SuperRare P2P digital art marketplace explained
What is SuperRare?
SuperRare is a peer-to-peer marketplace for non-fungible tokens (ERC-721 NFTs) built on Ethereum. A digital art and decentralized application marketplace operating on the Ethereum blockchain, the SuperRare platform utilizes custom-developed smart contracts that enable artists to sell their digital creations to collectors on the peer-to-peer digital marketplace. Collectors are able to trade, transfer, sell, or simply display their collected SuperRare pieces on the platform. People can trade and collect unique, single-edition digital artworks on SuperRare and each artwork is authentically created by an artist in the network, and tokenized as a crypto-collectible digital item that anyone can own and trade.
SuperRare is the property of Pixura – a platform for creating, tracking, and exchanging crypto collectibles. Their web interface makes it possible for non-technical users to create a marketplace in minutes. SuperRare offers a new way to interact with art, culture, and collecting digital objects online that are secured by cryptography and tracked on the blockchain. In essence, this implies that the collectibles are provably scarce items that can be collected, and that have potential to hold value in the same way digital assets or cryptocurrencies such as Ethereum and Bitcoin have done.
The SuperRare platform facilitates a peer-to-peer digital art marketplace and auction house where artists, collectors, and other users can sell, purchase, list for auction, make offers, and bid on SuperRare items. Collectors can obtain SuperRare items by making an offer accepted by the Artist, purchasing at an established list price, or bidding on items available in one of their smart contract-enabled auctions.
Transactions that are facilitated via the platform are managed and confirmed via the Ethereum blockchain. As a user of SuperRare, you should be aware that your Ethereum public address will be made publicly visible whenever you engage in a transaction on the platform.
SuperRare is a non-custodial service provider and the smart contracts and the platform facilitates user collection of SuperRare items, but SuperRare is not the custodian of any user-owned SuperRare items. All artwork on the SuperRare platform is represented by a unique cryptographic token exclusively minted by one of SuperRare’s approved artists. Each SuperRare item is minted by an artist using the SuperRare Smart Contracts based on an artist’s original artwork. SuperRare items are forever tracked and stored on the Ethereum blockchain, providing the collector of a SuperRare item with a permanent record of authenticity and ownership.
How to use the SuperRare platform
The easiest way to access the SuperRare platform is by using MetaMask. You can simply install the browser extension on Chrome or Brave browsers. MetaMask is an electronic wallet, which allows you to purchase (either directly via Coinbase if you are in the United States, or via other third party sites), store, and engage in transactions using the native Ethereum cryptocurrency, ETH. You will not be able to engage in any transactions on the Platform other than through MetaMask (or other Ethereum-compatible browsers). The Platform will only recognize you as a user, and you will only be able to interact with the Platform, if your Ethereum electronic wallet is connected and unlocked through your MetaMask account. There is no other way to sign up as a User, or to interact directly with the Platform.
Connect to MetaMask
Connect to SuperRare
If you are not already registered on the platform, you need to select the Sign up option with the ETH address that is linked to your MetaMask.
Once you sign up you’ll be asked to sign a cryptographic signature to confirm you are the owner of the MetaMask wallet.
Once you have an account, check out the activity feed and follow some of your favorite artists to get inspired and start collecting. You’ll need ether (ETH) in your MetaMask wallet since all transactions are made using ETH, the native cryptocurrency to the Ethereum network, which powers SuperRare. Regulated crypto exchanges such as Coinbase provide an easy place to buy ether using a bank account if you haven’t used cryptocurrencies before.
Want to be a Creator on SuperRare?
SuperRare is still in early access, onboarding only a small number of hand-picked artists. You can use this form to submit your artist profile. Only artists invited and approved by SuperRare are able to use the platform to mint and sell SuperRare items. Artwork minted and sold on the SuperRare marketplace includes, but is not limited to: visual works, audiovisual works, animations, audio, photographs, 3D works, GIFS, and other creative digital works.
Recently, SuperRare announced that they’d be launching an experiment to facilitate collaborations around Audio Visual NFTs in an effort to connect artists around audio-visual collaborations! Check out the Typeform to sign up!
What are the fees on SuperRare?
All transactions on the SuperRare marketplace are subject to fees that are collected in order to support the creators and the platform. SuperRare collects a 3% marketplace fee in addition to the sales price for every sale of an item on the platform. For example, a collector purchasing an item for 1.00 ETH will pay 1.03 ETH
The amount of fees for the sale of a SuperRare item also depends on whether the transaction involves the item’s first sale or what is also referred to as primary sale or a subsequent sale in the secondary market. All fees are collected and distributed at the time of the purchase of a SuperRare item by operation of the smart contracts.
What are the artist gallery commissions?
For primary sales, there is a 15% commission (creators receive 85%). For secondary sales, creators receive a 10% commission (aka royalty), providing passive revenue from an artwork if it continues to trade on the secondary market.
Taxes
Users of SuperRare are responsible to pay any sales, use, value-added and other taxes, duties, and assessments claimed or imposed by any governmental authority.
Smart Contracts & Risk
As a user of the SuperRare platform, you assume the risk of initiating, interacting with, participating in marketplace or auction transactions and take full responsibility and liability for the outcome of any transaction you initiate, whether or not the smart contracts, the SuperRare platform, or other market participants behave as expected or intended. Users are forbidden from engaging in any attack, hack, denial-of-service attack, interference, or exploit of any SuperRare smart contract. As a user, you need to remember that SuperRare will not be liable to you for contract, tort, or any other types of damages arising out of or related to participation in or the outcome of a marketplace transaction.
