If you’re a digital artist, then chances are you’ve heard about the NFT craze taking over the Internet. For those who don’t know, NFTs are non-fungible tokens, which means that people are selling their original copies of their digital art – sometimes for millions of dollars.
Millions, you say? Yes, millions. Artists like Beeple have sold pieces for a jaw-dropping sum of 69 million dollars. Others have joined the trend and have sold pieces for similar amounts. If you think your art has what it takes to sell, it might be time to jump on the train.
But the first step to becoming the next Beeple is to start selling your NFTs online. With so many NFT platforms circling the web, choosing the right fit can be an overwhelming process. We’re here to make that easier.
In this post, we’ll compare and contrast two NFT marketplace powerhouses: Rarible and SuperRare. We’ll go over everything from what currencies they support to the main differences to help you choose the right platform for you.
What Is Rarible?
Even though Rarible only came into existence in 2020, it has made quite the waves in the NFT world. Rarible has over 300,000 NFTs currently on its marketplace. That’s a lot of digital artwork.
But how did they gain such a following and in such a short period? Maybe because of the idea of Rarible and how user-friendly it is. Founders Alexei Falin and Alex Salnikov aimed to create a platform for artists, run by artists.
In this sense, you can think of Rarible as a digital co-op. And it must be doing something right, as it’s been gaining traction in popularity. Since its inception, it has exploded in popularity, with September 2021 looking like a top hit.
The goal of Rarible is to evolve into a fully Decentralized Autonomous Organization (DAO), where the decision-making and organization are in control of active platform users. By allowing creators and collectors to come up with platform ideas and vote on platform upgrades, they aim to make it a public platform responsive to the users.
What Is SuperRare?
Like all NFT trading platforms, SuperRare is a relatively new venture. Co-founders John Crane, Charles Crane, and Jonathan Perkins launched the platform in 2018; just three years later, it’s every collector’s dream.
As you may guess from the name, SuperRare specializes in rare art. They curate the best artists to attract highbrow buyers. As a result, SuperRare is very selective about who they invite on their platform. It’s so exclusive that you either need an invitation to join. If you have not yet received an invite and would like to join, you can fill out a form. However, you need to be a well-established artist for SuperRare’s to consider your application.
But once in, you’re in.
They have the numbers to back it up. Over 8,123 artworks have been collected in its short run, $1,446,436 earned by artists, $471,243 earned in the secondary market by collectors, and they have a global community across 178 Countries.
As a result, if you can get into SuperRare, your odds of making money off your NFTs seem to be much greater than if you were to sell on platforms with an oversaturated market.
Rarible vs SuperRare: Audience
All you need to have to be an artist on Rarible is a cryptocurrency, a digital wallet, and a piece of art that you would like to sell. Because of that, the audience for Rarible is a lot more communal and is geared towards artists who are just starting in the NFT trading world.
If you’re a younger artist trying to make a name and create a following, Rarible may be the platform for you. Community governance – more for the people, by the people.
The antithesis of that is, then, SuperRare. Highly exclusive, SuperRare gears its audience of collectors. Because they collect the world’s top artists, the audience of collectors is typically more wealthy collectors looking to add to their esteemed collection. The artists are certainly more high-ranking digital artists. Artists like Beeple or Blinksey would fit right at home in SuperRare.
While SuperRare is exclusive, you might still have luck joining their platform if you have followings in other ways, such as a robust social media following. If you’re an influencer just starting in the art world, you still might be able to get into SuperRare.
Rarible vs. SuperRare: Supported Currencies
Different platforms all use different currencies. You must make sure that the platform you choose supports your currency.
Rarible users need an Ethereum wallet and some ETH (the currency of the Ethereum blockchain). ETH is easy enough to obtain: you simply need to purchase some through an exchange. You can also purchase ETH on Rarible’s platform and send it straight to your Ethereum wallet.
Part of the appeal of SuperRare is its lock-tight security system. Dealing with cryptocurrencies, Internet money, and crypto can raise a lot of security concerns for people. SuperRare deals with that by only working on one type of chain: The Ethereum. As a result, they only support EHC for currencies.
Rarible vs. SuperRare: Supported Wallets
A digital wallet is imperative to exchanging cryptocurrency. Digital wallets are like a banking app, but there isn’t a bank attached to the account. Your digital wallet allows you to send money to your NFT platform (to cover gas fees and transaction fees), and it also allows you to receive currency from buyers when they purchase your piece.
Like currencies, each platform has wallets they accept or don’t. Rarible allows users to use a wide variety of wallets. To utilize Rarible’s Ethereum-based NFT marketplace, you must first have an Ethereum wallet and some Ether (ETH).
Metamask is certainly the most popular option amongst users. Other popular wallet options that Rarible accepts are:
- Coinbase Wallet
- MEW: My Ether Wallet
SuperRare also requires users to use an Ethereum wallet. Luckily, there is no shortage of options to choose from when selecting your Ethereum wallet. Users can choose from top wallets like:
- Trezor One
- Ledger Nano S
- Coinbase Wallet
When choosing a wallet, make sure to thoroughly research which wallets are compatible with the platform you wish to sell your NFTs on. No matter what wallet you choose, you also must make sure that it has enough security measures to protect you, your assets, and your information from hackers. Stick with popular brands with proven track records, and make sure to read enough reviews from other users.
Rarible vs. SuperRare: Other Differences
The most significant difference between Rarible and SuperRare is its most basic, fundamental principle: communal versus exclusivity.
You can earn a return through buying and selling NFTs on Rarible. Purchase collectibles that you believe are undervalued, wait for them to appreciate, and then sell them in the marketplace.
But royalties don’t fall over into Rarible. In that sense, a big difference between the two platforms is that SuperRare far outperforms Rarible in royalties. Signing with SuperRare has a better smart contract for users who sell their crypto art.
Rarible is also integrated with OpenSea, which allows you to sell your items in an even larger marketplace. For support services, SuperRare has 24/7 live customer support, while Rarible only offers users online help.
Fees are another bit that differentiates Rarible from SuperRare. In addition to gas fees (the fees associated with minting your NFT onto the Ethereum blockchain), each platform also charges different transaction fees for your NFT art.
SuperRare charges users a 3% transaction fee for all purchases, all of which are paid for by the buyer. SuperRare charges an additional 15% artist gallery commission for primary sales. On the other hand, Rarible charges a 2.5% fee to both the buyer and seller on every transaction. They say they charge the fees to cover the costs of processing the transaction on the blockchain and paying its miners.
Rarible vs SuperRare: Conclusion
If you’re just starting to explore the world of NFT trading, the crypto art marketplace, or crypto-collectibles, it can be difficult to figure out where you should host your pieces to get them trending and have the best chance of making some money.
Rarible is an excellent choice for those digital artists who are just starting who are looking for a more communal space to create and sell pieces. SuperRare is a better option for those artists who are much better established and are looking to attract buyers for higher bids.
Either way, it’s important that you do thorough research before choosing your NFT platform. Make sure to research the fees they charge, what sort of wallet and cryptocurrency you’ll need, and what fees are associated with the transactions. Whether it’s your first NFT or your hundredth, put your NFT project in the right hands by choosing the right platform.