Market Signal

What Is SuperRare (RARE)?

[SuperRare] is a premier [NFT] platform, boasting almost $250M of digital art collected and $3M in artist royalties paid to date. SuperRare emerged from its 1.0 version, where the core team hand-picked and approved artists to mint their works on a shared smart contract as SuperRare NFTs. SuperRare 2.0 changed that by introducing web-scale curation, independently running storefronts on the platform, and sovereign minting contracts for the artists to mint, promote, and sell their works directly to collectors.

By embarking on this path of progressive decentralization, SuperRare shifted ownership and governance of the network to the community. SuperRare 2.0 is a [DAO], a decentralized organization that oversees key platform parameters, allocates funds from the Community Treasury, and votes on proposed improvements to the network and protocol.

Who Are the Founders of SuperRare?

SuperRare is a DAO and has no executive leadership in the traditional sense. It has a seven-person governance council that controls the Community Treasury via 4-of-6 multi-sig wallet.

The genesis signers for the Governance Council are:

_John Crain; CEO and Co-Founder of SuperRare Labs_

_Nick Tomaino; Founding Partner @ 1Confirmation_

_Derek Schloss; Partner @ CollabCurrency_

_Serena Tabacchi; Founder \u0026 Curator @ MoCDA_

_Simona Pop; Community Strategy @ Status_

_Pindar Van Arman; OG Artist @ SuperRare_

Signers are merely executors for decisions passed through governance and do not have the ability to unilaterally allocate treasury funds. They oversee the safety and security of the underlying assets controlled by the DAO.

What Makes SuperRare Unique?

SuperRare evolved into the 2.0 version by addressing three key problems:



1. Curation and gatekeeping by a single team are not conducive to a scaled art ecosystem.
2. Artists deserve as much support as possible, but a single team can only do so much.
3. The NFT art ecosystem is fragmented, and there is no good way to manage one’s whole collection.

SuperRare solved this by introducing SuperRare Spaces, which are independently-run storefronts on SuperRare that can curate art and artists, promote sales, run auctions, and collect commissions. Each Space can launch its own branded [ERC-721] token and invite artists to mint NFTs with them, either as a one-time event or on an ongoing basis. That allows each Space to become its own sovereign crypto art gallery.

Furthermore, self-sovereign minting contracts let artists deploy a custom NFT minting contract and tokenize and sell their art as uniquely independent artists. Thus, artists have another option in addition to minting on a shared contract with other artists and can become their own sovereign creative platform.

**Related Pages:**

Check out [Rarible (RARI)] — a creator-centric NFT marketplace.

Check out [Decentraland (MANA)] — a virtual reality platform powered by the Ethereum blockchain.

Learn how NFTs work in our [guide to non-fungible tokens].

Get the latest crypto news and latest trading insights with the [CoinMarketCap blog].

How Many SuperRare (RARE) Coins Are There in Circulation?

The total supply of RARE is 1 billion. The distribution is as follows:



* 150 million RARE as retroactive airdrop, distributed to the core community of artists and collectors who have bootstrapped SuperRare into the platform that it is today, claimable for 90 days.
* 400 million RARE as Community Treasury that will be owned and operated by its holders. 25% is available at launch, while the rest will vest linearly over 4 years.
* 255 million RARE to the core contributors at SuperRare Labs who have played a vital role in developing the SuperRare platform. Team tokens are subject to 3-year vesting with a 6-month cliff.
* 145 million RARE to investors who participated in SuperRare’s previous funding rounds. Investor tokens are subject to 3-year vesting with a 12-month cliff.
* 50 million RARE to strategic partners and future contributors to the SuperRare network. 6 months minimum vesting upon allocation.

How Is the SuperRare Network Secured?

RARE is an [ERC-20] token on Ethereum. The network is governed as DAO with a 4/7 multi-sig wallet.

ERC-20 is a token standard most new tokens follow when publishing on the Ethereum blockchain. [Ethereum] is one of the most popular blockchains for DAOs such as SuperRare and is secured by a [proof-of-work ]consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.

When Will SuperRare Trading Begin?

SuperRare 2.0 launched on Aug. 17, 2021, on [UniSwapV3].