- Authors: Ryan Collins, Charles Crain, Matt Casagrande, Phil Readman, Rohit Kapoor, Brennan Mulligan
- Status: Proposed
- Implementer: RareDAO Foundation
- Sponsor: TBD
- Created: October 16, 2024
Summary
In this SIP we introduce the concept of Batch Offers, a new addition to Rare Protocol designed to enhance the collector experience on SuperRare by allowing users to place blanket offers on a series of works from an artist. This eliminates the need for collectors to manually put offers on each piece within the same series, streamlining the acquisition process for series-based artworks.
Motivation
Currently, collectors must manually place offers on each individual artwork in a series. This can be time-consuming and cumbersome, especially when dealing with large series from prolific artists. As artists on SuperRare continue to expand their collections and create multiple pieces within a series, collectors have expressed the need for a more efficient way to make offers across entire series’ without repetitive tasks.
The motivation behind the Batch Offers functionality is to create a more efficient marketplace for series-based artworks. By reducing the friction in the offer-making process, we believe collectors will be more likely to engage with and purchase multiple works from a series. This increases engagement on SuperRare and leads to greater sales for artists.
Background & User Experience
In this section, we provide a high-level overview of how this functionality works from a user experience perspective, targeted towards collectors (users making an offer) and owners (users who own a piece which received a batch offer). Please note, this is just background information to help contextualize the smart contract deployment which is the focus of this proposal. Details about the smart contract deployment can be found in the Protocol Specification section. The information that follows is illustrative and may differ from the final implementation on SuperRare.com, the details of which are not subject to DAO governance.
Functionality
The Batch Offers feature will enable collectors to place a single offer that applies to all artworks within a specific series. This offer will be broadcast to all current owners of the artworks in that series. The first owner to accept the offer will complete the transaction, after which the offer will automatically be invalidated for the remaining artworks in the series. Additionally, collectors will have the option to revoke their offers at any time before acceptance, providing flexibility and control over their bids.
User Interface
The user interface will be updated to include a “Make a Global Offer” option on the series artwork pages, as demonstrated in the attached mockups. Collectors will be able to set the offer amount, which will apply across all artworks in the series. Additionally, collectors will have the ability to define the expiration period for their offers, choosing between time frames of 24 hours, 3 days, 5 days, or 7 days, depending on their preference.
Notifications
All owners of artworks within the series will be notified when a global offer is placed, allowing them the choice to either accept or reject the offer. Once an offer is accepted by any owner, a follow-up notification will be sent to the remaining owners, informing them that the offer is no longer available. This ensures clarity and prevents any confusion among the owners regarding the status of the offer.
Protocol Specification
If this proposal is approved, RareDAO Foundation shall deploy a new smart contract, BatchOffer.sol, to Ethereum mainnet. This smart contract allow for the creation of batch offers, will hold the contents (i.e. metadata) of any batch offers, validate offers, facilitate the revocation offers, call the marketplace to escrow and release funds, and remove the offer once the sale is finalized or the offer is revoked.
The github repo for this functionality can be found here. This code has been audited by an independent 3rd party. Additional audit information may be requested by emailing [email protected].
Benefits
For Collectors
Batch Offers significantly reduce the effort needed to place offers on multiple artworks within a series. Collectors can now make a single offer that applies across an entire body of work, streamlining the acquisition process. This simplification encourages faster acquisitions, allowing collectors to engage more efficiently with series-based collections.
For Artists
This feature increases the visibility of an artist’s series, as collectors are more likely to engage with entire collections rather than individual pieces. By simplifying the offer process, artists are likely to experience quicker sales across their full series, which in turn enhances liquidity and increases overall sales potential.
For the Platform
Batch Offers improve the overall user experience on SuperRare, making it more attractive to collectors interested in acquiring entire series of artwork. By reducing friction in the offer-making process, this functionality promotes greater marketplace activity, leading to increased series sales and contributing to the platform’s continued growth.
Drawbacks
Offer Overlap: If multiple collectors place batch offers on a series simultaneously, there may be confusion regarding offer precedence. This will be managed by the first-come, first-served mechanism in the smart contract and notifications in the superrare.com user interface.
Proposal Execution
Upon approval of this proposal, RareDAO Foundation shall be authorized and compelled to deploy BatchOffer.sol and any related smart contracts to Ethereum mainnet. After an initial period for testing and user feedback, ownership of the contract shall be granted to the RareDAO Council multisig. During this initial period, minor upgrades may be made for security, gas optimization, or other improvements, though the final implementation shall not materially differ from the source code provided in this proposal.