NFTs are the latest trend in the cryptocurrency and blockchain world. Everyone trying to invest in NFTs needs a great marketplace that offers the best functionalities, security, and support. Let’s look at the SuperRare marketplace for NFTs built on Ethereum, its key features, how minting NFTs on SuperRare works, supported currencies, signup, and trading of NFTs.
What Is SuperRare?
SuperRare is a marketplace for trading and collecting digital artworks. It was founded by Charles Crain, John Crain, and Johnathan Perkins in 2017 for artists to create trade and own artworks. SuperRare is designed to allow users to interact with art and culture and digital coin (crypto) collectibles on the internet.
Key Features Of SuperRare
Following are the key features of the SuperRare NFT Marketplace –
- Nature: It is a peer-to-peer NFTs marketplace.
- Foundation: SuperRare is built on the Ethereum blockchain.
- Variety of Products Offered: It features projects, exhibitions, and special releases.
- Fees: It has very high fees.
- Interface: SuperRare has a user-friendly interface. Buying and selling on the platform is easy.
How Does SuperRare Work? How Can I Mint An NFT On SuperRare?
SuperRare uses ETH for buying and selling NFT. The ETH is transferred from a digital coin exchange like Coinbase to MetaMask, a digital wallet you have linked to SuperRare. This takes place after you might have created an account on SuperRare. With the ETH, you can create, buy, and mint the NFT of your choice.
What Currencies Can You Use On SuperRare?
The native digital currency to use on the SuperRare NFT marketplace is Ether. You can buy Ether from Coinbase before connecting to the SuperRare platform.
SuperRare NFTs: Types Of NFTs Can You Buy On SuperRare?
There are many genuine and high-quality NFTs (artworks) you can buy on SuperRare, such as HOLLYWOOD TOKENIZED, SCAVENGERS, OLD MONEY CORRUPTS XI, O58, etc. You can see more to buy on the SuperRare NFT platform.
How To Open An Account On SuperRare
- The first thing to do in opening an account on SuperRare as a seller is downloading a digital wallet such as MetaMask. Set up this digital wallet by following the in-app instructions. There are other digital wallets you can choose from.
- Creating an NFT on SuperRare NFT space requires a gas fee. The currency used on SuperRare is ETH. So, create an account on any digital coin exchange such as Coinbase and find your wallet with ETH. Then, you can apply on SuperRare.
- To open an account on SuperRare, you must first apply to join the platform as an artist. SuperRare is not like every other NFTs marketplace that you can open an account with easily. They want to make sure only quality and genuine arts are on the platform.
- You will first fill out an application using their requirement – every created artwork on the network must be created by you, authentic, and not be tokenized elsewhere on the internet.
On getting approval, create your NFTs, customize them by giving them a name, description, price, date, etc. Set it up for sale by paying the charged gas fee.
How To Buy An NFT On SuperRare?
Follow the steps below to buy NFTs on SuperRare:
- Register a wallet: Just like digital coins like Bitcoin, digital wallets are used to store NFTs. SuperRare does not come with a native wallet, so you should register on MetaMask or any other digital wallet.
- Create an account: You need to set up your username and password when your digital wallet is connected. Once your account is set, you are ready to buy NFTs.
- Browse the NFTs: Go to the SuperRare website and look for the NFTs you want to buy. SuperRare has a user-friendly interface, so you will have no difficulty searching for NFTs to buy.
- Buy an NFT: When you find the NFT you want to buy, click on the “Buy Now” button. However, make sure you have enough ETH to buy with.
How To Sell An NFT On SuperRare?
As an artwork marketplace, SuperRare wants you to sell genuine crypto art. This is why it has a higher requirement in selling NFTs than other NFT platforms. Every seller must meet certain standards to be accepted to create an NFT. To sell, you must:
- Upload the (NFT) digital file.
- Fill up the details such as date, description, and creator.
- Mint token with your ETH.
A 3% transaction fee is charged by SuperRare on buyers for every purchase. The company charges a whopping 15% commission on every sale made on the platform. The rest of the 85% is the creator’s commission. You can find the fee and additional details on SuperRare’s about page. This is higher than most NFT marketplaces.
SuperRare Pros And Cons
Following are the pros and cons of the SuperRare NFT Marketplace –
- SuperRare offers only true and high-quality crypto art.
- Artists enjoy high royalties.
- User-friendly interface.
- It offers multiple ways of curating an NFT collection.
- SuperRare is an exclusive NFT platform.
- It provides buying system option.
- It supports only ETH payments.
- SuperRare charges high fees.
- The commission is higher than most NFT marketplaces.
SuperRare is a great platform where artists can create and symbolize a work of art, i.e., link it to tokens. An independent minting contract allows artists to use custom NFT minting contracts to symbolize and sell their art as independent artists. As part of new series of changes, the influential art platform SuperRare is ready to give artists more control. The SuperRare Space, a new product that will allow independent operators to run something like a team of art galleries, will allow them to assume business and development responsibilities of artists. All this goes on to show that SuperRare is headed in the right direction. SuperRare is one of the best NFT marketplaces that focuses on true and high-quality digital art. With a user-friendly interface, buying and selling of NFTs are easy. However, the fees attached to NFT transaction on SuperRare is higher than most NFT marketplaces.