NFT Platform SuperRare Unveils New Platform Token And More Features

NFT marketplace SuperRare is known to be a more tailored, selective market. Unlike OpenSea or many other major NFT markets, SuperRare is not open to all applicants and instead selects generally contemporary NFT artists that fit with the platform’s identity.

In an announcement this week, the team at SuperRare has unveiled the $RARE curation token and a new network of features in the platform’s umbrella.

SuperRare & The $RARE Token

The $RARE token will fuel SuperRare’s DAO governance model. $RARE holders will form the SuperRare Governance Council and will oversee the platform’s new ‘SuperRare Spaces’, community treasure, and future shifts and decisions for the platform.

According to the announcement, the $RARE token will mark “the first step in our ongoing commitment to progressive decentralization and continued disruption of the art market.”

The token will represent a shift in how art is curated on the platform. While the SuperRare Labs team has selected artists to be showcased on the platform to date, the $RARE token will change that. The token will serve as “the primary vehicle to onboard a growing network of curators, galleries, and collectives” as part of what they call ‘SuperRare Spaces.’

The platform is allocating 15% of $RARE tokens to artists and collectors who have been part of the community to date via airdrops. Unclaimed tokens will go back into the platform’s DAO treasury. Supply of the $RARE token is capped at one billion tokens.

Related Reading | Number Of Ethereum Staked Now Higher Than Total Wrapped ETH, Surpasses $21 Billion

More Super Features

Beyond just the $RARE token, there are three main buckets that contribute to today’s announcement: the aforementioned SuperRare Spaces, the platform’s DAO, and new sovereign smart contracts.

Spaces will be “independently curated storefronts” chosen by $RARE holders. Decentralized art is here.

The platform’s new DAO has already started collecting from platform commissions and fees. The treasury is publicly viewable and composed of both $ETH and $RARE tokens. Furthermore, a governance council will oversee the treasury and decisions for token holders to review. As the announcement puts it, “SuperRare is now in the hands of the community.”

Finally, the platform has announced that it is expanding the platform’s contract capability. This will enable artists and creators to “create custom, bespoke NFT minting contracts” that they are referring to as ‘sovereign smart contracts.’ This will include features including personalized ticker tokenization and shared contracts with other artists.

In all, the adjustments are part of what the platform is calling ‘SuperRare 2.0’. Today’s shift seems to be a step in the right direction when it comes to decentralization in the NFT landscape.

The new treasury for the SuperRare DAO will include both $RARE and $ETH tokens. | Source: ETH-USD on TradingView.com

Related Reading | E-commerce Giant Alibaba Introduces New NFT Marketplace With Copyright Policies

Featured image from SuperRare.com/rare, Charts from TradingView.com

Source: https://bitcoinist.com/nft-platform-superrare-unveils-new-platform-token-and-more-features/?utm_source=rss&utm_medium=rss&utm_campaign=nft-platform-superrare-unveils-new-platform-token-and-more-features