SuperRare is an NFT marketplace to collect and trade unique, single-edition digital artworks. It launched in 2018 and has since generated over $90 million in sales for artists around the world.
Today the SuperRare (SuperRare.co) governance token $RARE was listed by the Crypto-currency exchange giant Binance, leading to a surge in its value of more than 100% from $1.36 to a peak of above $3.60. The listing has also lead to a trading volume in the past 24 hours of just under $250 million USD on the Binance Platform alone.
Each artwork on SuperRare is authentically created by an artist in the network, and tokenized as a crypto-collectible digital item that people can own and trade. According to their website this trading is incredibly lucrative with the average resale value of an NFT sold on SuperRare is over 5,000%.
The $RARE token was initially introduced as the governance token of the platform, to give their community, collectors and artists the ability to contribute to the future of SuperRare’s platform by governing key platform parameters, curating spaces, allocating funds from the community treasury, and voting on proposed improvements to the network and protocol.
Earlier this year SuperRare made headlines for literally selling headlines after iconic media brand TIME chose the platform to auction off three NFT magazine covers featuring only a few words and no images using the “Is ____ Dead?”. Each of the covers was listed with a reserve selling price of $18,000.
The platform has hosted sales of several of the most expensive NFT’s ever sold, including XCOPY’s ‘Some Asshole’ for $4,626,000 (1,300 ETH), ‘All Time High In The City’, and ‘Death Dip’ – both of which netted more than $3,500,00 (1,000 ETH) each. XCOPY’s NFT’s are digital animations that depict glitchy, devilish characters or scenes.
SuperRare also was used for a $2,000,000 USD sale of DΞSTINATION HΞXAGONIA by Electronic Music icon Don Diablo. An hour-long audio-visual experience that was created over a year. While most NFT’s are digital files, this sale came with a hard drive containing the only copy of the high-quality file delivered in a hand-crafted box.
As of today, SuperRare can now be traded on the Binance platform:
