OpenSea vs Rarible – Which NFT Marketplace Stands Out?

The introduction of non-fungible tokens (NFTs) has given creators more control when it comes to showcasing and selling their work. The concept of NFT is that people can create, sell and own distinctive digital assets without the involvement of traditional art industry gatekeepers. Therefore, it is important for these platforms to provide an open forum for successful NFT transactions.

If you are looking to buy or sell NFTs, marketplaces like OpenSea and Rarible are great places to start. However, each one has unique features that determine which platform best suits your needs. This article evaluates what these marketplaces have to offer and helps you find the one that works best for you.

OpenSea at a glance

OpenSea is a decentralized exchange based in New York that allows users to buy and sell non-fungible tokens. It is one of the most popular NFT trading platforms and the platform sold $21 million worth of digital assets in 2020.

OpenSea is the brainchild of Alex Atallah and Devin Finzer. Since the creation of the CryptoKitties platform in 2017, its founders have developed a new digital art market. They named their project OpenSea.

In addition to being the first NFT marketplace, OpenSea also has the largest number of users collecting cryptocurrencies. The platform uses the Wyvern protocol, allowing members to trade NFTs and other digital assets effortlessly.

OpenSea users can easily browse over 34 million digital assets in various categories including video, graphics, music, and art. They can also sort through various types of crypto art and collectibles, such as those from CryptoPunks, Decentraland, and Axie Infinity.

Initially, OpenSea only ran on the Ethereum blockchain. However, it has since evolved into a cross-chain marketplace using Polygon and Klatyn.

Short review

Rarible is a decentralized autonomous organization (DAO) that allows users to create and share digital art. It was launched in early 2020 in Russia by Alexey Falin and Alexander Salnikov. The platform aims to build a creative community that promotes growth and market governance.

Rarible allows users to create and index their digital assets using smart contracts. Creators can then set the royalties they would like to receive from future sales of their products.

Through the platform’s categories, potential buyers can browse various assets to find what might interest them. In addition, Rarible also displays the history of the asset, showing the previous owners and what they paid for the NFT. Rarible even provides developers with digital asset data that they can use to build new apps. As an NFT platform, Rarible has facilitated thousands of NFT transactions and gained a reputation as a reliable marketplace.

OpenSea vs. Rarible: Audience

OpenSea is the world’s first NFT marketplace with a solid reputation and a large community of creators and traders. Its goal is to make it easier for people to buy and sell digital assets.

Despite having an extensive database, Rarible is focusing on making it easier for the community to have a say in the company’s future. To that end, its founders created a governance token that allows users to vote on future updates.

Both Rarible and OpenSea operate on the same smart contracts, which are considered the gold standard for NFT transactions. All data stored on the blockchain is not interchangeable, making it easy to track ownership.

While OpenSea provides a marketplace that allows users to easily buy and sell digital assets, Rarible is more focused on creating a space where creators have a say in how the platform is run. The company gives them ownership of not only their art, but the market itself. In other words, OpenSea focuses on art, while Rarible focuses on the artist.

OpenSea vs. Rarible: Currencies

While Rarible only accepts ETH as a payment method, OpenSea allows users to use DAI, ETH, and other Ethereum-based tokens to buy and sell NFTs. This means you can trade over 150 different cryptocurrencies on OpenSea. However, Rarible allows you to make purchases with a credit card, which OpenSea does not offer.

Rarible also has its own RARI currency, earned through liquidity mining on the platform. However, you cannot buy or sell anything on the platform using this token. Its sole purpose is to allow users to vote on future market changes.

Unfortunately, the Rarible project has some issues that may affect its operation. One of these is sham trading, where users create multiple accounts that they then use to trade their own tokens. This led to the compromise of the value of the tokens.

OpenSea vs. Rarible: Wallets

OpenSea supports MetaMask, a popular cryptocurrency wallet. He also works with other companies such as Bitski, Coinbase and Fortmatic.

Rarible also supports various wallet integrations including Ethereum, Metamask and MyEtherWallet.

Since both platforms integrate with many wallets, there is a high chance that you will find that your crypto wallet is supported on any marketplace.

OpenSea vs. Rarible: Platform fees

OpenSea and Rarible have lower transaction fees than most other NFT marketplaces.

While OpenSea only charges the buyer a fee of 2.5%, Rarible charges the same 2.5% to both the buyer and seller. On the contrary, some marketplaces like SuperRare ask for a commission of up to 15%.

OpenSea vs. Rarible: Minting

OpenSea and Rarible introduced lazy minting, allowing artists to sell their NFTs without creating smart contracts on the blockchain. Through this method, these platforms have allowed people to create NFTs without having to pay network fees.

It is important to note that many blockchain transactions, including NFT minting, incur a network fee that goes towards confirming the transaction. Because Ethereum gas fees can be quite high, OpenSea and Rarible’s deferred mining features are very attractive to users as they can avoid these network fees.

OpenSea vs. Rarible: Royalties

One of the most important aspects of the NFT platform is the existence of a royalty program. This allows authors to earn passive income from NFTs sold on the secondary market. OpenSea provides a flat fee of 10%, while Rarible allows creators to determine this fee themselves. Users can set license fees up to 50% of the original cost if they so desire.

OpenSea vs. Rarible: Security

Clearly, security is paramount when it comes to assets and payments. Because NFTs are traded online, they are vulnerable to hacking, scams, and data leakage. OpenSea and Rarible have had fraud and counterfeiting scandals. There have also been instances where copyright laws have been violated. While both platforms have experienced security breaches, OpenSea appears to have been hit harder than Rarible. More recently, OpenSea faced a smart contract issue that put NFTs at risk of being stolen.

bottom line

Your choice of platform will largely be determined by your priorities. For example, if you are more interested in a large number of cryptocurrencies to trade, OpenSea is a great choice. However, if it makes sense for you to pay for your purchases with a credit card, Rarible will better suit your needs. This guide highlights areas where these platforms shine and where there is still work to be done. Thus, you are now better equipped to select the NFT market that best suits your needs.

Have you used OpenSea or Rarible? What did you like about the platform? Let us know in the comments below.