SuperRare NFT Marketplace Review: A Serious Art-Focused Platform

SuperRare is dedicated to art NFTs and does not trade many other types of digital items. By handpicking which artists can mint NFTs on its platform, SuperRare curates its NFT collection and guarantees that each item is a one-of-a-kind piece. Read our full SuperRare review to find out if it's right for you.

This NFT marketplace is a good fit for: Art lovers and artists who are serious about digital art.

SuperRare is an art-focused NFT platform where users can trade curated NFTs from a select group of handpicked artists. SuperRare bridges the gap between real-world art galleries and NFT platforms, making NFTs accessible to more traditional art buyers with its easy-to-use platform.

Top perks

Curated list of artists

SuperRare vets every artist that appears on the platform, and only accepts a limited number of creators. This means there's much less risk of buying a fraudulent piece of work, and the quality is higher than on other marketplaces. Plus, each work is a single edition. Some platforms allow people to create a series of limited editions, but on SuperRare each piece is unique.

Partners with traditional art world

SuperRare has one foot in the real art world. It recently partnered with Miami Art Week to create a digital art and NFT experience. As collectors and artists grapple with how traditional art and NFTs might interact, a platform that bridges the physical and digital world may appeal.

Royalty payments

Artists receive a 10% royalty payment every time their work is sold (after the initial sale, for which the artist gets 85%). These fees are built into each token via smart contracts and ensure artists receive an ongoing revenue stream from their work. SuperRare also has a system of royalties paid to collectors.

What could be improved

Only runs on the Ethereum network

The Ethereum (ETH) blockchain is the most popular for NFTs, but it's also the most expensive in terms of gas (transaction) fees and has a large carbon footprint. Ethereum is in the process of a major upgrade, but this won't be completed until 2023. Other popular NFT platforms allow users to create and trade NFTs on other blockchains, such as Solana (SOL) or Polygon (MATIC). It would be good to see SuperRare give its users this option.

Relatively high fees

SuperRare is a hybrid between a traditional art gallery and an NFT platform. As a result, its fees don't compare well with pure NFT platforms that trade higher volumes. It doesn't offer any options for gasless minting (which some marketplaces do), and the 3% fee on every purchase is higher than elsewhere.

Not suited to first time NFT traders

SuperRare is an exclusive platform that's designed for serious artists and collectors. This means the work it sells is relatively expensive and the platform isn't designed for new NFT investors. If you're looking to invest in NFTs as a beginner, it might be better to look for a less specialized platform.

If you want a wider selection of NFTs: OpenSea is one of the biggest NFT marketplaces out there and has a huge range of products, including art, music, photography, domain names and much more. The fees are also lower than SuperRare.

If you want to use non-Ethereum blockchains: Rarible is a multichain marketplace that accepts Ethereum, Flow (FLOW), and Tezos (XTZ). It's also working on integrating Solana. Giving users the option to use other blockchains can significantly reduce gas fees.

SuperRare features one-of-a-kind artwork from a selection of carefully picked artists. In addition to the main market, users can access specially curated storefronts called SuperRare Spaces. The community can also participate in decentralized governance of the organization. Those who hold the SuperRare token (RARE) can help to curate the platform.

Services

SuperRare is an art-focused platform where people can mint, buy, sell, and showcase NFTs -- also known as non-fungible tokens. It describes itself as "Instagram meets Christie's," and it sells digital art from a small group of handpicked artists.

Blockchains

SuperRare only uses the Ethereum blockchain for its NFT transactions. Ethereum is the most popular network for NFTs, but it struggles with network congestion, high fees, and high environmental costs. Some NFT marketplaces have enabled transactions on other less-congested blockchains. This can reduce both the fees and the carbon footprint.

Supported wallets

SuperRare works with three major Ethereum wallets -- MetaMask, Fortmatic, and Wallet Connect. MetaMask is one of the most popular NFT wallets, and it's compatible with many applications.

READ MORE: Best NFT Wallets

Payment methods

Ethereum is the only payment method accepted on SuperRare. Some platforms accept credit and debit card payments or allow transactions and payments on other blockchains, but SuperRare does not do this. You can buy Ethereum from any top cryptocurrency app and exchange and move it to your crypto wallet.

Fees

SuperRare's fees are slightly higher than those of other platforms. However, it also takes a lower commission than a traditional gallery might.

Here are the main fees:

• Buyers pay a 3% fee on all purchases.
• Gallery receives a 15% commission on first sale.
• Artists receive a 10% royalty payment for every subsequent sale.
• Ethereum gas fees apply for each transaction.

As the name suggests, SuperRare is focused on trading rare NFTs. The platform only accepts a limited number of carefully chosen artists, and it only sells single-edition pieces. As of March 2021, the average price for a SuperRare NFT is less than $4,000 (though this number tends to fluctuate), and the platform has over 30,000 NFTs. SuperRare does not trade in other types of NFT such as land in the metaverse, music, videos, or sports collectibles.

READ MORE: Best NFT Marketplaces

SuperRare's cofounder told BTCBox that the art on SuperRare has never been hacked or used for money laundering. Users do not store their assets on a centralized platform with SuperRare. This means there's less risk of being targeted by hackers. But, on the other hand, you are largely responsible for the security of your assets.

One risk is phishing attacks, where criminals pretend to be emailing or messaging from a legitimate source to trick you into sharing your private data. SuperRare does have some measures in place to protect users, such as the ability to verify that the person you're talking to on Discord is a legitimate team member. However, it would be good to see more anti-phishing measures.

Another major NFT risk is fraud, which has become increasingly common. A number of artists around the world have complained that people have minted NFTs of their work without their permission, or used NFTs to infringe copyright in other ways. This is unlikely to happen on SuperRare's platform because it carefully curates its lists of artists and work.

• You are a collector looking for curated and individual pieces of art.
• You are an established artist who wants to receive royalties on all sales.
• You're comfortable using Ethereum and paying the gas fees.