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About SuperRare (RARE)
RARE is the native governance token of SuperRare, an NFT marketplace built on Ethereum.
In terms of core function, SuperRare operates as an exclusive art platform allowing users to buy, sell and collect digital NFTs. Billed as “Instagram meets Christie’s,” SuperRare combines a marketplace with various social elements to create a platform for “high-quality” works of art. Independent galleries called “spaces” serve as means through which artists mint and auction their digital creations. According to project documentation, individual spaces can be created by community members at the behest of the SuperRare DAO which possess the ability to approve new storefronts through an on-chain vote.
One approved and implemented, spaces function as their own sovereign entity under the control of independent RARE token holders. Each space has its own art, artists, and commission structure, creating a powerful marketplace that highlights a wide range of preferences and tastes.
In addition to spaces, SuperRare enables the creation of sovereign minting contracts which provide a direct outlet for artists to tokenize their work without the oversight of a platform approved storefront.
Each NFT listed on the platform is subject to a 15% seller’s fee which is split between the SuperRare DAO and the individual storefront (i.e. space) responsible for facilitating the assets sale. Moreover, artists are entitled to a 10% royalty fee each time their creation is sold via the platform’s peer to peer marketplace.
Per Cryptopedia, SuperRare’s decision to implement community lead spaces and sovereign minting contracts was done in order to decentralize the platform’s process which had previously been under the control of SuperRare’s core development team. Both services were unveiled alongside the launch of SuperRare 2.0 in August of 2021.
Likewise, the launch of SuperRare 2.0 coincided with the release of the platform’s native governance token RARE as well as the SuperRare DAO. Together, RARE token holders work to manage the DAO which tasked with overseeing key platform parameters, implementing network proposals and allocating funds from the community treasury.
SuperRare has managed to gain the backing of prominent celebrities, investors and corporations. As of September 2022, the platform has generated more than $200 million in sales volume, distributing roughly $5 million worth of royalties in the process.
When was RARE created and how much was it worth?
SuperRare was created in 2017. It is the brainchild of John Crain, Charles Crain, and Johnathan Perkins. All three serve in top leadership roles within SuperRare Labs, the firm tasked with overseeing platform development,
In March of 2021, SuperRare capped a $9 million Series A funding round which saw the platform gain the backing of prominent investors and VC inclusing Mark Cuban, Marc Benioff, Chamath Palihapitiya and SamsungNext.
SuperRare’s native governance token, RARE, was initially released via a community airdrop in August of 2021. Shortly thereafter, RARE was $0.58. August of 2021 also brought with it the creation of the SuperRare DAO, a decentralized organization responsible for managing the platform and updating its parameters.
Pricing data from CoinGecko shows that RARE performed well following its public distribution rallying nearly 430% to a local high of $3.04 within ten days of launch. The token price subsequently dipped before once again gaining momentum in October of 2021 hitting an all-time high of $3.64. RARE has since been impacted by downside volatility and as of September of 2022 was trading for roughly $0.20.
How is the price of RARE determined?
A deflationary asset, RARE’s supply is capped at 1 billion tokens, of which 145 million are currently in circulation. In terms of tokenomics, 15% of supply was distributed via airdrop, while another 40% was allocated to SuperRare’s community treasury. Some 25.5% was granted to SuperRare Labs (the platform’s core development team), and an additional 14.5% dished to various investors. The remaining 5% of supply resides with SuperRare’s strategic partners, documentation explained.
Why does RARE have value?
SuperRare specializes in the listing and sale of high-quality non-fungible tokens. RARE token holders will likely find value in their ability to manage and upgrade the platform via the SuperRare DAO.
Artists will find value in SuperRare’s ability to tokenize and monetize their digital creations.
Is RARE secure?
A standard ERC-20 asset, RARE is supported by a number of leading Ethereum wallets and exchange-based storage solutions.
SuperRare operates as a non-custodial platform, meaning NFTs listed on the platform are stored via an autonomous smart contract while awaiting sale.
What are the main benefits of RARE?
- SuperRare features a curated list of high-quality non-fungible tokens (NFTs).
- The platform is backed by prominent investors including Mark Cuban, Marc Benioff and Chamath Palihapitiya.
- RARE token holders collectively manage the SuperRare DAO, a decentralized organization responsible for overseeing key platform parameters, implementing network proposals and allocating funds from the community treasury.
What do critics say about SuperRare?
Trading volumes have been diminished amidst a general slowdown in the crypto space. For reference, the platform’s current monthly volumes are about $800,000, down more than 90% from early September 2021.
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