NFTs & CryptoArt 101

What is an NFT?

NFT stands for Non-Fungible Token.
Fungible tokens are divisible and non-unique. For example Bitcoin is a fungible token. Non Fungible Tokens are unique and non-divisible. For example, CryptoArt, a digital receipt of an artwork can be a non fungible token.
In simple terms, NFT is a unique certificate of ownership that can’t be forged.

What is a 1/1 CryptoArt?

A one-of-one artwork is unique, only copy of it can can exist on the blockchain. Being a single edition makes this type of NFT more scarce, and therefore sometimes perceived to have a higher value associated with it, and makes it more desirable for collectors. 1/1 NFTs are also referred to as CryptoArt.

What types of NFTs do we support at SuperRare?

SuperRare supports one-of-one of CryptoArt.

How is SuperRare different from OpenSea, Rarible, Foundation, Nifty, LOOKSRARE?

SuperRare is a marketplace and platform dedicated to 1/1 CryptoArt. SuperRare is also unique as it has a functioning DAO that curates art via Space Races, and has the $RARE token as the governing mechanism. Lastly, SuperRare also publishes a magazine that highlights artists and their stories.

How can I buy CryptoArt on SuperRare?

You will need to first sign in with a support wallet. SuperRare currently supports MetaMask, Formatic and Wallet Connect. Once signed in, you will need to ensure you have ETH as that is what is required in order to buy NFTs on SuperRare.
There are three ways an artist can sell on SuperRare:
i) opening bidding
ii) a reserve auction, and
iii) a timed auction.

What type of cryptocurrency can I use to purchase CryptoArt from SuperRare?

Currently, purchases on SuperRare can be made using ETH.

What does Digital Art mean & include?

The term was first used in the early 1980’s when pioneering digital artists began to gain attention for their collaborations with technology. Since the early experiments between artists and engineers, digital art has drastically expanded in practice as technology became more accessible. Today Digital Art is a movement, inclusive of all art that is created, processed, or displayed digitally.

How is CryptoArt changing the norm of the Art Industry?

Due to its lack of physicality, major institutions, galleries, and auction houses have historically sidelined Digital Art because it was difficult to authenticate and therefore sell. NFTs are disrupting the traditional gallery system by designing smart contracts that cut out the middle men and ensure artists receive royalties on secondary market sales.

What is a Series on SuperRare?

Series are a different kind of smart contract that allows an artist to mint a collection of works under one contract address.

What is a PFP?

PFP refers to 'Profile Picture". These NFTs act as digital avatars used for social media profile pictures, a popular way to exhibit ownership.

When did NFTs start?

The first official NFT was created in 2014, but it wasn't until 2021 that it actually sold for $1.4M. Strides to authenticate digital assets for a variety of functions had begun even earlier, but it wasn’t until 2017 that NFTs transitioned onto Ethereum and entered the mainstream with projects like CryptoPunks and CryptoKitties in 2017. Then, 2021 marked the year NFTs with the adoption of major auction houses that brought on historic sale records and opened the door for mainstream adoption. [reference].

What is Trash Art?

A new movement that uses pre-existing media, digital work to create new works much in a same way as a collage. It takes smaller pieces and accumulatively creates a larger work of art [read more].