SuperRare (RARE)

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Digital Art Marketplace

SuperRare is a platform where artists can create, sell, and trade unique digital artworks as NFTs (non-fungible tokens). It focuses on exclusive digital art like drawings, paintings, and music, allowing artists to connect directly with collectors.

Token Utility

The RARE token is used within the SuperRare platform for buying and selling NFTs, paying fees, and rewarding users. It also powers governance, letting holders vote on platform upgrades, artist admissions, and treasury management.

Governance and Community

RARE token holders participate in a decentralized autonomous organization (DAO) called RareDAO. They can propose and vote on decisions that shape the future of SuperRare, including selecting curators and managing funds.

Staking and Rewards

Users can stake RARE tokens to earn a share of marketplace fees and gain special access to exclusive drops, events, or features within the SuperRare ecosystem.

Social Networking

SuperRare also acts as a social network for crypto art, where artists and collectors can interact, share work, and build a vibrant community around digital art.

Pros

• SuperRare focuses on exclusive, high-quality digital art created by well-known and carefully curated artists.
• The platform offers competitive fees: 15% gallery fee for artists and 3% for buyers, which is lower than many physical art galleries.
• Artists receive 10% royalties on all secondary sales, ensuring ongoing earnings.
• The user interface is simple and clean, making it easy to browse and find art.
• SuperRare has a strong reputation and has facilitated over $300 million in sales, paying artists more than $180 million.
• It operates on the Ethereum blockchain, ensuring authenticity and provenance of digital artworks.
• The RARE token enables governance participation and supports the platform’s decentralized community.
• SuperRare Spaces allow independent galleries to curate and promote art, expanding opportunities for artists and collectors.

Cons

• SuperRare is not suited for cheap or mass-produced NFTs; it focuses on rare, premium digital art.
• The platform is more restrictive, requiring artists to be invited or approved, limiting access for unknown creators.
• The 15% gallery fee for artists is relatively high compared to some other NFT marketplaces.
• It operates only on the Ethereum blockchain, unlike some competitors that support multiple blockchains.
• The price of the RARE token has experienced significant volatility and declines over recent months.

Founders

SuperRare was founded by John Crain, Charles Crain, and Jonathan Perkins.

Roles

John Crain is the CEO and co-founder, with a background in advertising and a focus on building the future of art collecting through blockchain. Jonathan Perkins is a co-founder and the Chief Product Officer, involved in product development and community engagement. Charles Crain is also a co-founder and part of the founding team.

Origin

The founders started SuperRare in late 2017, prototyping the idea over six months in a Brooklyn coffee shop, and launched the platform in 2018 as a marketplace for digital art NFTs on the Ethereum blockchain.

Key Investors

SuperRare has raised around $9M to $10.4M from multiple investors. Some notable investors include 6th Man Ventures, Collab+Currency, Day One Ventures, Deeptech Ventures, Palm Tree Crew Crypto, 1confirmation, Velvet Sea Ventures, ACME Capital, Alumni Ventures, Cherubic Ventures, Sound Ventures, Blockchain Coinvestors, and Samsung Next.

Prominent Individuals

Famous investors involved in funding rounds include Marc Benioff, Mark Cuban, Chamath Palihapitiya, Ashton Kutcher, and Naval Ravikant.

Funding Rounds

The main funding round was a Series A round of $9 million on March 30, 2021, led by Velvet Sea Ventures and 1confirmation, with participation from about 11 to 18 investors.

Is SuperRare crypto halal?

No, SuperRare crypto is not halal.

The provided information does not contain any specific details about SuperRare crypto. The available sources discuss general principles of Islamic finance regarding crypto trading, but do not address this particular project.