Rarible and OpenSea are the two most sought-after platforms for unique content creators and investors. These NFT marketplaces allow creators to create, trade and exchange NFT assets.
The list also includes art, music, virtual property, domain name, and other extraordinary things on the blockchain. Both these platforms look similar but are different from each other in many ways.
Let’s discuss all the Rarible vs OpenSea in detail. But before that, new users must understand the NFT concept.
What is NFT?
NFT, Non-Fungible Token is a buzzword in the crypto world. All credit goes to the success of several NFT initiatives such as the millionaire flex toys, the play-to-earn (P2E) phenomenon, and early pioneers.
In other words, Non-Fungible assets are designed in such a way that they cannot be easily traded for something else (like other currencies).
For instance, the NFT of a particular collection such as photography, music, the domain name cannot be traded with another NFT.
When it’s about choosing the NFT exchange market, remember, crypto is the only source to deal with an NFT transaction. Some of the most popular cryptos are – Ether, Litecoin, Bitcoin, and Dogecoin.
Now, it’s about Rarible and OpenSea. These established platforms allow users to mint, purchase, and trade NFTs. The best thing is, these are clean and sleek interfaces powered by a blockchain.
Rarible vs OpenSea
Rarible and OpenSea have similar functions and serve the same purpose. Both platforms extremely help to monetize your digital artwork, earn a license and ensure your property will be protected in all possible ways. But technically, these vary from each other. Let’s have a closer look.
What is Rarible?
Rarible is a software or a decentralized NFT marketplace allowing digital artists and creators to create or upload digital artwork and sell using cryptocurrency. Assets listed on Rarible represent ownership of real content creators. The platform builds a direct link between creator and investor, therefore eliminating a middleman commission. People appreciate Rarible adding extraordinary content, hidden messages, and high-resolution files to their artwork.
What is OpenSea?
OpenSea NFT marketplace built on Ethereum. It allows users to create, trade, and exchange NFT assets. It’s the largest peer-to-peer platform. The marketplace deals with enhanced security and privacy with cryptocurrencies and digital world assets. OpenSea supports Polygon and the Klaytn blockchain to deal with high fees and slow transaction speed.
Buying NFTs on OpenSea vs Rarible
Rarible is only available via its webpage, rarible.com. Users can buy NFT with ETH. For this, users need to sign up for a marketplace and browse for NFT offerings. Even if you have a digital wallet, only sign up to Rarible a few clicks.
While heading toward Rarible, click on the connect button. The button could vary depending on your operating device, such as mobile or desktop.
Once you successfully connect to Rarible with your MetaMask account, you can purchase or bid on any NFTs or live auctions.
OpenSea also offers a similar function to connect your digital wallet for trading. You just need to select which NFT content creates wishes to purchase. Opensea allows users to connect with the marketplace via mobile apps and websites. Under OpenSea, you can choose among 150 tokens to buy digital assets.
Selling NFTs on OpenSea vs Rarible
Buying and selling NFTs on these platforms is the main objective. For this, users must have a profile, digital wallet, and of course, an NFT. If you already have an NFT, you can sell it on “fixed price” or “timed auction” transactions. It allows users to mint NFTs and places bids on these platforms.
OpenSea allows creators to mint NFTs files that you already have within the platform. Whereas rarible allows you to create your own collectible, first.
It does not mean you will always be asked to create NFT, you can also upload the artwork you wish to sell. Simply set the price of the NFT and auction your digital artwork.
The major difference between both marketplaces is that creators can set 30% royalties on content. In contrast, OpenSea allows you to set up to 10% royalties on digital artwork.
How To Create NFTs on OpenSea and Rarible?
To create NFT on OpenSea, you need to have a profile and click on the “Create” feature. It will take you to the creation page. Here you can upload the image of the artwork and fill in essential details.
Some of the important details are product description, owner’s name, sale start and end date, properties, and pricing details. Once you have decided to fill in existing collection details, you can also add additional information such as properties, levels, and unlockable content.
On the other hand, creating content on Rarible is simple compared to OpenSea. You will go to the homepage, click on create and land on the content creation page.
You need to upload a file, a collection of files, insert product details, characteristics, and more. But, you don’t have to pay a gas fee for users before successfully minting.
Note: Minting could be a riskier thing on both platforms. Both the platforms do not guarantee that anyone will land on your artwork and buy it. There might be a chance that anyone can lose money for gas fees if the article doesn’t sell.
Understand Fee Pattern on OpenSea vs Rarible
Both these platforms ask to pay two types of fees to NFT sellers. These are
Types of NFTs Available on OpenSea vs Rarible
OpenSea and Rarible is an NFT marketplace for a wide range of digital artwork. With the increasing number of options, users have choices to pick the best artwork than others. Let’s check out what type of artwork is offered by these platforms:
A few Things Left During Comparison During Opensea vs Rarible
Which is Better?
Based on most records on the internet, OpenSea is more popular than Rarible. OpenSea has 1.8 million active users and 635,698 traders on its platform, whereas Rarible has 1.6M total users and 83,810 traders.
Rarible has a $274MTrading volume, and to date, 405K NFTs have been created on it. Therefore it’s hard to decide which is a better platform.
But you can check out the features of your selected platform and which are more comfortable for you to deal in. Rest the decision is all yours!!
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. Do your own research!