NFT art marketplace SuperRare review , what is superrare and why you should know about SuperRare marketplace to sell nft art ? Read SuperRare reviews here
The NFT marketplace ecosystem is having an explosive moment and the startups that were ready to run with it are getting lots of cash to continue capturing that momentum.
What is SuperRare
SuperRare (reviews), one of an NFT art marketplace platform that has garnered tens of millions in new sales in recent weeks, has just raised millions from investors. The $9 million Series A round was led by Velvet Sea Ventures and 1confirmation.
Other investors participating in the round include Collaborative Fund, Shrug Capital, Third Kind, SamsungNext, Ashton Kutcher and Guy Oseary’s Sound Ventures, Mark Cuban, Marc Benioff, Naval Ravikant and Chamath Palihapitiya, among others.
In an announcement of the raise, the team called the crypto art scene a “global phenomenon.”SuperRare launched its art platform in 2018, since then it has differentiated by maintaining a closed early-access platform that more closely curates the art they sell.
Everything on the platform is a single-edition 1/1 sale. The team has said they plan to launch the site widely next year. The company earns a 3% transaction fee on art sales on the platform in addition to a 15% gallery fee for primary sales.
One unique facet of the platform is that creators can continue to earn on a piece’s appreciating value following with 10% commissions on secondary sales.
While NFT art marketplace sales have taken off in recent weeks, there are still many structural issues facing their mainstream adoption largely due to scalability issues with Ethereum’s mainnet, which SuperRare operates on.
Plenty of firms are building layer-two infrastructure that improves speed and cuts down on energy usage and transaction fees. Today, ConsenSys launched a platform called Palm featuring artists Damien Hirst as the platform’s first artist drop.
After a lengthy crypto winter, blockchain startups are coming back with a vengeance amid a surge in startup investing, a surge in enthusiasm around NFT marketplace and a surge in bitcoin prices. Today, NBA Top Shot maker Dapper Labs announced in had raised $305 million in venture funding.
The NFT market is just getting started
Every once in a meme-ified blue moon, the wildly irrational cryptocurrency ecosystem gives birth to something that might outlive the hype. The crypto art hype may be silly and expensive, but it might also empower artists from emerging economies and underrepresented groups to access the global art market in ways that they couldn’t before.
On March 5, Twitter CEO Jack Dorsey auctioned off a blockchain receipt, called a non-fungible token (NFT), for a screenshot of his first tweet in 2006, and bids for it promptly exceeded $2.5 million. Since 2018, people have spent roughly $237 million on NFTs, with the vast majority of those funds spent since the trend exploded in January 2021.
The crypto art hype may be silly and expensive, but it might also empower artists from emerging economies and underrepresented groups to access the global art market in ways that they couldn’t before.
Bryana Kortendick, VP of operations and communications at the NFT startup Enjin, said the platform is now tallying more than 47,426 registered users, and the corresponding NFT wallet’s growth is up 100% since December 2020. Her company was funded by a token sale in 2017 that amassed 75,041 ether (ETH), worth more than $130 million today.
Kortendick declined to comment on how the cryptocurrency treasury is managed, other than to say they have enough runway for the startup’s continued growth because “Enjin has retained a portion of the funds raised through our ICO in ETH.”
As of 2021, Kortendick said the wallet app’s fastest-growing markets include the United States, Korea, the United Kingdom, Iran, Germany, Canada, India, Indonesia, Turkey and Australia. In sanctioned countries like Cuba, Iran and Venezuela, NFTs provide one of the only ways for up-and-coming artists to transact with global art collectors. It can also be a way for dancers to make money by selling NFTs with GIFs showcasing specific moves or NFTs that allow video game characters to dance a specific move.
“There has been an influx of new [app] users in countries like Iran, and we are working to localize the app accordingly to make it more accessible for these growing markets,” Kortendick said. “We recently saw a surge of [web] users in Cuba too, which prompted us to translate our entire website into Spanish.”
A new world coming under compliance. It remains to be seen if that type of market activity is sustainable, with regard to compliance across jurisdictions.The U.S. Treasury penalized the crypto company BitGo in 2020 for allowing users to transact with people in sanctioned countries. Maintaining financial sanctions appears to be one of the regulator’s priorities in 2021.
In any case, companies can delist artists and pieces, which means anyone who isn’t fluent in command-line Ethereum tricks can lose access to their NFTs. It will still exist “on the blockchain,” yet it would be quite a stretch to call NFTs “permissionless” art, as many blockchain advocates do