NFT art sales have been off the charts lately, as more and more people realize that digital art is the future. This has resulted in increased traffic and activity on the NFT marketplaces. But like everything else, they aren’t built the same. SuperRare in particular, caters to more mature and sophisticated clientele.
It’s called SuperRare for a reason. That’s because it relies on auction, exclusivity and curated art pieces from renowned artists. It’s not your average NFT marketplace. Rather it deals in unique, single-edition digital art. Every art piece is from an artist in the network and cryptographically verifiable.
This is exactly why SuperRare advertises itself as Instagram meet Christies. It’s focused on bringing art and culture into the digital NFT world! Like most NFT infrastructure, it’s also built on the Ethereum blockchain. It provides networking services and usage only requires linking the platform with an Ethereum wallet.
The platform is in the early stages and hasn’t yet been totally deployed. For that reason, it currently sources art from a few handpicked artists. Interested artists can apply through the website. The full launch is slated to come next year.
SuperRare Commission And Royalty Program
SuperRare is famous for it’s commissions and royalty program. The platform charges 3% fees on every transaction from the buyer as marketplace fees. There is also the 15% commission fees for primary sales on the platform, while creators receive 85%. In case of secondary sales, creators receive a 10% commission fee or royalty.
This is the most revolutionary aspect of this NFT marketplace, as it guarantees artists a part of the commission from the continuous sales of the artwork. It brings a key function of the traditional art market into the digital realm. This is all of course enabled by the Ethereum smart contracts.