The NFT marketplace has announced its governance token RARE. The token will be airdropped to prior users of SuperRare.
The update includes the creation of the SuperRare DAO, governed by the RARE token, to further curate the platform.
The renewed interest in NFT in the last month has led to what some are calling “NFT Summer”.
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Anyone who has interacted with SuperRare, a highly-curated digital art marketplace, will be eligible to receive the new governance token, RARE.
SuperRare Continues NFT Summer
The NFT marketplace has built a reputation as a highly curated digital art gallery for few artists. Only 1,400 artists have been allowed on the platform so far, handpicked by the platform’s team. The team has outlined its vision for SuperRare 2.0 with the release of a governance token. Through RARE, the community will now be in charge of curating the platform.
Introducing $RARE 💎
🎨 A revolution in NFT art curation❤️ Community owned and governed💥 Diverse curatorial voices
We’re putting the future of SuperRare and the power of curation into the hands of our community.
Find out how ⬇️https://t.co/lgqUqhFzFO pic.twitter.com/VgX3LEOLrx
— SuperRare 💎 (@SuperRare) August 17, 2021
SuperRare 2.0 will introduce spaces, independently curated storefronts supervised and chosen by the SuperRare DAO. The DAO will oversee these spaces and the platform’s treasury, accrued by the fees generated by digital artwork sales.
15% of the RARE token supply will be airdropped to artists and collectors based on their marketplace volume since SuperRare’s launch in 2018. 25.5% of the airdrop will be reserved for the team, while 40% will be the basis of the community treasury governed by RARE holders.
The NFT space has seen renewed interest in the last few weeks, as many projects have seen much higher demand. The original driver of what some call “NFT Summer” has been CryptoPunks, one of the oldest collections of NFT avatars.
Generative art has also been in the spotlight, with pieces like Autoglyphs or ArtBlocks regularly commanding close to $1 million fees. SuperRare, however, is more focused on unique art made by real handpicked artists. While, for a long time, the platform’s team was in charge of selecting these, now this responsibility will fall to RARE holders.
Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.
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