SuperRare—a prestigious NFT marketplace that features artworks from Claire Silver, XCOPY, Gucci, and Snoop Dogg, among others—has sparked a vibrant discussion about adjusting its artist fee structure following feedback from users on X.
Numerous artists have contended that the current 15% fee is excessive, especially given the limited marketing support from the platform, and have proposed reducing it to 5%.
Zack, Senior Vice President at SuperRare, backs a revision: “Lower fees for artists on SuperRare clearly need to happen, especially for releases without marketing support. I’m in full support and will do everything I can to make it happen soon. It’s a community/DAO decision, but it’s coming.”
These recent discussions on artist fees, prompted by the web3 community, highlight the platform’s commitment to responsiveness. While some praise the potential change, others express skepticism about its timing.
SuperRare’s Costs and Capabilities
Trading on SuperRare’s NFT marketplace comes with a price tag beyond the initial sale. In addition to the 15% gallery fees levied on primary sales, users encounter further expenses.
Transaction fees stand at a relatively steep 3%, and users also contend with crypto gas fees for Ethereum transactions. These fluctuating gas fees, paid to Ethereum miners, are contingent upon network demand. Users may opt to wait for demand to subside to alleviate high gas fees.
Despite the platform’s convenience, these costs pose challenges for artists and traders navigating the NFT space. However, SuperRare positions itself as a high-end art platform, distinct from other NFT marketplaces with some features not found elsewhere:
- Exclusive artist invitations: NFT artists undergo vetting for quality and authenticity before joining the platform
- Single-edition NFTs: Each digital artwork on SuperRare is one-of-a-kind, enhancing its value and rarity
- Wallet compatibility: SuperRare seamlessly integrates with popular wallets like MetaMask, Fortmatic, and Wallet Connect, facilitating transactions
- Community-run galleries (Spaces): SuperRare’s galleries (Spaces) are community-operated and curated through collective decision-making.
- $RARE token: It operates its own currency, $RARE, granting owners voting rights akin to shareholders and enabling participation in community decisions regarding Spaces
- Minting requirements: Only NFTs minted on SuperRare are tradable on its marketplace; none of the many others.
While there’s no denying that the marketplace does offer a distinctive platform tailored for the discerning art connoisseur, the associated expenses prove prohibitive for some artists—especially newcomers—in the NFT market.
If SuperRare were to lower its fees as teased, it could potentially enhance accessibility for artists and traders, fostering a more inclusive environment within the NFT art world.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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The post SuperRare SVP Supports Slashing Fees Amid Artist Feedback appeared first on NFT Plazas.