SuperRare

SuperRare is an NFT platform for trading and collecting digital artwork. After obtaining a tokenized certificate of authenticity via blockchain, sellers can display their artwork in their profiles and set prices and starting bids. Buyers can purchase the artwork by paying the advertised price or by making a bid. Collectors can also re-sell purchased work in a secondary market to other collectors. Buyers are charged a 3% marketplace fee and a 15% gallery fee for primary sales, with Ethereum serving as the main mode of payment on the platform. The creator earns a 10% commission on secondary sales for perpetuity. SuperRare has reported more than USD 90 million in NFT art sales since 2018 (as of August 2021).

In March 2021, the company announced a partnership with the blockchain company Verisart to conduct a series of auctions with the participation of several artists. In the same month, SuperRare reported that creators earn more than USD 25 million in sales per month, and creators have earned over USD 30 million on SuperRare to date (as of March 2021) from primary sales and secondary market royalties. SuperRare partnered with Adobe (October 2021) to let users create an image as an NFT in Photoshop, which will display content credentials (attribution for the NFT creator and who minted it).

SuperRare launched its own governance token, “RARE” in August 2021, in efforts to decentralize the NFT marketplace following a wave of activity within the NFT space. 15% of the RARE token’s total supply was airdropped to previous users of the platform at launch. Over the next four years, a portion of the RARE token will be directed to investors. SuperRare’s newly formed DAO (decentralized autonomous organization) will vote on additional “Spaces” or NFT galleries. Commissions on NFT sales will be directed to the treasury, where they will be used for projects decided on by RARE token holders, with the aim of creating a decentralized and sustainable marketplace.

The company’s most recent funding round was Series A funding worth 9 million in March 2021, led by Velvet Sea Ventures and 1confirmation. The funds are to be utilized to accelerate its platform’s growth and serve more creators and buyers by expanding its core features, further developing the platform functionalities, and extending supported artwork formats into virtual reality and programmable media.