A new arts-centric crypto asset is on the rise after the surprise addition to global crypto exchange Binance.
After the announcement, the non-fungible token (NFT) market SuperRare (RARE) The price jumped 169 percent from $1.35 to $3.64. The altcoin is currently trading at $2.44, up 77 percent.
In the announcement made by Binance, there are the following explanations about the listing:
“SuperRare is a one-of-a-kind NFT marketplace designed to collect and trade limited edition digital artworks. Each artwork is uniquely created by an artist on the network; It is tokenized as a crypto collectible digital item that you can own and trade.
RARE is the platform’s governance token, and token holders can manage key platform parameters, allocate funds from the community treasury, and vote on proposed improvements to the network and protocol.”
When SuperRare launched, it was only available to a select select few creators, but with the August release of the RARE healing token, community members can now add new artists to the platform.
In the platform’s Medium post, the purpose of the platform is stated as follows:
“The RARE improvement token will be used as a primary tool to engage a growing network of collection managers, galleries and collectives. We expect the next great artistic talent to be discovered by the community, not by a gallerist or supervisors.”
Describing itself as “the future of art collecting,” Super Rare believes artists should be paid permanently for their work.
“Artists receive perpetual royalties for all secondary sales on their artworks, perpetually.
This is similar to the concept of the musician who got a percentage of sales for a used vinyl record that was introduced in the 1960s and is still available in record stores today.”
The protocol consists of three main components: SuperRare Spaces, which are community-controlled galleries, SuperRare DAO, which drives fees and commissions, and independent mintage contracts that allow independent artists to issue their own tokens.
According to CoinGecko data, the token, which is worth $2.44 at the time of writing, ranks 205th with a total market capitalization of $343,232,323. The circulating supply of the cryptocurrency, which has a total supply of 1,000,000,000, is 141,101,819.
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