SuperRare is an online platform where unique, digital art can be bought and sold via NFTs. The platform has been in existence since 2018 and has since become one of the most popular marketplaces for NFTs. What sets SuperRare apart from other NFT platforms is that its business model is based on principles of a social network.
The interface and features are very similar to commonly known social media channels such as Instagram. Users can follow their favorite artists, scroll through featured content, and see who are popular artists right now. There is also an activity feed to keep users up to date with the latest events.
This social aspect allows collectors and artists to easily connect and interact about their shared passion. This is only possible because the platform is based on transparency. All collectibles have a title deed and their history is visible to all. Users can also see who the top collectors and popular artists are and how many works they have purchased or created (Discover the SuperRare NFT Platform, 2021).
SuperRare is where “Instagram meets Christies”.SuperRare
The platform doesn’t just allow all artists to post their art. Artists who want to sell their works through SuperRare must first register on the platform. They are selected by a team of curators. As such, unlike other platforms, SuperRare offers a certain quality control on the works that are sold.
Artists who want to participate in the platform must first register. If they are selected, they will receive an ‘invite’ by mail. This is done not only based on the quality of the artist, but also based on the number of active collectors of the platform. In this way they want to ensure that the number of artists is proportional to the collectors, in order to keep the market ‘healthy’ (SuperRare, n.d.).
In its operations, the platform works with so-called smart contracts on the Etherium blockchain, with all transactions are done with the cryptocurrency Ether. These smart contracts are activated when artworks are sold and resold. Smart contracts on SuperRare allow the artist to track their own works and receive a percentage of the sale price for each transaction, with no installments and no maximum amount.
“We think the ability to secure a percentage of secondary-market revenue for artists is one of the most revolutionary and exciting capabilities provided by Ethereum smart contracts.”SuperRare