Superrare Review: Pros, Cons and How it Compares

NFTs continue to make headlines week after week. From artists like Beeple, who continues to make record-breaking NFT sales, to the billions of dollars of NFT sales volume happening every single week, the digital art space is moving fast.

If you're looking to start investing in NFTs or launch your own collection of virtual assets, you need to know about one of the top NFT marketplaces: SuperRare.

What separates SuperRare from other marketplaces is that it's more of a social network for digital artists and collectors, rather than an NFT resale shop.

Rather than a place where you buy and sell, SuperRare is where art and culture are being shaped in the digital age. And it's where artists and collectors get to interact and create the future.

Keep reading below for a quick rundown of why the platform exists, and how you can use it to buy, sell, and create NFTs today.

The History and Founding Team of SuperRare

SuperRare is one of the original NFT marketplaces, founded back in 2017, and launched to the public in 2018. Founders John Crain, Charles Crain, and Johnathan Perkins are now the company's CEO, CTO, and CPO.

In 2020, the SupeRare team was still just four people, but it grew to more than 30 people by late 2021. In early 2020, the company was experiencing an average monthly sales volume of $100,000, while in 2021, a normal month was around $25 million.

In early 2021, SuperRare raised $9 million in a Series A funding round, featuring notable investors like Mark Cuban, Naval Ravikant, Samsung NEXT, Third Kind Venture Capital, and other big names in the VC arena.

SuperRare NFT Stats

According to co-founder, Jonathan Perkins, in mid-2021, they were a total of 3,600 individual collectors on the platform, having purchased 15,000 individual NFTs.

About 1,000 new collectors are arriving on the platform every month. Yet only a handful of artists are admitted to selling on the platform.

Wondering how to sell on SuperRare? All artists must apply by showcasing their portfolios. The team limits how many artists on SuperRare can sell their work, to maintain a standard of quality.

How SuperRare Works

So how does SuperRare work? Just like with other NFT marketplaces, collectors will need to use a cryptocurrency wallet to make purchases on the platform.

You can download a wallet like MetaMask, and fund it with Ethereum (ETH), which you can first purchase on a cryptocurrency exchange like Coinbase or Binance.

Artists can list their work for a fixed price, or host an auction. On top of the purchase price, buyers need to pay a 3% transaction fee (which goes to SuperRare) and ether gas fees (which go to blockchain miners).

NFTs minted on SuperRare are ERC-721 tokens, the standard for NFTs. Once you purchase an NFT, you can resell it on SuperRare, or on any other NFT platform that supports ERC-721 tokens.

When an artist first sells their work on the platform, they earn 85% of the purchase price, while SuperRare earns 15%. On all secondary sales, artists will receive a 10% royalty payment automatically, which is programmed into the smart contract.

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