RARE SuperRare

Overview of SuperRare

SuperRare is an NFT marketplace built on Ethereum, specializing in unique, 1-of-1 editions of digital art and collectibles. It combines social community features with a platform for buying, collecting, bidding, and selling art.

Key Features

• Unique Artworks: Each artwork on SuperRare is a single-edition, non-fungible token (NFT) that cannot be replicated. These NFTs are secured by cryptography and tracked on the blockchain, ensuring their scarcity and authenticity.
• Marketplace: Users can buy, sell, or bid on unique NFTs, with all transactions settled in ETH. The platform takes a 3% transaction fee for all purchases and a 15% commission on primary sales, with creators receiving 85% and a 10% royalty on secondary sales.
• Social Community: SuperRare includes social features that allow users to interact and engage with the art community.

Governance and Decentralization

• RARE Token: SuperRare has a native token called RARE, an ERC-20 token with a maximum supply of one billion. RARE is used for governance and curation decisions, allowing token holders to vote on proposals for the platform's future.
• SuperRare DAO: The introduction of the RARE token and the SuperRare DAO marks the platform's transition into a decentralized autonomous organization, giving the community control over governance and decision-making processes.

Artist Benefits

• Autonomy and Flexibility: SuperRare provides artists with a platform to showcase and sell their digital art, offering greater autonomy and flexibility.
• Continuous Royalties: Artists receive continuous royalties for all secondary sales of their artwork, ensuring ongoing compensation for their creative work.

SuperRare Spaces

• Decentralized Curation: SuperRare Spaces allows community members to be involved in the artist review and invitation process, promoting more sustainable and diverse platform growth.
• Independent Galleries: Spaces can curate and promote artworks and artists, organize auctions, and earn commissions, providing a decentralized approach to art curation and promotion.

Pros of SuperRare

• High Royalties for Artists: Artists receive 85% of the sales amount in primary market sales, and 10% royalty for every secondary sale of their work, providing them with a significant financial incentive.
• Exclusive Platform: SuperRare is known for featuring some of the world’s top NFT artists, offering a curated selection of high-quality digital art.
• Easy to Navigate User Interface: The platform is designed to be user-friendly, making it accessible to both artists and collectors.
• Offer Buying System: SuperRare allows users to show interest in art that is not listed for sale, providing a unique way to engage with the art market.
• Decentralized Governance: The SuperRare DAO enables $RARE token holders to collectively manage and drive the future growth of the art market, community organization, and artist empowerment.

Cons of SuperRare

• High Commission: SuperRare charges a 15% commission for the initial sale, which is higher compared to other NFT marketplaces like OpenSea and Rarible.
• Limited Payment Options: The platform only accepts Ethereum as a payment method, which can be restrictive for users who prefer other cryptocurrencies.
• High Fees on Ethereum Network: The platform is subject to high gas fees on the Ethereum network, which can make transactions more costly.
• Exclusive Nature: The platform's exclusive nature means that it might not be the best starting point for new or unverified artists.

Founders of SuperRare

The founders of SuperRare are:

• John Crain: Co-founder and CEO, with a background in art and technology, including experience in generative arts and blockchain.
• Jonathan Perkins: Co-founder and Chief Product Officer, with extensive experience in technology and entrepreneurship, focusing on holistic product design and development.
• Charles Crain: Co-founder and CTO, contributing to the technical foundation of SuperRare.

Investors in SuperRare

SuperRare has received investments from various notable entities and individuals. These include:

• Venture Capital Firms:

  • 1confirmation
  • Velvet Sea Ventures
  • Collaborative Fund
  • Shrug Capital
  • Third Kind Venture Capital
  • Samsung Next
  • Fifth Era
  • Sound Ventures

• Angel Investors:

  • Naval Ravikant
  • Mark Cuban
  • Ashton Kutcher
  • Chamath Palihapitiya
  • Marc Benioff

• DAO:

  • The LAO

These investors participated in a $9 million Series A funding round, supporting SuperRare's mission to democratize digital art collecting and trading.

Halal Status of SuperRare

• Halal Status: No clear consensus.
• Reason: The halal status of SuperRare is not straightforward due to varying interpretations of Islamic law regarding digital assets and NFTs. Some scholars argue that cryptocurrencies and NFTs can be halal if they meet certain conditions, such as constituting "Māl" (something that can be possessed or stored for future use) and not involving impermissible activities like Riba (interest), Maysir (gambling), and Gharar (uncertainty).

Key Considerations

• Māl: SuperRare involves NFTs, which can be considered as digital assets with value, potentially meeting the "Māl" criterion.
• Activities: SuperRare is primarily a marketplace for buying and selling NFTs, which does not inherently involve Riba, Maysir, or Gharar.
• Scholarly Views: Different Islamic scholars have varying opinions on the permissibility of digital assets, with some accepting them as part of the evolution of money and others requiring them to be backed by tangible commodities like gold.

Conclusion

Given the diverse views and the specific nature of SuperRare, it is challenging to provide a definitive yes or no answer without further scholarly consensus.