SuperRare is an NFT marketplace devoted to art. Traders, investors, and NFT enthusiasts all use the platform.
NFT is becoming increasingly popular as the market shifts toward the internet’s futuristic model, Web 3.0.
The underlying concept of NFT marketplaces is decentralization, which allows for independent transactions, data storage, and sharing.
NFT marketplaces such as SuperRare have become the reason why digital artists are tokenizing their work into NFTs and profiting handsomely.
Despite having a smaller user base, SuperRare is gaining much attention for its high earnings.
This blog post will explain why you should build your NFT marketplace in the same way that SuperRare did.
Popular As Well As Revenue-Generating
SuperRare was founded in 2018 by John Crain, Charles Crain, and Johnathan Perkins, who served as CEO, CTO, and CPO, respectively. Pixura.io, a platform for creating, monitoring, and trading crypto collectibles, has also been managed by the trio.
SuperRare has been at the forefront of the market since its inception, assisting many to achieve commendable revenue results.
Social Experimentation
SuperRare is a popular NFT marketplace known for its social-like NFT trading interface. The platform combines the features of a social media platform and an NFT marketplace platform.
There is no better way to optimize the social media experience than to imitate SuperRare to engage a large audience of NFT enthusiasts, investors, traders, etc.
Art collectors can connect and collect collectibles on SuperRare through social collecting. Social collecting has gained popularity thanks to SuperRare, and every new NFT marketplace is attempting to incorporate it somehow.
Smart Contracts Implementation That Works
SuperRare uses smart Contracts for effective data management, condition execution, and operation management. For this reason, SuperRare has established itself as an outstanding and credible choice among artists.
Emulating SuperRare can help you build a credible userbase by making the best use of Smart Contracts. You can hire a team of NFT marketplace developers to assist you in developing Smart Contracts for your SuperRare-like NFT marketplace.
Uses Ethereum to Power Its Process
SuperRare is a peer-to-peer Ethereum-based NFT marketplace that accepts Ether as a base token. The platform tokenizes artwork and creates rare art collectibles using Ethereum. The information contained in the NFTs built on the Ethereum Blockchain includes transaction history, original creators, and current status.
SuperRare is one of the most popular, popular, and profitable Ethereum DApps.
The NFT marketplace development company you hire can connect the chains to your product’s interfaces and turn it into a usable NFT trading infrastructure.
Niche-Based
SuperRare has less competition and demonstrates credibility because it focuses on digital art. It may be preferable to create a niche-based NFT marketplace, such as SuperRare. You can select a market niche and plan the platform’s deployment.
Furthermore, portraying the platform as an art-focused social network can help you gain market recognition.
Simple Buy-Sell Interface
SuperRare has an interactive user interface for listing and viewing artwork, purchasing and selling tokens, and connecting and communicating with the platform’s leading artists. You can see open sales and auctions that are about to end. The marketplace interface will also include an activity feed with data on collectors, artists, and overall sales.
SuperRare provides a straightforward interface for traders to continue or end the sale.
A sophisticated interface allows NFT enthusiasts to explore the collections in various ways and keep track of famous artists’ listed works and individual accomplishments.
Transparent Royalty Remittance
Every transaction is carried out by the Smart Contract created by the NFT marketplace developers. The creator will receive 85 percent of the selling price for the first sale of a unique artwork tokenized in NFT, with 15 percent of the total amount going toward commission.
Even if an NFT is resold, the creators are paid each time a transaction occurs. The artists receive a 10% royalty fee from the secondary sell price credited to their account for each resold NFT, with guaranteed execution via Smart Contract.
Every aspiring artist on SuperRare makes a one-time investment because their transaction model generates accelerated revenue for the artworks.
Superior Authentication and Tracking
We can track every transaction because everything in the NFT marketplaces is stored on Blockchain. Proper authentication and user identification are made possible by cryptography. The decentralized architecture secures and verifies every entity, from user account information to tradable assets.
User authentication is a critical topic that no platform with a financial component would overlook. Consider high-standard protocols for authenticating user identities and transactions to stay competitive in the fast-paced NFT market.
SuperRare has received widespread praise for its superior security and authentication. Furthermore, it provides users with all analytical insights that can assist them in identifying system flaws.
Art Network Incubated
Tokens on SuperRare can be purchased and held by anyone. The platform, however, only allows those who have been invited to create artwork. Those who want to tokenize their artwork on the NFT marketplace can apply by providing all necessary details that quantify the originality of their work.
The artwork created should be the creator’s work and should not be published elsewhere on the internet.
To complete the application for submitting artwork to SuperRare, the platform provides a Google form that includes the basic guidelines and questions.
The following are some of the most critical application guidelines.
- The work submitted must be original and created by the applicant.
- The artwork must be submitted digitally.
- Submissions must be original and have never been published before.
- Despite its enormous popularity, the platform has a crowded artist community.
- You consider various guidelines for your NFT marketplace based on your needs.
Community
The importance of community in establishing a platform cannot be overstated. A community of artists, NFT enthusiasts, and business administrators organize and manage SuperRare.
SuperRare Spaces have emerged as an essential part of the NFT community. Art curators, collectors, and other community members who oversee artwork published on the platform visit Spaces, virtual galleries. These personalized groups are managed by designated members who can assist in onboarding additional participants to the spaces.
The SuperRare governance council, made up of community members nominated, makes final decisions on treasury and SuperRare Spaces. It is the most important governing body in the premier NFT marketplace structure.
If SuperRare inspires you, you can take their community-driven approach into account when designing and developing your NFT marketplace.
The Cost of Establishing a SuperRare-Like NFT Marketplace
Several important factors, ranging from functionality to platform compatibility, must be considered when estimating the cost of developing an NFT marketplace like SuperRare.
Because SuperRare is a well-established NFT marketplace with a sizable user base and a profitable business model, it is difficult to replicate its advantages and comprehend its drawbacks.
It is always easier to get ideas from a pre-built platform than to brainstorm and implement new ones from scratch. The development process becomes more straightforward and adaptable.
You could be charged on a milestone or hourly basis. However, the product’s personalization requirements will always play a significant role in driving a large portion of the cost.
The following are some of the primary cost-driving factors in developing NFT marketplaces such as SuperRare.
- Product Exploration
- Design of UI/UX
- Stack of Technology
- Individualization and customization
- Testing
- Maintenance and security
Let us now examine how much various project segments can cost to create a fully-fledged Super rare like NFT marketplace.
- UX/UI Design: $2200 – $5000
- Authorization and security: $3000 – $8000 for
- User Profiles: $2300 to $5000.
- Home page: $3500–$10,000
- Search and Filters: $4000 – $11,500
- Product Page: $2000 – $5000
- Reviews and ratings: $2500 – $5500 in
- Shopping Cart: $2500 – $5500
- Payments: $2000 to $5000.
- Notifications: $2000 to $4000.
- Incorporation of Ethereum: $4000 – $11,500
- NFT management: $4000 – $11,500
- Inventory managemen: $2000 and $5000.
- Buyer Panel: $3000 – $7000
- Panel of Authors: $5000 – $14000
- Administrative Panel: $3000 – $10,000
- Total: $47,000–$123,500
The costs listed above are estimates. These price ranges are based on standard project discussions with NFT marketplace development experts who have validated, designed, developed, and managed such platforms for a long time.
Conclusion
SuperRare is not an entirely open NFT marketplace, but it does provide a rich user experience with robust interfaces, user-oriented functionalities, security, and other features.
This NFT marketplace has evolved into a venue for listing, purchasing, and selling high-end art collectibles. SuperRare is one of the best NFT marketplaces due to its lightweight interface and extensive exposure to the aspiring NFT audience. An open curation of ideas can assist business owners in developing capable NFT marketplace solutions that propel the market to new technological heights.
As the demand for decentralized solutions such as NFT marketplaces grow, business owners should seize the opportunity. The more options you give end-users, the better their trading of art collectibles will be.
If you want to learn more about the fundamentals, check out this comprehensive guide on NFT marketplace development.