What is SuperRare — And Everything You Need To Know

What is Superrare

SuperRare is a marketplace to collect and trade unique, single-edition digital artworks. Each artwork is authentically created by an artist in the network and tokenized as a crypto-collectible digital item that you can own and trade.

Superrare Token (RARE)

RARE coin is a governance token that aids the SuperRare ecosystem’s governance process. The RARE token was released on August 17th, 2021, as part of the SuperRare NFT marketplace’s progression of art curation.

RARE crypto provides a way of community ownership, transforming the SuperRare platform into a community-governed platform with a diverse range of curatorial perspectives among its leaders.

The superrare token (RARE) is an ERC-20 token with a maximum supply of 1.000 Bn. The tokens are also economically dispersed, with 150 million RARE allotted as a retroactive airdrop for the core community of artists and collectors.

These artists and collectors are regarded as key members owing to their contributions to the platform’s present status.

Superrare NFT Marketplace

The SuperRare crypto platform mints transact and verify NFTs advertised on its site using the Ethereum network. SuperRare, like most NFT marketplaces, is non-custodial, which means that when a seller lists their NFT, it is locked in a smart contract and does not leave their wallet until it is sold.

Similarly, when used to bid on an NFT, a buyer’s funds are safeguarded by a smart contract and are only transmitted if and when a user’s bid is successful.

How Superrare Works

SuperRare addressed these issues by launching SuperRare Spaces, which are independently operated showcases on SuperRare that may pick art and artists, advertise sales, organize auctions, and collect fees. Each Space can issue its own branded ERC-721 token and ask artists to mint NFTs with it once or again. This enables any Space to have its own autonomous crypto art exhibition.

How to Buy SuperRare

Superrare unlike any other exchange can be purchased with cryptocurrency like Ethereum (ETH) on decentralized exchanges. To own superrare tokens, you will need to have ETH in your wallet or purchase some which can be used to buy it on any decentralized exchange you choose.

How to buy SuperRare On Coinbase Exchange

• First you need to download the Coinbase Wallet. In this step, you will have to get a self-custody wallet to get this step done. Coinbase has a self-custody crypto wallet, you just download either the mobile version or the browser extension from Coinbase’s official website.
• Select a unique username for your Coinbase wallet. Your username is important and helps you access your Coinbase wallet. Always keep your username safe.
• Keep your recovery phrase safe. These are the unique random words that are generated for you to help you recover your wallet. The recovery phrase is the key to your crypto, which means that anybody who knows it has access to it. Nobody should know what your recovery phrase.

The best way to keep your recovery phrase is to write it down on a piece of paper, and store it somewhere safe and secure

• Always plan for Ethereum network fees.

The fees on the Ethereum network vary according to how busy the network is, how complex the nature of the transaction, is and how swiftly you want the transaction to be executed. It’s always important to plan for the chargers on the Ethereum network.

• Purchase ETH and deposit it into your Coinbase Wallet.

If you don’t already have a Coinbase account, you’ll need to get one in order to purchase Ethereum (ETH).

• If you have Coinbase Wallet on your phone, you may buy SuperRare directly from the app.

Mobile Apps Users

• Tap on the Coinbase Wallet App image.
• Then, under the “Trade” page, you may exchange ETH for any token that operates on the Ethereum standard (referred to as “ERC-20 tokens”)
• Select SuperRare from the “choose coin” menu
• Enter the amount of ETH you want to trade for SuperRare.

Remember to budget for transaction costs. Confirm your purchase and follow the on-screen instructions to complete.

Coinbase Chrome Extension

• Tap the “Convert” button if you’re using the Coinbase Wallet plugin.
• Look for SuperRare and enter the amount of ETH you want to trade for SuperRare. Remember to budget for transaction costs.
• Confirm your purchase and follow the on-screen instructions to complete.

How to Mint Superrare

Users who have been authenticated and validated to possess the digital works you submit are able to mint and auction them.

SuperRare makes it simple to tokenize and post your artworks in a variety of formats, including MP4, JPG, GIF, and PNG. Your artwork is now up for sale with only a few mouse clicks.

• Go to “SuperRare.co/tokenize” You’ll be sent to the upload environment.
• To upload your artwork, click the download symbol (an arrow pointing upward). You have the option of uploading a collection if you so want.

Make cautious to optimize your digital works to prevent surpassing SuperRare’s limit size of 50MB.

• After uploading, fill in the blanks with the title of your artwork or file, your name/username, tags, year of production, and a detailed description of your work.
• Click “Issue token,” accept the terms of service, and then click “Begin tokenization.”
• Your MetaMask extension will appear, prompting you to approve/set your gas price before confirming your transaction on the blockchain.
• You may use Etherscan to estimate how long it will take to mint your NFT successfully.
• “Tokenization complete” will appear on your SuperRare profile, confirming that your minting was successful.
• Go to the “Markets” tab.
• To view your NFT, click on the left option labeled “Recently active” and then pick “Newest.”

Following the successful minting of your NFT, go to list and auction your NFT.

How much does it cost to mint an NFT on SuperRare?

The NFT marketplace’s minting cost for selling an NFT SuperRare is 3% of all fees paid by NFT purchasers.

How does SuperRare make money?

Through SuperRare’s artist royalties
The artist receives 85 percent of the selling price on the first sale of any artwork, often known as a “mint sale” (the sale straight from the artist after minting the artwork), while SuperRare retains the remaining 15 percent as a commission fee.

source: https://www.fifty7tech.com/crypto/what-is-superrare/