{
  "release": "coin-fundamentals-source-review-20260927-3.0",
  "reviewed_at_utc": "2026-09-27T03:59:28.770Z",
  "price_cutoff_utc": "2026-09-26",
  "symbol": "RARE",
  "project": "SuperRare",
  "documented_mechanism": "RARE supports curation and DAO governance. Marketplace fees accrue to the DAO treasury under official rules, not automatically as a cash payment to each passive RARE holder.",
  "holder_rights_boundary": "RARE governance rights are not corporate equity or a contractual NFT-sales dividend.",
  "official_distribution": "Official SuperRare materials describe one billion RARE total and allocations; provider circulating supply is a dated estimate, not a sale or unlock event.",
  "operating_status": "official_fee_rules_verified_but_no_frozen_multiweek_nft_sales_and_treasury_flow_panel",
  "operating_observation": null,
  "token_capture_observation": null,
  "missing_series": [
    "Weekly completed NFT sale volume and fee receipts by contract",
    "DAO treasury balance and spending changes, reconciled against sales",
    "Active curator participation and RARE locked/staked by week"
  ],
  "supply_estimate": {
    "provider": "CoinGecko",
    "provider_updated_at_utc": "2026-09-27T03:57:30.000Z",
    "circulating": 820475028.2097726,
    "total": 1000000000,
    "max": 1000000000,
    "market_cap_usd": 15960549,
    "fdv_usd": 19452815
  },
  "sources": [
    {
      "name": "SuperRare official RARE FAQ",
      "url": "https://help.superrare.com/en/articles/10658642-everything-rare"
    },
    {
      "name": "SuperRare official fee policy",
      "url": "https://help.superrare.com/en/articles/10629742-offers-auctions-and-pricing"
    },
    {
      "name": "SuperRare public API documentation",
      "url": "https://help.superrare.com/en/articles/10683308-superrare-public-api-documentation"
    }
  ],
  "interpretation": "Documented token mechanism, circulating supply estimate, project operating activity, and passive holder economic capture are distinct. Null means not verified, never zero."
}