What is SuperRare?
SuperRare token (RARE) is a utility token that supports the SuperRare NFT platform, which allows users to buy and sell NFTs. NFTs, short for non-fungible tokens, are unique digital tokens that are unlike traditional (fungible) crypto assets. This is the case because NFTs are one-of-a-kind, meaning that one NFT cannot be replaced by another. The tokens can act like digital certificates for any real-world digital item. However, they are mainly used to represent digital arts such as drawings, paintings, and music.
Check out the SuperRare price chart above to see the live RARE price.
Getting back to the SuperRare crypto project, unlike some other NFT marketplaces, SuperRare only deals with exclusive digital artwork. You must apply and gain approval from SuperRare Labs before you mint an NFT on their platform. Besides, artists must submit only one-on-one art NFTs to maintain the highest rarity of the listed assets.
Initially, the core team manually handpicked and approved artists to mint their work on a shared smart contract. However, SuperRare 2.0 was launched in 2021, which shifted ownership and governance of the network to the community. The new version of the platform introduced web-scale curation and minting contracts that enables artists to mint, promote, and sell their artwork to collectors directly. Therefore, SupeRare has become a decentralized autonomous organization (DAO). Powered by smart contracts, the organization monitors the performance of the platform, manages funds in the community treasury, as well as allows the community to propose and vote on improvements to the network.
Who Founded SuperRare?
The co-founders of the SuperRare crypto project are John Crain and Jonathan Perkins. The company behind the project is called SupeRare Labs. John Crain is the CEO of SuperRare. Previously, Crain led product development at ConsenSys Spin-Off BlockApps Inks. He also worked with Fortune 500 companies to explore use cases of smart contracts. On the other hand, Jonathan Perkins is a software engineer and an entrepreneur. He has a diverse experience in web app development. Perkins has also worked at such companies as Wells Fargo, CrewSpark, and Reaktor.
Besides, since SupeRare is a DAO, the executive leadership does not make decisions in the traditional sense. Instead, it has a seven-person governance council that executes the decisions passed by RARE holders.
What Can You Do With SuperRare Tokens?
The SuperRare token (RARE) was introduced with SuperRare 2.0. The SuperRare crypto asset is a curation and governance token for the SuperRare DAO. It powers the entire SuperRare 2.0 ecosystem. RARE is based on the ERC-20 token standard.
Essentially, RARE token holders can take part in the governance process by proposing and voting on how the future of the SuperRare crypto project should look like. Moreover, owners of RARE coins can participate in the admission of new artists to SuperRare Spaces, which are small NFT marketplaces. Besides that, RARE tokens are used to reward users, as well as cover payments within the platform.
The SuperRare token was launched with a total supply of 1 billion. In terms of the token distribution, 400 million SuperRare tokens were set aside in the community treasury, while around 255 million were allocated to SuperRare Labs core contributors. Besides that, 145 million tokens were allocated to early investors, and another 50 million were set aside for strategic partners and future contributors to the network.
The RARE price reached a record high of $3.79 per token on October 11, 2021. However, on May 12, 2022, it hit an all-time low of $0.1365. Why does it fluctuate? In essence, many factors influence the SuperRare price, including the performance of the NFT market. For example, the value of RARE remained relatively high during the NFT craze that happened in 2021.