SuperRare, one of the leading marketplaces for NFT artwork tokenized on the Ethereum blockchain , announced today that it has undertaken measures to decentralize the project. With the new RARE token, SuperRare will empower token holders to vote on new community-operated Spaces, which will allow a wider array of artists to join the platform.
Each SuperRare Space acts much like a custom storefront for operators chosen by the community. Space operators will onboard artists, sell their work through the dedicated gallery, and then take a cut of the sales. SuperRare has established a genesis governance council to initially lead the DAO. Additionally, the NFT marketplace will allow artists to mint their artwork using custom smart contracts —that is, the code that powers NFTs and performs set instructions—through a new feature called Sovereign Minting Contracts.
However, our baby is now all grown up, and ready to face the world on its own. As the expression goes: if you love something, set it free. The amount of RARE tokens awarded to each user depends on qualifiers like sales volume and number of marketplaces that collectors have interacted with, and tokens must be claimed within 90 days. An NFT acts like a deed of ownership to a digital item, including still artwork, video files, and plenty more.
The NFT market has recently seen a resurgence in activity and trading volume, following a late spring and early summer decline after the early-year boom. SuperRare only sells single-edition NFT artwork pieces, whereas competing marketplaces may sell higher-quantity open editions or support large-scale NFT collections.
Harrison said FTX. OpenSea leaves owners in control of their assets until sale. OpenSea, where anyone with a wallet can list any NFT they like, will retain an advantage on breadth. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups.
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