SuperRare (RARE)

Digital Art Marketplace

SuperRare is a platform where users can discover, collect, and exhibit unique digital artworks. It focuses on 1/1 pieces of digital art, making each piece rare and exclusive.

NFT Minting and Sales

Artists can mint their digital art as NFTs (non-fungible tokens) on the Ethereum blockchain. SuperRare allows artists to sell their work directly to collectors, with a system that supports artist royalties on every secondary sale.

Community and Social Collecting

SuperRare promotes social interaction between artists and collectors, encouraging a community where users can follow top artists, see trending works, and engage around digital art.

Governance and Ecosystem

The platform is governed by $RARE token holders through a decentralized autonomous organization (DAO), giving the community control over curation, platform rules, and strategic decisions.

Spaces and Customization

SuperRare introduced "Spaces," which are independently-run storefronts that curate art, run auctions, and launch branded tokens. Artists can deploy custom minting contracts to tokenize and sell their art independently.

Currency and Transactions

All transactions on SuperRare are made using Ether (ETH), the native cryptocurrency of the Ethereum blockchain, which users need to buy to participate in the marketplace.

Artist Royalties

SuperRare pioneered perpetual artist royalties, ensuring artists earn a percentage from every resale of their artwork, supporting ongoing income for creators.

Pros

• Exclusive Art Marketplace: SuperRare is a curated platform focusing on unique, single-edition digital artworks, which helps maintain high quality and rarity.
• Artist Royalties: Artists earn a 15% commission on initial sales and 10% royalties on all secondary sales, providing ongoing income.
• Ethereum-Based: Uses Ethereum blockchain, benefiting from its security and widespread adoption.
• Decentralized Ownership: Artworks are tokenized as NFTs, giving clear proof of ownership and provenance.
• Community Features: Includes Spaces for artists and collectors to interact, curate, and promote art.
• Growing Market Activity: Recent data shows increasing trading volume and interest in the platform.
• Integration with Major Wallets: Supports multiple Ethereum-compatible wallets for easy access and transactions.

Cons

• High Fees: Marketplace fees are around 3%, plus Ethereum gas fees, which can be costly during network congestion.
• Ethereum-Only Payments: Only accepts ETH for purchases, requiring users to convert other currencies first.
• Exclusive Access for Artists: Artists must be approved to mint NFTs, which can limit participation.
• Complexity for Beginners: Requires understanding of Ethereum wallets and gas fees, which might be challenging for new users.
• Price Volatility: The value of RARE tokens and NFTs can fluctuate significantly with the crypto market trends.

For more details, visit SuperRare's official website.

Founders of SuperRare

SuperRare was founded in 2017 by three people:

• John Crain (CEO)
• Charles Crain
• Jonathan Perkins (Chief Product Officer)

They also co-founded Pixura, the company behind the technology that powers SuperRare. The Crain brothers and Perkins started SuperRare to create a platform where digital art could be tokenized and collected as unique NFTs.

Venture Capital Firms

SuperRare has received funding from Velvet Sea Ventures and 1confirmation, who led its $9 million Series A round. Other venture capital investors include Collaborative Fund, Shrug Capital, Third Kind, Version1, Day One Ventures, Deeptech Ventures, and Palm Tree Crew Crypto.

Celebrity and High-Profile Investors

Notable individual investors in SuperRare include Mark Cuban, Marc Benioff (Salesforce CEO), Chamath Palihapitiya (Social Capital CEO), Naval Ravikant (AngelList Co-Founder), Ashton Kutcher, and Guy Oseary’s Sound Ventures.

Corporate Investors

Samsung Next, the investment arm of Samsung, has also invested in SuperRare, supporting its growth in the digital art and NFT space.

These investors have helped SuperRare raise millions to build its marketplace for unique digital art on the Ethereum blockchain.

Halal Status of SuperRare

• General Overview: SuperRare is a platform and token related to digital art NFTs on the Ethereum blockchain. It operates as a decentralized autonomous organization (DAO) with a governance token called RARE.
• Halal Considerations: There is no specific, widely recognized Islamic scholarly ruling publicly available that declares SuperRare explicitly halal or haram.
• Reasoning: The halal status of a crypto token like SuperRare depends on whether it complies with Islamic finance principles, such as avoiding interest (riba), excessive uncertainty (gharar), and unethical activities. Since SuperRare is primarily a digital art marketplace and governance token, it may be considered halal if used purely for art trading and governance without involving prohibited elements.
• Individual Decision: Muslims are encouraged to consult qualified Islamic scholars or trusted halal crypto screening services to determine if SuperRare fits their personal criteria for halal investment.

Short answer:
No definitive public ruling confirms SuperRare as halal, but it may be considered halal if it meets Islamic finance principles and is used accordingly.