An NFT marketplace is your entry point to partaking in buying and selling digital goods, ranging from music to anything in the virtual world. Think of it as the Amazon of the internet.
As NFTs gain popularity, more outstanding platforms will probably start to appear in the coming years. With so many alternatives available for the consumers and creators, choosing the right platform could often be a difficult task. Enter OpenSea and Rarible, the two most popular NFT marketplaces in today's time.
But what should you consider before selecting one, and which platform has an edge over the other? This blog answers all your questions about the ongoing Rarible vs OpenSea debate and will help you decide between these platforms and what caters to your needs.
Non-fungible token makers, sellers, and buyers can connect on the Rarible NFT marketplace to transact business. The website, for instance, enables artists to produce, sell or retain NFTs.
In addition, it enables customers to purchase NFTs that they may keep or sell back for profit. The website offers a large selection of tokens divided into several categories including DeFi, art, photography, gaming, metaverses, music, and domains.
And the best part yet? Rarible offers all of it at a fair price.
OpenSea is an NFT marketplace where users may purchase and trade non-fungible tokens. Currently, it serves as a marketplace for a wide range of digital goods, such as music, gaming items, domain names, and artwork. You need to have an Ethereum wallet in order to purchase and sell NFTs on OpenSea because it is built on the Ethereum blockchain. Thankfully, a large number of wallets are supported by OpenSea.
Rarible vs OpenSea: Comparison
Now that you know the basics of how OpenSea and Rarible work, let's compare them based on the basis of their audience, supported currencies and wallets, minting, fees and security.
Rarible vs OpenSea: Target Audience
The first NFT marketplace, OpenSea has grown to include a sizable network of traders and artists. And as a matter of fact, it has a total of more than 1.5 million active users. Its objective is to simplify the buying and selling of digital assets.
Despite having a sizable database and over two million monthly active users, Rarible emphasizes making it simpler for its audience to influence the direction of the business. For this purpose, the platform's creators created a governance token that enables users to choose how to handle upcoming upgrades.
The same smart contracts, which are regarded as the industry standard for NFT transactions, are used by both Rarible and OpenSea. Since none of the information kept on the blockchain is fungible, ownership can be traced with ease.
While Rarible focuses more on providing an environment where artists have a voice in how the platform is run, OpenSea offers a community that makes it simple for users to purchase and sell digital goods. The business grants people control over both their artwork and the market as a whole. In other words, Rarible is focused on the artist, whereas OpenSea is focused on the art.
Rarible vs OpenSea: Security
When working with digital assets, security is always a key concern. The same may be said about the budding NFT sector, which is vulnerable to hackers and fraud. Regrettably, issues involving fraud have also plagued OpenSea and Rarible. These two markets are open, making it challenging to prevent the sale of counterfeit goods and the violation of copyright laws.
For both systems, fraud has been a persistent problem; however, OpenSea has seen a lot more security problems, the most recent of which involved a smart contract attack that left users vulnerable to NFT theft.
Recently, a report from Check Point, a cybersecurity firm stated that security issues in an NFT marketplace might allow malicious hackers to take a user's NFTs and crypto tokens in a single transaction. This risk is owing to the security gap between the infrastructure of Web2 and Web3.
Rarible vs OpenSea: Supported Wallets
MetaMask, a popular bitcoin wallet, is supported by OpenSea. Additionally, it collaborates with other businesses including Bitski, Coinbase, and Fortmatic.
Some of the other wallets supported by OpenSea are:
- Opera Touch
- Rainbow Wallet
There is a strong likelihood that you will discover your cryptocurrency wallet accepted on either marketplace because both platforms interface with numerous wallets.
Rarible vs OpenSea: Supported Currencies
OpenSea lets users purchase and sell NFTs using Ethereum (ETH/WETH), SOL, USDC, and DAI. Rarible exclusively accepts Visa and Mastercard, which means that the money is instantly converted to ETH at the current rate, so the vendor is still paid in cryptocurrency. You need a cryptocurrency wallet in order to use Rarible, regardless of the payment option you choose. The supported blockchains are mirrored in the cryptocurrency options — depending on the network you use, you can pay with ETH, FLOW, XTZ, or MATIC.
This implies that on OpenSea, you may trade more than 150 different cryptocurrencies. Rarible gives you the option to pay with a credit card, but what about OpenSea? If you reside in one of the supported regions, you may use MoonPay to use a credit or debit card to purchase NFTs. When buying NFTs, MoonPay enables the conversion of your fiat money into cryptocurrency.
Additionally, Rarible has its own currency, called RARI, which is obtained through mining liquidity on the site. On the platform, you cannot use this token to make any purchases or sales. The only thing it does is let people vote on upcoming market adjustments.
Sadly, the Rarible project has several issues that might hamper its performance. One of them is called wash trading, in which individuals open several accounts to exchange their own tokens. As a result, the tokens' value has been jeopardized.
Rarible vs OpenSea: Minting
Lazy minting or gasless minting, made popular by OpenSea and Rarible, enables artists to trade their NFTs without setting up smart contracts on the blockchain.
Network costs, also known as gas fees, may climb fast for a blockchain like Ethereum that suffers from network congestion, making it far more expensive to produce Ethereum-based NFTs.
How is this helpful?
Gasless minting functionality makes it feasible to mint NFTs without worrying about the associated costs because the buyer is automatically responsible for paying minting expenses.
While Rarible expands its operations across Ethereum, Flow, and Tezos, OpenSea enables users to mint and acquire NFTs on Ethereum, Polygon, and Klaytn. Therefore, it is evident in this part that both platforms strategically integrated blockchain technology.
Rarible vs OpenSea: NFT Niche
OpenSea and Rarible both support ERC-20 and ERC-1155 tokens.
NFTs come in many forms, including virtual reality things, collectibles, digital art, crypto domain names, ownership records for tangible objects, and more. And OpenSea is one of the biggest NFT marketplaces supporting, not only a huge quantity of NFTs but also a broad range of digital items, such as:
- Digital art
- Game resources
- Names of crypto domains
- Virtual assets
- Tradeable cards
Rarible shows top sales and NFT art compilations and lets you look for NFTs in genres including memes, games, and photography.
Rarible vs OpenSea: Platform Fees
Users additionally pay a portion of the money earned from the purchase of NFTs to the NFT marketplace as commission, in addition to the minting charge paid to the network validators. While OpenSea just retains 2.5% of the total transaction price, Rarible collects 2.5% from both the buyer and the seller.
Although the blockchain charge is based on the price of gas and may change based on how busy the Ethereum network is, Rarible charges a service fee of 2.5%, and exchange provider fees of 4%.
Rarible vs OpenSea: Royalty Fees
The development of royalties as a further passive revenue source for producers is a crucial component of the NFT universe. Creators of NFTs have the option to mint them with a provision that entitles them to a portion of the proceeds from the secondary market. Because of this, anytime NFTs are sold on the resale market, the actual creator gets a set royalty payment.
The royalty rate for OpenSea is set at 10%. Rarible, in comparison, provides more flexibility because the original inventor can set the royalty rate at a maximum of 50%.
Rarible vs OpenSea: Summary
Final Verdict: Which NFT Marketplace Should You Opt For?
Everything ultimately boils down to personal choices and what you're prepared to forgo in order to use a certain feature or service. For instance, you could be willing to give up the abundance of crypto payment methods provided by OpenSea in exchange for the possibility of buying NFTs on Rarible with a credit card.
Although OpenSea may be more well-known and older, Rarible offers a number of significant advantages to take into account.
Rarible enables lazy minting, accepts four blockchains, lets users define their own royalty, and lets them use their credit cards to pay for fixed-price things. The only true advantage OpenSea has over Rarible is that it supports Solana and accepts more file types, but even these advantages aren't enough to give OpenSea the edge.
OpenSea may be the best NFT market, but if it doesn't start permitting features that the more recent markets are releasing, it may lose its top position. Rarible is now a better option for both makers and purchasers because OpenSea is coping with the numerous fraudulent NFTs that are currently scattered around the site.
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