Venturing into the world of NFTs can be exciting, but with so many options to choose from, finding the right marketplace can be a daunting task. Think of it as the ultimate digital bazaar where you can buy and sell anything from virtual art to music. As this new market continues to grow, so do the number of platforms available. However, two stand out above the rest: OpenSea and Rarible.
In the ongoing Rarible vs. OpenSea debate, which is better OpneSea or Rarible? Look no further than this blog for the ultimate guide on all things NFT marketplaces. We’ll provide you with all the information you need to make an informed decision, including the key features that set each platform apart. Discover which one caters to your needs and start your NFT journey with confidence.ย
Rarible
Rarible NFT marketplace acts as a hub for non-fungible token creators, vendors, and purchasers to connect and transact. This online platform provides artists with the opportunity to design, trade, or hold onto their NFTs.ย
Meanwhile, buyers can acquire NFTs that they can either retain or sell for profit. Rarible offers an extensive range of tokens in various categories, such as art, photography, gaming, DeFi, metaverses, music, and domains. What’s more, all of these features are available at an affordable price point.
OpenSea
OpenSea is one of the biggest NFT marketplaces that allows users to purchase and trade non-fungible tokens. It provides a platform for buying and selling various digital goods, including artwork, gaming items, music, and domain names. To buy or sell NFTs on OpenSea, you must have an Ethereum wallet since the platform is built on the Ethereum blockchain. However, OpenSea supports a wide range of wallets, making it easy for users to access the marketplace.
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
Digital asset security is a crucial concern when dealing with NFTs, which are vulnerable to hacking and fraud. Unfortunately, both OpenSea and Rarible have faced issues with fraud, as their open markets make it difficult to prevent counterfeit goods and copyright infringement.ย
While both platforms have experienced issues with fraud, OpenSea has been the subject of more security problems, including a recent smart contract attack that left users exposed to NFT theft. Furthermore, a recent report by Check Point, a cybersecurity firm, revealed that security vulnerabilities in NFT marketplaces could allow malicious hackers to steal a user’s NFTs and crypto tokens in a single transaction due to the security gap between the infrastructure of Web2 and Web3. Despite being great, these are not the safest NFT marketplaces.
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
- Authereumย
- Bitskiย
- Dapper
- Kaikas
- Opera Touch
- Torus
- WalletConnectย
- 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.ย
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.ย
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.ย
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 Or 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 Or 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: Decentralizationย
Both OpenSea and Rarible function on blockchain technology, providing a decentralized network for NFT makers, buyers, and sellers. However, Rarible stands out for its robust decentralized system, granting users the status of stakeholders who can actively contribute to the project’s governance and future. This was implemented through Rarible’s introduction of $RARI, which offers governance privileges or voting power to its holders.
On the other hand, OpenSea’s governance model is not fully decentralized, lacking the infrastructure to democratize the decision-making process. The team has also made some questionable decisions, such as temporarily changing its policy regarding minting in January 2022, which was later reversed following community backlash.
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
| Services and Features | Rarible | OpenSea |
|---|---|---|
| Launching year | 2020 | 2017 |
| Multi-chain | Yes | Yes |
| Decentralized governance | Yes | No |
| Native token | Yes ($RARI) | No |
| Payment options | ETH, FLOW and XTZ | Around 150 cryptocurrencies |
| Credit card payment | Yes | No |
| Trading fee | 2.5% | 2.5% |
| Royalty fee | Up to 50% | 10% |
| Gasless/ lazy minting | Yes | Yes |
| Monthly unique users | 2 million | > 1.5 million |
| User-friendly interface | Yes | Yes |
| Mobile app | No | Yes |
| Messaging feature | Yes | No |
Final Verdict: Which is Better OpenSea or Rarible?
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.
Even though this might seem a little complicated, you don’t need to worry. ZenLedger now provides native support for ERC-721 NFT taxes.
โDisclaimer: 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.
