-day trading volume, fees, and customer service.
Frequently Asked Questions
SuperRare assets are not stored on a centralized platform, which means there is a very low risk of hacking. You can connect your crypto wallet to SuperRare and your crypto will be stored in your wallet until a transaction is made. It’s a non-custodial platform, which means transactions happen directly between the buyer and seller. Basically, the only people who have access to the funds or NFTs are the people in the transaction.
It’s also very unlikely for there to be any risk of fraud with the NFT art on SuperRare because of its intensive vetting and exclusive selection process for its artists.
For artists, SuperRare has a 15% commission on the first sale of an NFT.
Buyers will pay a 3% marketplace fee on all purchases. Buyers are also responsible for paying the gas fees on each transaction (this includes bidding, withdrawing an offer, and purchasing.) Basically, any action that needs to be committed to the record on a blockchain will incur a gas fee.
If you can score an invite to create NFT art on SuperRare, it’ll likely be fairly lucrative. Most NFTs sold on SuperRare go for a high price. The exclusivity of its art market can also help with an artist’s reputation and status.
The top artist on SuperRare has reportedly earned nearly $50 million in sales. The top 39 artists on SuperRare have sold over $1 million in total. Artists receive 85% of their primary sales and a 10% royalty on all secondary sales.
No, as there’s no indication of SuperRare reporting to the IRS. But, you should self-report the data, as NFT-related income is taxable.