Recently, the world has been crazily revolving around digital collectibles and art. Many are even willing to pay extra high prices to get their hands on them. However, with huge money comes huge trouble as some people find opportunities in these areas to exploit such deals through fraud, forgery, and mischief.
Nevertheless, Ethereum and other blockchain networks offer something that can help fight these issues and give a new meaning to the idea of digital collectibles. What Ethereum and other blockchain networks have to offer is security and privacy over an individual’s art or collectible by providing a secured distributed ledger that allows users to track the history and origin of a piece of art.
SuperRare banks on the blockchain network to offer artists a platform to create and tokenize their pieces of art in the form of a unique SuperRare NFT.
What is SuperRare?
NFTs are undeniably very valuable but so is the platform that acts as the marketplace to sell such NFTs. SuperRare is not just a place where you can create non-fungible tokens but it is also a decentralized social platform where you can sell unique digital artworks.
After the SuperRare NFT platform was founded by Pixura, it secured $9 million in the “Series A” venture capital funding round in March 2021. The platform ensures that each SuperRare digital artwork was authentically created by the Artist and then tokenized as a crypto collectible “NFT”, which can be owned and traded.
Picture SuperRare as a social platform like Instagram fused with functions that come with auction houses like Christies. The platform connects people to interact with art, culture and introduces a new method of art collecting online.
SuperRare digital art acquired on SuperRare can either be bought, sold, or even Held as a long-term investment goal. Artists making use of the SuperRare platform are allowed to auction their artworks at a set price. NFT sold to a buyer can then be resold to other NFT traders on several trading platforms at the buyer’s desired price.
SuperRare token (RARE)
RARE cryptocurrency is a curation token that facilitates the governance process of the SuperRare ecosystem. The RARE token was introduced on August 17th, 2021, as part of an evolution of art curation by the SuperRare NFT marketplace. RARE crypto provides a means of ownership for the community, which makes the SuperRare platform a community-governed platform with a diversity of curatorial voices amongst its leaders.
SuperRare token is reported to have an estimate of 1 billion RARE as the total supply. The tokens are also distributed economically with 150 million RARE allocated as retroactive airdrop for the core community of artists and collectors. These artists and collectors are considered core members due to their involvement in pushing the platform to its current state.
400 million SuperRare tokens are allocated as community treasury that is owned and governed by its holders. 25% was meant to be distributed at launch while the remaining 75% are scheduled for 4 years. About 255 million SuperRare cryptos are also allocated to the core contributors of SuperRare Labs that played a major role in making the SuperRare platform what it is today. The core contributors’ team tokens are subjected to 3-year vesting with a 6-month cliff.
In addition, 145 million SuperRare tokens are allocated to investors that participated in RARE previous funding rounds. The investor tokens are also subjected to 3-year vesting with a 12-month cliff. Lastly, about 50 million SuperRare tokens are allocated to strategic partners and future contributors of the SuperRare network. About 6 months is required as a minimum for vesting upon distribution.
As of November 22, 2021, the price of the RARE crypto is $2.15 with a daily trading volume of $157,740,233 and a market cap of $218,493,787. The coin is ranked number 322 on CoinMarketCap with a maximum supply of 1,000,000,000 RARE cryptocurrencies and a circulating supply of 101,756,228 SuperRare cryptos.
These are some of the key features of the platform:
DAO governance model
The vision of the DAO governance model is to utilize SuperRare tokens as fuel. The aim is for SuperRare holders to form the SuperRare Governance Council that will manage the platform’s community treasure, new ‘SuperRare Spaces, plans, and decisions concerning the platform.
The plan is to create SuperRare Spaces, which are independently curated storefronts selected by the token holders. Decentralized artworks will be showcased here.
Sovereign smart contracts
According to an announcement made by the SuperRare NFT, the platform is aiming to expand the capability of its platform’s smart contract. This upgrade will allow artists and creators to create custom NFT minting contracts, which are also referred to as “Sovereign Smart Contracts”. It also possesses unique features like personalized ticker tokenization and shared contracts with other artists.
NFT & Digital Art
NFTs are described as computer files linked with proof of ownership and authenticity of what it is representing, which could be an NFT digital artwork, music, images, etc. Just like cryptocurrencies like BTC, NFTs are also created on a blockchain. Unlike NFT, cryptocurrencies are fungible, which means a BTC is the same as any other single unit of BTC.
However, NFTs are non-fungible and each NFT has its unique valuations, which are determined by the highest bidder of individual NFTs. So, in most cases, artists looking to sell their digital artworks in the form of NFTs have to first sign up to an NFT marketplace. That is where a platform like SuperRare comes in.
They mint their digital artworks into NFT tokens, provided they upload and validate their information on the ETH blockchain or any other blockchain capable of hosting NFTs. The estimated cost for the procedure should be around $40 to $200. After completing these steps, the NFT can then be auctioned on an NFT marketplace like SuperRare as a SuperRare digital art.
It’s undeniable that the undervalue and lack of royalties in most digital artworks have demoralized many artists’ enthusiasm for a very long time. The creation of NFTs has greatly helped artists with creating financial value and adding crucial ingredients of scarcity to their artwork. The importance of scarcity is what makes some baseball-card collectors willing to pay astronomical prices for a piece of cardboard embodied with the picture of Honus Wagner “The legendary Pittsburgh Pirate”. This is exactly what NFT brings into digital art.
Xcopy is not just a talented London-based digital artist but also a crypto-enthusiast. Xcopy has recorded a sale of 1,914 NFTs, which explore themes around death, dystopia, and apathy. The artworks mostly feature warped visual loops along with flashing imagery warnings.
Xcopy highest sale record was the “Some A**hole” piece. The NFT was sold for $5,119,491.00.
The Belgium-based visual artist positions his art around vector graphics with an intricate eye for details. Musketon started his work immediately after school and has been doing so for 10 years now. His work is detailed enough that you can zoom in up to 64000% and still make new discoveries about the artwork. Some of his notable creations are Amazon in the Wild West, Hansel & Gretel in 2021, among others.
The Belgian-Greek artist who goes by the name of Lebackpacker is a travel photographer. His well-known landscape photography has some of the most remote and wildest places in the world. His notable work on SuperRare is Explosion of Colors.
How to exchange RARE token on Swapzone?
Exchange platforms like Swapzone provide an accessible and feasible solution for those traders who seek to convert their digital assets. Here, the users only have to follow a few steps to convert their assets fast and conveniently, in a matter of clicks. Try it out and get RARE on Swapzone following the steps below:
Step 1. Launch Swapzone on your browser.
Step 2. In the “select pair ” tab choose the kind of crypto and amount that you wish to exchange.
Step 3. In the “get up to” section, ensure that you select RARE crypto.
Step 4. Ensure that you enter the correct details in the respective tabs. Once you do so, you will be able to see different RARE exchange offers displayed on Swapzone.
Step 5. Go through the different offers and select the one that you desire. Simply choose it and then click on “exchange”.
Step 6. Key in your wallet details. Enter them and ensure that they are correct. Once you’re done, click on “proceed to exchange”.
Step 7. Wait for the transaction to complete.
Step 8. Please, rate the exchange partner and leave behind an honest review. That’s it.