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SuperRare Review: Is it legit, safe and trustworthy for UAE citizens and residents?

SuperRare has been operating as of 2018 and has its headquarters in the United States. The Ethereum blockchain is what it runs on (the NFTs are ERC-721 NFTs). The majority of the non-fungible tokens that are minted and sold at this location are creations by more well-known NFT-creators. However, if you are seeking for inexpensive NFTs created by unidentified artists, you may find some of those here as well. There is a fairly large list of creators that have NFTs for sale on this particular marketplace. Visit SuperRare Website.

A market place for non-traditional assets known as an NFT Marketplace. So far so wonderful. However, what exactly is an NFT?

"Non-Fungible Tokens" is what "NFT" stands for as an abbreviation. Anything that can be changed into another form may be replaced. For instance, one kilo of 24 karat gold may, at least in principle, be replaced with any other kilo of 24 carat gold. This is because 24 karat gold is not distinguishable by its color. If something is non-fungible, it denotes that it is one of a kind and cannot be interchanged with any other object that is currently available.

Despite the fact that NFTs are theoretically comparable to cryptocurrencies, these digital assets may represent antiques and artworks, collectibles such as trading cards, and other objects that have distinctive characteristics. For the purposes of authentication and validation, these tokens are encrypted and stored in a distributed ledger known as a blockchain. In contrast to cryptocurrencies, which may be divided up into smaller pieces, tokens are always sold in their whole when they are bought or sold. When NFTs are cut up into smaller pieces, they lose some of their value. On the other hand, the artist may make copies of them, and each extra copy can be sold independently (but the total number of duplicates will then always be known).

Although unique digital art, sometimes known as "superrare" digital art, is the primary emphasis of SuperRare, the website also features art that is not as difficult to obtain. The ETH blockchain serves as the foundation for the NFTs.

Various NFT Marketplaces offer their NFTs, the most recent bid, the amount of time left in an auction, and other information in a variety of different ways. It is up to you and no one else to decide what kind of content you are most at ease watching and utilizing. The image that may be found below is a screenshot taken from the explore area of SuperRare. This area provides you with access to a variety of filters that you may utilize. You have the ability to filter results based on a number of different criteria, including whether or not the NFT has a list price or a reserve price, whether or not there are open offers, whether or not it is still owned by the creator, whether or not the NFT offered is being offered on the secondary market, and more.

The following description of the page layout applies if you zone in to one of the specific NFTs; in this example, it refers to the NFT titled The Last Samurai, which was made by the artist @oriveda. The layout contains a variety of information, such as the price, the number of people who have seen it, the number of editions available, the history of the bidding, and so on, as can be seen in the photo below.

It is common practice for the NFT Marketplace that is relevant to the transaction to charge a fee for the privilege of facilitating the sale of an NFT. This charge is often deducted from the profit made by the seller and is expressed as a percentage of the price at which the NFT was sold. When a transaction takes place, this is analogous to the way in which conventional art galleries often receive a commission on the sale of any paintings or other works of art that are on display at the gallery.

When you are the artist selling your work through SuperRare, you will be required to pay gallery fees of 15.0 percent. Although we are not aware of any other NFT Marketplace that charges gallery fees that are greater than this, there are a handful that charge the exact same amount (15.00 percent ). The original author is entitled to a ten percent royalty on each sale made through secondary channels.

Additionally, fees are required to be paid to SuperRare by the purchaser of an NFT. This charge is three point zero percent, and it is paid by the purchaser.

Even though 15.00 percent is on the higher end for fees charged by NFT Marketplaces, it ought to be seen as a fairly competitive rate when compared to the fees charged by a regular physical art gallery (where 30-50 percent in gallery fees is not entirely uncommon).

Deposits and payments made with a credit or debit card are accepted by some of the NFT Marketplaces available today; in addition, some of these Marketplaces allow deposits made using PayPal.

The use of credit cards, debit cards, or PayPal for deposits or withdrawals is not permitted on the SuperRare platform. As a consequence of this, in order to participate on SuperRare, you will not be able to do so unless you already possess any Ethereum.

SuperRare is a one-of-a-kind non-fungible token (NFT) marketplace that is more analogous to art galleries than it is to other non-fungible token (OFT) places like OpenSea or Rarible. In point of fact, the site likens itself to Christie's, which is a gallery well-known for hosting high-profile auctions and private sales.



The SuperRare platform has a clear and uncluttered appearance, which enables each work of art to be shown in an appropriate manner. This incredibly discerning platform, which was established by John Crain and Jonathan Perkins, chooses each and every one of the NFT's unique editions by hand.

You will be able to browse through the work to locate unique pieces of digital art that you won't be able to find anywhere else, just as you can do on the other leading NFT markets.

The decentralized application known as SuperRare collaborates with vetted artists who wish to sell their one-of-a-kind crypto collectibles online. In order to guarantee that only high-quality goods are sold on the platform, the platform exclusively collaborates with a small number of carefully chosen artists each month.

Those individuals who are interested in purchasing the artwork will have to login to the network using an Ethereum wallet such as MetaMask. When purchasing art, purchasers will be responsible for a transaction charge of 3 percent, while the platform will get a commission of 15 percent from the creator. As a result of the smart contract that is attached to the asset, the artist will be entitled to ten percent of the proceeds made from the resale of NFTs in the future.

Ether is the sole form of payment accepted on this art marketplace for the purchase of non-fungible tokens (ETH). You are unable to make an investment using bitcoin, any other cryptocurrency, or fiat cash.

Although the site has its own cryptocurrency known as RARE, users are not required to utilize it in order to purchase or sell artwork on the platform. Instead, it is a curation token that will be used to construct a DAO (decentralized autonomous organization), through which owners of the token will have the ability to vote on new features that will be added to the platform.

The ERC-721 non-fungible tokens (NFTs) that are currently for sale on SuperRare can be classified as belonging to one of the following groups:

Still picture Whether it's a work of art or a snapshot that was expertly captured, stills continue to be one of the most popular types of non-fiction texts.
3D artwork: When you look around at the 3D artwork that's been uploaded to the platform, you'll see that you can move each individual piece around with your mouse in order to see it from a variety of various perspectives. Many of the pieces have animation, which lends them an even more distinctive quality.
GIFs are looping animations or small video snippets that may be played back repeatedly. They are available in a wide variety of designs.
Video: The videos that are presented on the website might either be live-action or computer-generated. Sound is frequently present in conjunction with them.
Within the marketplace, prospective purchasers may make use of several filters to zero in on their preferred category of work.

In order to begin collecting on SuperRare, you will first need to register an account and then synchronize that account with a web3 Ethereum wallet like as MetaMask, Fortmatic, or Wallet Connect. Only then will you be able to purchase rare items. If you do not already have ether in your wallet, you will need to acquire some from a cryptocurrency exchange (like CoinBase) and then transfer it.

When you are ready, head on over to the art marketplace and look through the non-fungible tokens until you discover one that you would want to buy. At that moment, you have the option of making an offer, participating in an auction, or purchasing the item outright.

Are you going to need somewhere to keep your NFTs? How do you do so?
There will be no record of your NFTs kept on SuperRare. People will only be able to link their web3 wallets to the platform in order to complete the transaction. The platform will never take custody of the digital assets that are being transferred through it.

Purchasing a hardware wallet is one of the best things you can do to guarantee the safety of your art collection. In the event that either your browser or machine becomes compromised, this will prevent any of your NFTs from being taken.

If you want to sell on SuperRare, you will need to fill out this form and upload a portfolio of the original artwork you have collected over the years. The site will only collaborate with a handful of brand new musicians each month. You shouldn't let it get you down if they don't get in touch with you immediately away. They claim that in the future they will be able to work at a higher capacity despite the fact that they are now understaffed.

Your artwork has to be unique, something you've conceived of and crafted yourself, and it can't be found anywhere else on the internet. Each component has to be legally manufactured by digital means.

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To become a seller on SuperRare, you will first need to submit an application to the marketplace and then be accepted. The firm is quite picky about the people they collaborate with, and each month they only choose a handful of new artists to work with. After being reviewed and accepted, you will have the following opportunities to sell your digital artwork:

Auctions: When you set up an auction, you give prospective customers a predetermined length of time to place bids on the digital artwork that you are selling. The bid with the greatest total at the end of the timer will be the winner, and the holder of that account will be the one to acquire the NFT.
You may also set an NFT up for sale at a certain price that you choose at any time using Instant Sales. Another person has the option of purchasing the item at that price, or they may make you an offer, and you have the option of accepting it.
SuperRare fees
Because SuperRare takes a more hands-on approach with the crypto art on their platform, they do impose a higher transaction fee on the main sales of each non-fungible token. This is done in order to cover the costs associated with this additional level of involvement.

SuperRare will deduct 15% of the sale price of your digital asset as a commission when you sell it for the first time. Having said that, the platform will continue to monitor your work of art, and you will receive ten percent of the proceeds from each secondary sale. This will enable you to make enough money to pay for your initial investment.

When you acquire digital artwork from SuperRare, you will be required to pay a transaction charge that is equivalent to three percent of the total purchase price. When buying on the secondary market, you should keep in mind that you may also be required to pay royalties.

You need to factor gas fees into your total cost, despite the fact that SuperRare does not receive these payments (gas fees are a payment to access the Ethereum network). Prepare yourself for the following petrol prices:

When mining a new piece of art, creators will be required to pay a charge equivalent to the cost of petrol.
When a seller accepts an offer on the site, they will be required to pay a gas cost in order to proceed.
When purchasing, purchasers are responsible for paying the gas cost if they buy an NFT entirely.

On SuperRare, buying and selling non-fungible tokens is a risk-free activity. In addition to being protected by blockchain technology, the platform will never exercise custody over the digital assets it hosts for its users. Instead, it will generate intelligent contracts in order to monitor the digital data. The platform provides a transactional solution that allows buyers and sellers to interact with one another in an easy and seamless manner.

In light of this, you should never let your guard down when it comes to phishing websites. Before engaging in a financial transaction, double check that you have arrived at the intended destination, superrare.com, after following any links leading there. Swindlers are constantly on the lookout for new methods that they may use to steal your bitcoin and other valuables.

The good and the bad of SuperRare:

SuperRare is recognized for displaying high-quality, rare art since they are highly careful about whom they deal with. This has contributed to the platform's reputation.
The user interface is uncluttered and uncomplicated, making the website easy to navigate. You may browse through the categories or use the filters to narrow down your search for the kind of crypto art that most appeals to you.
Substantial Royalties Artists have the opportunity to receive high royalties from the resale of their digital assets in the future.
Cons
High Fees In comparison to other NFT markets, SuperRare offers high commissions, which are set at 15 percent of the initial sale price of a piece of artwork.
ETH Only The only accepted form of payment for art is ETH. You are not permitted to make use of bitcoin, any other cryptocurrency, or conventional cash (USD, GBP, AUD, etc).

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.