SuperRare’s RareDrop

SuperRare’s RareDrop

SuperRare - A Unique NFT Platform

SuperRare is a pioneer in the NFT space. Exactly 20 seconds past 11:20 PM (UTC) on April 5th of 2018, the first artwork was minted on SuperRare. Since its arrival, SuperRare has grown into the premier NFT art platform, with nearly $90M worth of art collected and $3M in artist royalties paid to date.

A Big Leap In The Future Of Art

In a quick period, digital projects have become super valuable assets. The revolution of taking the art to a digital format is still in its infancy but has gained some momentum in the recent past. So where’s the big leap? Well, it's here with the vision of SuperRare to decentralize digital art. In 2018 when the SuperRare 1.0 revolution took art to digital format, the core team hand-picked and approved artists to mint their works on a shared smart contract as SuperRare NFTs. The artists were then in charge of self-promoting and selling their artworks directly to collectors. As such this model had certain shortcomings. 

  • Curation and gatekeeping by a single, centralized team aren’t helping to build a healthy, web-scale art ecosystem.
  • The broader NFT art ecosystem has turned into a fragmented experience where artists and collectors have artworks arbitrarily segmented across platforms, and there’s no good way to manage one’s whole collection.
  • Artists deserve as much support with promotion and sales as possible. 

The Rise Of SuperRare 2.0

SuperRare 2.0 was designed to address these three challenges by introducing key changes to several aspects of the platform architecture and broadening the set of tools available to artists, collectors and curators. Three major steps were taken to address the prevailing issues of SuperRare 1.0.

Curation At Web Scale

SuperRare 2.0 takes steps toward more decentralized and diverse curation in two major ways. First, it opens the door for Independent artists and community participation. The access will continue to be limited so that the platform can grow sustainably, the invitation and selection process will be carried out by a new artist Curation Panel, rather than administered solely by the core SuperRare team. The panel will consist of five community members, initially selected by SuperRare Labs, but eventually voted on by $RARE token holders.

SuperRare Spaces

Spaces are independently run storefronts on SuperRare that can curate art and artists, promote sales, run auctions, and collect commissions. Each Space can launch its own branded ERC-721 smart contract and invite artists to mint NFTs with them. New Spaces can be proposed to the DAO. If approved by the community, the new gallery space will be run by its operating team. Spaces mainly act as curated, branded primary markets: the operating team can select artists, coordinate and promote drops, and build their following and collector base. The major benefit that an artist enjoys is that their work gets promoted. Once live, a Space becomes its sovereign cryptoart gallery. The gallery page becomes the primary interface for the collective, although the NFTs created within will also appear in the aggregated SuperRare market.

Sovereign Minting Contracts

While Spaces are a new option for artists who want to collaborate, SuperRare 2.0 also maintains its true origin as a place for independent artists to mint, promote and sell their works directly to collectors. An artist can choose to easily deploy a custom NFT minting contract and begin tokenizing and selling their art as a uniquely independent artist on SuperRare.

Rare Token - The Path To Decentralization

The Web3 era is a new dimension of the internet. An era in which the users of a platform can be the owners of the platform as well. To scale up and take advantage of the true power of web3, SuperRare is on a mission of progressive decentralization. In addition to governance, $RARE will increasingly serve to incentivize participation and curation inside of the network.

The ultimate aim of Rare token is to shift ownership and curation of the network to the community. The Rare token will be the source through which spaces and the DAO will be governed.

The SuperRare DAO

SuperRare DAO – a decentralized organization that will oversee key platform parameters, allocate funds from the Community Treasury, and vote on proposed improvements to the network and protocol. $RARE token holders collectively comprise and govern the SuperRare DAO and any changes to the SuperRare DAO must be voted in through $RARE governance. 

SuperRare Improvement Proposals (SIPs)

SuperRare Improvement Proposals (SIPs) are how the community will present upgrades and distributions through $RARE governance. SIPs are created by token holders and shared on the SuperRare governance forum.

100,000 $RARE (or 0.01% of the total supply) must be held by an address (either individually or through delegation) to submit a proposal to the Council. To be accepted, a proposal must have at least 10,000,000 $RARE voting (or 1% of total supply) to achieve quorum and pass with a 51% majority.

A Real Flip In The Paradigm

The idea of taking art to the digital platform was a huge shift in the paradigm and also proved to be a game-changer for thousands of artists and collectors. Because the whole digital art industry has just begun to evolve, SuperRare's success is minuscule compared to the anticipated explosion of the internet art market over the years to come. Introducing the Rare token can be considered as the initial step towards complete decentralization. Setting a DAO,  and SIP’s are targeted to develop the project from all spheres, making SupeRare Super and Rare. On the whole, SuperRare claims to be a huge step in the right direction. 

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