4.9 min read
SuperRare, the blockchain-based marketplace for digital art, has announced the launch of its RarePass feature.
Written byCharles Beamon
November 3, 2022
- For over a year, RarePass holders will receive monthly airdrops into their crypto wallets from 12 non-fungible token (NFT) artists including XCOPY, Pindar Van Arman, Other World, Coldie and more.
- The 24-hour auction for the first RarePass will begin on November 15 with no set reserve price.
- On SuperRare, monthly crypto art trading volume peaked at $37 million in October 2021 and just over $4 million in October 2022. Now, the market is trying to save lost ground with its innovative airdrops.
SuperRare is an Ethereum-based decentralized digital art marketplace that aims to revolutionize the way art is collected with the launch of its "Genesis" RarePass.
SuperRare COO Kyle Olney likens RarePass holders to a subscription-like service where they will receive curated crypto art from some of the platform’s most prominent artists in one transaction.
“The goal is for this [RarePass] to be a trusted, curated pass offering,”
Zach Yanger, senior vice president of art advisory.
For over a year, RarePass holders will receive monthly airdrops into their crypto wallets from 12 non-fungible token (NFT) artists including XCOPY, Pindar Van Arman, Other World, Coldie and more.
Each artist will create a series of 250 unique artworks for their respective RarePass holders. According to Olney, the collections are designed to reflect the dawn of a new era for each artist.
Pindar Van Arman is an AI artist with over 20 years of experience, working since SuperRare was founded in 2018. The idea of collecting art through a series of exclusive digital airdrops is "never done before," he said.
ALIENQUEEN, Darkside (SuperRare)
He added that the new pass provides a curated roster of artists bringing their work to a wider audience.
Olney said participating artists were selected by his curatorial team. Although the platform initially considered soliciting community input from the SuperRare DAO, the platform decided that "the first thing we do with something like this ... we feel like we're very careful about how we control it," Olney said.
To enhance the art collecting experience, three additional works by artists will be randomly distributed to selected pass holders each month.
The 24-hour auction for the first RarePass will begin on November 15 with no set reserve price.
"We don't want SuperRare to arbitrarily set up a set of values that we deem valuable," Younger said.
"We really want the community to decide the pricing of the pass."
The team also hinted at future-themed series passes until the first launch was successful.
Driving the Crypto Art Market
As interest in the NFT market wanes from the wider crypto market, the market is finding creative ways to attract new buyers and reward creators.
To date, SuperRare has generated more than $280 million in revenue, of which more than half ($165 million) has been earned by the platform’s artists through royalties.
"This is actually the innovation of NFTs," Onley said. "In the last few years, when everyone was really into numbers rising and speculative trading, it went away."
Galbarkan, Futuregirl (SuperRare)
On SuperRare, monthly crypto art trading volume peaked at $37 million in October 2021 and just over $4 million in October 2022. Now, the market is trying to save lost ground with its innovative airdrops.
"Many of the deals that came up in the last year...were grossly overvalued and grossly underserved," Yanger said, adding that SuperRare's Genesis line appears to be delivering on its promise, offering RarePass holders "a combination of A little bit of the artist's actual touch" space. "Created with a single transaction."
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