Ethereum-based decentralized digital art marketplace SuperRare has announced the launch of its Genesis RarePass, as it looks to draw crypto NFT users to the platform.
RarePass will enable users to receive specially curated art NFT drops by a host of leading global NFT artists.
SuperRare has announced the launch of its “Genesis RarePass” as it looks to disrupt the way users collect art. The pass will allow users to receive curated crypto art from some of the most prominent NFT artists on the platform.
Kyle Olney, COO of SuperRare, described the RarePass as a subscription-based service, stating that holders of the pass will receive several exclusive benefits. These include receiving 1x guaranteed monthly airdrop from a rotating roster of exclusive NFT artists such as XCOPY, Pindar Van Arman, Other World, Coldie, and others.
Genesis RarePass holders will also be eligible to win unique artwork. The artwork will be selected through a random on-chain mechanism, which means every holder will have an equal chance to win.
A total of 250 Genesis RarePasses will go on auction on SuperRare, starting from the 15th of November. Additionally, once the auction begins, the price of passes will drop every 15 minutes for the next 6 hours until it reaches a floor price of $0 at 7 pm eastern time on the 16th of November 2022.
Future passes for thematic collections could also be considered depending on the success of the initial launch.
Each artist will be curating a series of 250 unique art pieces for the corresponding RarePass holders. The collection also reflects the beginning of a new era for the participating artists.
Additionally, in an effort to gamify the art-collecting experience, three artworks by 12 other artists will be randomly distributed on a monthly basis to select pass holders.
With interest in the broader NFT space starting to wane with the ongoing bear market, NFT marketplaces are exploring innovative new ways to bring in buyers and reward creators.
So far, Superare has been able to facilitate transactions worth $280 million in sales, with over $165 million earned by artists on the platform through royalties, including $10 million worth of royalties generated through secondary sales.
SuperRare is now looking to regain lost ground through this innovative drop, with monthly crypto art volume hitting just $4 million in October 2022, compared to a peak of $37 million in October 2021.