SuperRare

What is SuperRare?

SuperRare, a trailblazer in the NFT space, has evolved into the foremost NFT art platform, boasting over $200 million in art collections and $5 million in artist and collector royalties. Despite its significant impact on early artists and collectors, SuperRare recognizes the potential for exponential growth within the expanding internet art market over the next decade. To seize this opportunity, SuperRare is embarking on a journey of progressive decentralization, transferring ownership and governance to its community.

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Recent Video Interview

Main points of the interview:

• John Crane and Jonathan Perkins, co-founders of SuperRare, shared their backgrounds in art and technology.
• Discussed SuperRare’s launch in 2018, aimed at building a better platform for artists through NFTs.
• Key features include artist royalties and a non-custodial platform, ensuring creators retain control over their IP and benefit from secondary sales.
• The importance of artist sovereignty and cross-platform NFT sales.

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Reimagining the Platform for Scale

Scaling up entails a reevaluation of three core aspects of the platform: the tools available to artists, collectors, and curators; the distribution of value within the network; and the implementation of decentralized curation.

In the early days (SuperRare 1.0), the core team manually selected and approved artists, who then self-promoted and sold their NFT artworks directly to collectors. While this model played a crucial role in bootstrapping the NFT art market, it revealed three major flaws as the ecosystem matured.

SuperRare 2.0 confronts these challenges head-on, introducing pivotal changes to the platform's architecture and expanding the toolset for artists, collectors, and curators.

Decentralized Curation with SuperRare Spaces

Curation is fundamental to any art market, providing context and depth to artistic expression. SuperRare 2.0 introduces SuperRare Spaces, independently run storefronts curating art, promoting sales, and collecting commissions. These Spaces, proposed and voted on by the DAO, act as curated primary markets, offering artists promotional support and coordination for successful sales. The customizable commission structures allow Space operators to tailor support services for artists in their curated space.

Sovereign Minting Contracts and Artist Empowerment

SuperRare 2.0 retains its commitment to independent artists with the introduction of self-sovereign minting contracts. Artists can deploy custom NFT minting contracts, gaining control over their creative and economic destinies. This move aligns with the platform's philosophy of empowering artists to become sovereign creative platforms, reinforcing SuperRare's position as a non-custodial, peer-to-peer platform.

$RARE Token - Driving Governance and Incentives

At the heart of SuperRare's decentralization journey is the $RARE token, facilitating governance parameters of the network. The SuperRare DAO, governed by $RARE token holders, oversees platform parameters, allocates funds, and manages proposals for network improvements. The Governance Council, initially comprising SuperRare Labs members, investors, and independent community members, acts as an intermediary step toward full decentralization. Governance mechanics, improvement proposals, and staking incentives contribute to the evolution of the platform's decentralized governance.

The SuperRare DAO - Charting the Future of Decentralized Curation

The SuperRare DAO, a multi-sig smart contract on Ethereum, serves as the future hub for decentralized curation, community organization, and artist empowerment. The Governance Council, SIPs, and transparent self-governance mechanisms are pivotal components ensuring the DAO's effectiveness. The $RARE token, beyond its governance role, will drive participation incentives, aligning users with the platform's growth.

SuperRare Team Background

SuperRare operates as a DAO, devoid of traditional executive leadership. Instead, it is governed by a seven-person council with no centralized authority. The governance council exercises control over the Community Treasury through a 4-of-7 multi-signature wallet.

The initial signatories of the Governance Council include:

• John Crain; CEO and Co-Founder of SuperRare Labs
• Nick Tomaino; Founding Partner at 1Confirmation
• Derek Schloss; Partner at CollabCurrency
• Serena Tabacchi; Founder & Curator at MoCDA
• Simona Pop; Community Strategy at Status
• Pindar Van Arman; OG Artist at SuperRare

These signatories act as mere executors for decisions sanctioned by the governance process. Importantly, they lack the unilateral authority to allocate funds from the treasury. Instead, their role revolves around ensuring the safety and security of the assets controlled by the DAO. The governance council's composition reflects a blend of SuperRare Labs team members, external investors, and independent community representatives. While these initial council members were pre-selected for the launch, the community, represented by $RARE token holders, retains the power to replace or add new members through the governance process. This decentralized approach ensures a collective and transparent decision-making process for the SuperRare platform.

SuperRare Price Analysis

As of December 30 2024 SuperRare has a marketcap of $90M. This is {{percentagefromath}} from its all time high of $3.64. In terms of its tokenomics, there's a total supply of 1B with 80% currently outstanding. Keep in mind SuperRare has a fully diluted value of $113M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.