Launched in 2018, SuperRare has become a premier destination for high-quality NFT artwork, with a focus on curation and artist exclusivity.
Today, we will cover the following topics:
- About SuperRare
- How does SuperRare work?
- Key Features
- Technical Analysis
- Why is RARE The Coin of the Week?
About SuperRare (RARE)
What is SuperRare?
SuperRare is an exclusive NFT marketplace that focuses on curated, high-quality digital art.
Unlike platforms like OpenSea, SuperRare sets itself apart with a rigorous selection process for artists, ensuring that every NFT listed is unique and vetted for its artistic value.
This focus on quality over quantity makes it a go-to platform for serious collectors and artists.
SuperRare emphasizes fine art and carefully curates its listings, maintaining its position as a premier destination for digital art in the NFT space.
Dig deeper into SuperRare whitepaper.
RARE Token
In 2021, SuperRare introduced its governance token, RARE, as a way to decentralize platform decisions and empower its community of artists and collectors.
RARE is an ERC-20 token with a total supply of 1 billion tokens, 40% of which is reserved for a community treasury.
Through the SuperRare DAO, RARE holders can vote on key governance matters, such as curating artwork and allocating treasury funds.
The platform also allows token holders to elect SuperRare Spaces operators, who manage community-driven areas where creators can showcase their digital art.
How does SuperRare work?
SuperRare operates on the Ethereum blockchain, allowing NFTs to be minted, transacted, and verified.
The platform is non-custodial, meaning that NFTs are locked in a smart contract until sold, and buyers' funds remain secure in a smart contract until the transaction is successful.
SuperRare follows a timed auction model, where NFTs are listed with reserve prices, or simply based on start and end dates.
Additionally, users can make offers on NFTs not listed for auction, creating a dynamic secondary market. The platform focuses on rare, one-of-a-kind digital art, differentiating itself from collections of mass-minted NFTs.
Key Features and Use Cases
Curated Digital Art Marketplace
SuperRare prides itself on showcasing premium, curated digital artwork. Every artist is carefully vetted to ensure the highest quality NFTs are listed, setting the platform apart from more open marketplaces.
Decentralized Curation
Through the SuperRare DAO, RARE token holders play a direct role in curating the platform. They help select artists and approve new art collections, ensuring that only the finest works make it to the marketplace.
Thriving Secondary Market
SuperRare offers a robust secondary market, allowing collectors to resell their NFTs. Artists benefit from this, as they continue to earn royalties on secondary sales, fostering long-term income potential.
Artist Royalties
Artists earn a 10% royalty on all secondary sales of their work, creating a sustainable model for continued income as their art is resold, even after the initial sale.
Exclusive Art Drops
SuperRare regularly features exclusive art drops with limited-edition works, driving interest and engagement on the platform, as well as boosting demand for the RARE token.
Technical Analysis
Similar to the broader crypto market, as discussed in our recent altcoins article, RARE has been consolidating within a large range during an accumulation phase.
For the markup phase to begin, a breakout above the upper boundary of $0.127 is necessary.
In the meantime, as RARE retests the lower boundary, we will be watching for short-term long opportunities.
Why is RARE The Coin of the Week?
RARE stands out this week due to SuperRare’s increasing influence in the NFT art market.
As the platform gains more traction and exclusive art drops attract attention, demand for RARE tokens has surged.
From a TA perspective, RARE has been relatively stable and is currently approaching the lower bound of its range, giving us an opportunity to look for new long positions.
Did you enjoy this edition? Be sure to check out our other Coin of the Week articles for even more insights and exciting projects!
Thanks for tuning in to this week's coin of the week! We appreciate your readership and enthusiasm for exploring the crypto landscape with us.
See you next week for another coin of the week! 🚀
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