NFTs are seeing a great time since the very start of the year. With a great disposition of the prospects of NFT, a lot of startups are also eager to run with its pace. The startups that are expressing their interest are getting requisite cash support to catch NFT’s gaining momentum while they are growing vastly.
NFT art platforms and startups engaged in supporting the NFT are getting recognition. SuperRare is one such NFT art platform that has gained by the gaining momentum of the NFTs. It has been successful in garnering tens of millions in newer sales in the past few weeks. It also just ended raising millions from investors. There was a $9 million Series A round. The participating investors in the round were the likes of Velvet Sea Ventures and 1confirmation, Shrug Capital, SamsungNext, Ashton Kutcher, Mark Cuban, amongst some well-known names in the business.
The team of SuperRare, declared the NFT market as a ‘global phenomenon when it announced its raise. However, SuperRare has been around since 2018. Its USP as an art platform is the fact that they retain a closed early-access as a platform. It also ensures that the art pieces on the platform are a single edition for a one-by-one sale. The team of SuperRare plans for a super expansion on a wide scale next year. Of the sale proceeds of art on the platform, SuperRare earns a transaction fee that is 3% of such proceeds. There is also a 15% gallery fee meant for primary sales and sort of rent for presenting art on the virtual gallery.
Another USP of SuperRare is that the creators of the art can keep earning on the appreciating value of their at. This feature will follow with 10% commissions that will be counted on the secondary sales.
The recent weeks have been a classic epitome of how NFTs have been selling like hot cakes for millions. There needs to be a common and global platform to present such arts. Startups are trying to tab these unventured markets as they try to tackle the structural challenges by making NFT a mainstream thing. The structural issues are arising because of sociability problems that arise out of the Ethereum mainnet. It is important because SuperRare performs on it.
There is going to be huge competition in the field as there are plenty of firms that are trying to battle it out with lower transaction fees and other unique features. For instance, ConsenSys launched Palm and its first artist was Damien Hirst.
It is looking like a good year for Cryptocurrencies and startups are trying to make the most of this momentum. With SuperRare getting the investor’s attention and expression of expansion plans, other tech companies are motivated too to join the bandwagon. SuperRare has been around for some time now and will have the user’s trust. We hope the funding will help SuperRare benefit through the NFT fever.