Understanding the SuperRare NFT Platform
This article is intended for informational and educational purposes only. It is not intended to be investment advice and should not form the basis of an investment decision.
Many people are becoming interested in learning about NFTs: what they are and how they work. You might also wish to know about different NFT marketplaces available. SuperRare is an NFT marketplace that many choose because it uses the Ethereum blockchain network. This post will explain how SuperRare works and provide an overview of the NFT marketplace.
Set Up Your Account on SuperRare
You can create your SuperRare account on either your phone or your desktop. Simply go to the website and create an account. You will be prompted to choose a username and asked to attach your cryptocurrency wallet to your account. Remember that your balance will need to cover the costs that could come from gas fees that are needed to run transactions on the blockchain.
Looking for Artwork
What is interesting about SuperRare is that it maintains a leaderboard for the NFTs listed on the site. The leaderboard will show you all of the information about the artist and which ones are the top sellers. Also, you will be able to see what kinds of prices they sell their artwork for.
If you are lucky enough to see an artist that you like right away, you can click on their name and be taken to their page to see more information about them. Otherwise, use the filter options so that you can see all the different types of artworks, prices, and the date of tokenization. This is great for those who want to see a variety of new artists and pieces of work.
However, if you want to look at all of the existing artwork at once, then you should head to SuperRare’s marketplace. All visitors can sort and look through over 3,500 pieces of art produced on SuperRare. Users can still filter these results to see the artwork at a specific price, whether in an open bid or one that the creator owns.
Purchase Your Artwork
There are three ways to purchase an NFT on SuperRare: via a fixed price, an auction system, or via an offer.
If the work is listed at a fixed price, you can purchase the artwork at that price through the creator. When purchasing the artwork at a fixed price, you need to click on the ‘Buy Now’ button, which can be found underneath the artwork. After you click the button, a pop-up window will appear. This is where you are going to finish your transaction.
You might receive your artwork within 10 minutes of purchasing it. This will happen after it has been confirmed to the blockchain.
Top tip: If you are selling on SuperRare, you will want to think about the royalties and service charges before finalizing your selling price. The service charges are a compulsory 15%.
If the listing is an auction, you have a certain amount of time to place your bid, and the NFT will only be rewarded to the highest bidder. If you want to participate in a bid, click on the ‘Place A Bid’ button so that you can place your bid in the new pop-up window. The creator will receive a notification of your bid and can accept or decline it at any time. However, if the creator accepts your bid, you might receive it within 10 minutes once the blockchain has verified the transaction.
The other way to purchase an NFT on SuperRare is by placing an offer. This happens when a buyer visits a creator’s profile and wants to buy the NFT when it hasn’t been listed in the auction house yet. However, if the creator wants to put the NFT up for auction, the bidder can withdraw all current offers.
They may want to do this because they would like to bid again during the auction itself. Offers differ from auctions because offers are prices determined by the buyer, but the creator determines auction prices.
Once You Buy
Once you have purchased your artwork, you can view them directly linked to the collection. You can resell the artwork on a secondary market, but you will need to confirm that you are the rightful owner of the art before doing so. This will be completed through SuperRare.
It is straightforward to resell because you will need to sign in to your cryptocurrency wallet and fill in a Google Doc form provided by SuperRare.
SuperRare can be a great NFT marketplace for all art enthusiasts to enjoy. SuperRare is constantly pushing boundaries between digital art and traditional art. However, it is essential to do your research before getting started with NFTs.
This article is intended for informational and educational purposes only. It is intended to be investment advice and should not form the basis of an investment decision.