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 consumers and creators, choosing the right platform can often be a difficult task. Enter OpenSea and Rarible, the two most popular NFT marketplaces today. And Rarible NFT is gaining more popularity than the other one.
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.
Rarible
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 allows 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
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 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 easier for its audience to influence the direction of the business. For this reason, the creators of the platform made a governance token that lets users decide how to deal with 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 Ethereum 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:
- TrustWallet
- Portis
- Venly
- Authereum
- Bitski
- Dapper
- Kaikas
- Opera Touch
- Torus
- WalletConnect
- Phantom
- Glow
Additionally, Rarible supports a number of wallet integrations, including MyEtherWallet, Metamask, and Ethereum. Other wallets include:
- Fortmatic
- Rainbow Wallet
- Coinbase
There is a strong likelihood that you will find 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 only accepts Visa and Mastercard. 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 live in a supported region, you can use MoonPay to buy NFTs with a credit card or debit card. When buying NFTs, MoonPay enables the conversion of your fiat money into cryptocurrency.
Rarible also has its own currency, which is called RARI. You can get RARI by 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 makes it possible to mint NFTs without worrying about the costs, since the buyer is responsible for paying the minting costs automatically.
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 have 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:
- Collectibles
- Digital art
- Game resources
- Memes
- 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 only 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
Royalties are an important part of the NFT universe because they give producers another way to make passive income. 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%.
OpenSea vs. Rarible: User Base
OpenSea has the largest user base of any NFT marketplace, with over 4 million items listed and a more established user community. The platform offers a wide range of NFTs, from digital art to gaming items to virtual real estate. OpenSea's user base is largely made up of experienced collectors and traders, as well as established artists and creators.
OpenSea NFT platform has experienced a substantial increase in user base, from 600,000 in 2022 to over 1 million in 2023. It is currently one of the largest NFT marketplaces, with over 80 million NFTs listed and a well-established user community. Rarible NFT platform has also seen growth in recent months, with 1.3 million users as of December 2022 and around 934,000 active monthly users in February.
The size of a platform's user base can make a significant difference in trading and investment. With a larger user base comes increased liquidity and a wider range of NFTs available for purchase. Established collectors and traders on such platforms may be more willing to pay top dollar for rare and valuable assets. Conversely, a smaller user base could mean less competition for specific NFTs, potentially resulting in lower prices.
OpenSea vs. Rarible: Fees
To create NFTs, users pay both network validators a minting fee and commission fees to NFT marketplaces based on a percentage of their revenue from NFT sales. OpenSea has a commission fee of 2.5% of the sale price, while Rarible charges a commission of 1% from both buyers and sellers. On OpenSea, NFT creators have a fixed royalty fee of 10%, but on Rarible, creators can earn up to 50% in royalty fees.
In terms of gas fees, both platforms charge additional fees for transactions on the Ethereum blockchain. These fees can vary depending on the network congestion and can be significant during periods of high activity on the blockchain.
The fees associated with NFT trading and investment are a crucial factor to consider. High fees can diminish profits and make it challenging to earn a return on NFT sales. As a result, it's essential to evaluate the fees charged by different platforms before deciding where to buy or sell NFTs.
OpenSea vs. Rarible: Features
Both OpenSea and Rarible offer a range of features to users looking to create, buy, and sell NFTs. Here's an overview of the key features available on each platform:
OpenSea:
- Easy-to-use marketplace for buying and selling NFTs
- Ability to create and sell unique digital assets using the OpenSea NFT platform
- Wide range of NFTs available, from digital art to gaming items to virtual real estate
- Integration with major blockchain projects and crypto wallets
- Social features, including the ability to follow other users and view their collections
Rarible:
- User-friendly platform for creating and selling NFTshelps
- Ability to create unique digital assets using the Rarible NFT platform
- Wide range of NFTs available, with a focus on digital art and collectables
- Unique social features, including the ability to like and comment on NFTs
- Integration with major blockchain projects and crypto wallets
When comparing the features of OpenSea and Rarible, there are a few key differences to consider. OpenSea NFT platform offers a wider range of NFTs and has a more established user community, which may be attractive to buyers and sellers looking for a diverse marketplace. Rarible NFT platform, on the other hand, is known for its user-friendly interface and social features, which can be useful for creators looking to build their following and engage with fans.
- When it comes to NFT trading and investment, features matter. A platform with diverse NFTs and a strong user base may attract more buyers and ultimately increase the value of your NFTs. A user-friendly interface and social capabilities can also be beneficial for creators, as they help them build their brand and connect with their audience, potentially leading to greater value for their NFTs in the long run.
Read More: Where Can I Buy NFT?
Rarible vs. OpenSea: Community
The sense of community and engagement on a platform can have a significant impact on NFT trading and investment. Here's a breakdown of the communities on OpenSea and Rarible:
OpenSea:
- Established community of NFT buyers and sellers
- Active social media presence, with over 200,000 followers on Twitter
- Robust Discord community with over 32,000 members
- Regular community events and contests to engage users
Rarible:
- An active community of NFT creators and collectors
- Active social media presence, with over 90,000 followers on Twitter
- Robust Discord community with over 12,000 members
- Regular community events and contests to engage users
When comparing the communities on OpenSea and Rarible, it's clear that both platforms have a dedicated user base and active engagement on social media and Discord. OpenSea has a larger overall community and a more established presence, which may be attractive to buyers and sellers looking for a diverse and engaged marketplace. Rarible, on the other hand, has a strong focus on NFT creators and collectors, with a vibrant community of artists and enthusiasts.
Having a strong community can greatly influence the trading and investment of NFTs. Platforms that foster an engaged and supportive community tend to attract more buyers and potentially increase the value of your NFTs. Additionally, active social media and Discord communities can serve as valuable sources of information, insights, and networking opportunities for both NFT creators and investors.
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 items. 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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Disclaimer: This material has been prepared for informational purposes only and is not intended to provide tax, legal, or financial advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
