NFTs SuperRare platform launches and distributes its RARE token

SuperRare 2.0, a property revolution for the community

Created in April 2018, the platform of non-fungible tokens (NFTs) SuperRare is more than 90 million dollars of NFT sold by more than 1,400 artists. 1,229 days after going online, the platform has just announced its 2.0 update. This includes three major points.

SuperRare’s decentralized autonomous organization (DAO)

SuperRare’s DAO will be governed by the holders of its RARE token and the SuperRare Governance Council.

The SuperRare Governance Board is a group of community members implementing decisions based on the votes of RARE token holders. This board will be responsible for overseeing SuperRare Spaces, community treasury and the future of the platform.

In order to advocate gradual decentralization, all of the platform’s commissions and fees will be transferred to a new SuperRare DAO. The latter’s treasury will be available on the ENS address: superraredao.eth.

This community treasury containing Ether (ETH) and RARE will be supervised by the holders of the RARE token, and governed by the community.

SuperRare appointed a Genesis Governance Board to oversee the funds stored in DAO upon launch. The Genesis Governance Board will implement the decisions of token holders, and provide an additional layer of security prior to the actual transition to SuperRare 2.0 and its governance board subsequently appointed by the community.

“Decentralization has been at the center of SuperRare’s ideology from day one. During the early stages of platform development, it was practical to keep governance decisions internally, guided by the vision of an agile founding team. However, our baby has now grown and is ready to face the world on his own. As the saying goes: if you like something, unleash it, ”- SuperRare

SuperRare Spaces

For the first time, the choice of artists and works will be left to the SuperRare community and no longer solely decided by the central SuperRare Labs team.

Each Space must be seen as a gallery controlled by one or more operators, who are elected by vote of the community. They will be able to choose the artists to highlight in their Spaces and earn commissions on the various sales. In a way, the work of a curator.

The DAO will also receive a commission on sales in Spaces, encouraging RARE token holders to pursue high quality curation across all Spaces. A recurring vote will be put in place for this.

“We envision Spaces as the future of community-managed art curation – a vibrant ecosystem of curators, artist collectives, galleries and community members, who welcome artists and collaborate. at auctions, under the common SuperRare brand and technology, ”says the SuperRare team.

Smart contracts personalized by and for artists

Artists on SuperRare can now deploy their own smart contracts and import works of art forged elsewhere. A real revolution for them, which will undoubtedly migrate new emerging artists to the platform.

The RARE token, a multifunction tool offered to the community

All of these improvements revolve around a new innovation: the RARE token, the objective of which is not only financial.

This is 150 million RARE, or 15% of the total supply of 1 billion tokens that were distributed to SuperRare users.

Total distribution of the RARE token – Source: SuperRare

A surprise that is not a surprise for attentive readers of Cryptoast.

This new token is only accessible on the decentralized exchange platform (DEX) Uniswap. The contract can be found at this address: 0xba5BDe662c17e2aDFF1075610382B9B691296350.

To find out if you are eligible for the airdrop, just click here, it will remain available for 90 days. Note that the RAREdrop is intended for artists and users who interacted with the platform before July 21, 2021.

RARE token airdrop distribution – Source: SuperRare

As seen previously, this token will be used in particular to have decisions voted by the community. It is also possible to participate now in decisions on the SuperRare Discord thanks to Collab.io, allowing you to check the presence of RARE in your portfolio and to access chat rooms if necessary.

“In the near future, we believe that the next great artistic talent will not be discovered by a gallery owner or custodian, but by the community of RARE curators,” added the SuperRare team.

As some users have received an airdrop of more than $ 140,000, the temptation to sell is strong.

wtf my @SuperRare airdrop was 114k $ RARE.

Just checked and that’s $ 145k. WHAT.

Is that right? That can’t be right? pic.twitter.com/j2yFdEvCbY

– Matty (@DCLBlogger) August 18, 2021

However, it is a safe bet that despite the price of the token which varies between $ 0.90 and $ 1.30, it will perform in the years to come in view of the concrete applications described above and the increasing space. more important than NFTs take.

👉 To find out more – Ethereum (ETH): the NFT market takes off again

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About the Author: Erwan Gallo

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Hello there! Interested in the world of crypto-assets, I went from simple PowerPoint presentations to my friends to writing articles on the Internet. The crypto universe is so vast that it allows me to link many of my passions so why not share them with you?
All articles by Erwan Gallo.

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