Finances & Money 101

How does the RareDAO make money?

SuperRare is a marketplace that charges fees on transactions. On primary sales, the fees are 15% and on secondary sales, the fees are 3%. Both of which go directly to the RareDAO Treasury. You can see more details here.

What are Artist Royalties?

On every sale, the artist of the NFT will receive a portion of the sale price. This perpetual portion of sale price is dubbed as artist royalties. On SuperRare, the artist will receive 85% of the primary sale, and then 10% of every sale thereafter.

What are Collector Royalties?

NFTs have enabled financial incentive for not just the artists but also collectors. On SuperRare, as an early collector by supporting artists, a portion of the fees collected on secondary sales go towards collectors. You can read more about SuperRare’s collector royalties here.

What is a “wallet”?

You can think of a wallet as your electronic debit card for all things web3. This is your identity and holds your cryptocurrency. In order to interact with web3 apps and websites especially for voting, buying and selling, a wallet is required.

How do I use a wallet?

Many blockchains have their own preferred wallets. For Ethereum, a popular wallet is Metamask. You will need to download the wallet as an web browser extension or on your phone. Then create a new wallet. You will be presented with a Private Key - this list of words will be your password and you should never share these with anyone.This is how you recover your wallet if you forget your password. Then you can either purchase using an exchange, Apple Pay or transfer cryptocurrency you purchased elsewhere to the wallet. You can see a detailed walkthrough of Metamask here.