Source: SuperRareThe costs and possibilities of SuperRare
Trading on SuperRare’s NFT marketplace comes with a price tag that goes beyond the initial sale. In addition to the 15% gallery fee charged on primary sales, users are hit with even more fees.
Transaction fees are a relatively high 3%, and users also face crypto gas fees for Ethereum transactions. These fluctuating gas fees, paid to Ethereum miners, depend on network demand. Users can choose to wait until demand decreases to alleviate high gas rates.
Despite the convenience of the platform, these costs pose challenges for artists and traders navigating the NFT space. However, SuperRare positions itself as a high-end art platform, distinguishing itself from other NFT marketplaces with some features not found anywhere else:
- Exclusive invitations for artists: NFT artists undergo a check for quality and authenticity before joining the platform
- Single-edition NFTs: Each digital artwork on SuperRare is unique, increasing its value and rarity
- Wallet compatibility: SuperRare integrates seamlessly with popular wallets such as MetaMask, Fortmatic and Wallet Connect, facilitating transactions
- Community-run galleries (Spaces): SuperRare’s galleries (Spaces) are community-owned and curated through collective decision-making.
- $RARE token: It exploits its own currency, $RARE, giving owners voting rights similar to shareholders and enabling participation in community decisions regarding Spaces
- Requirements for hitting: Only NFTs minted on SuperRare can be traded on the marketplace; none of the many others.
While there is no denying that the marketplace offers a distinctive platform tailor-made for the discerning art connoisseur, the associated costs are proving prohibitive for some artists (particularly newcomers) to the NFT market.
If SuperRare were to lower its fees as teased, it could potentially improve accessibility for artists and dealers, fostering a more inclusive environment within the NFT art world.