Which is better – OpenSea or Rarible?
OpenSea and Rarible are two of the biggest NFT marketplaces, but which is better, Rarible or OpenSea? Both Rarible and OpenSea have their incredible perks. OpenSea has more users and items, but Rarible is easier to start with.
If you’re not sure if you should sell your NFTs on OpenSea or Rarible, then this guide will answer all questions you have. I will start off by giving a brief overview of Rarible and OpenSea, and then, I’ll proceed to explain the biggest differences between OpenSea and Rarible.
What is an NFT marketplace?
An NFT marketplace is a website or platform where NFTs (non-fungible tokens) are bought and sold. Artists post their NFT collections on an NFT marketplace to get found by other users who would purchase these NFTs. NFT marketplaces use cryptocurrencies as their payment method.
Overview of Rarible
Rarible is an NFT marketplace that was founded in 2020 by Alex Salnikov and Alexei Falin in Moscow. Rarible is similar to OpenSea as they are both NFT marketplaces that focus on art assets.
To sell your creations such as digital art, music, documents, videos, etc. on Rarible, you first have to mint them to NFTs. You don’t have to bother about where to mint your NFTs because Rarible has software for minting tokens.
In order to get started, you will complete Rarible’s application form and send it together with original images and information about your creations, such as your listing price.
After submitting this information, you can now create a new token on the Ethereum blockchain. You can also transfer NFTs from between users’ wallets right on Rarible.
Furthermore, Rarible also lets the Ethereum blockchain embed detailed information about an NFT in the code. It stores the complete owner history as well as all the transactions involving the NFT.
On Rarible, the artist selling the NFT and the user purchasing the NFT must pay a fee for each transaction. This payment goes to none other than the Rarible network.
READ ALSO: Guide to NFT Marketplaces
Many users gravitate towards Rarible because of the royalties program. Thanks to the royalties program of Rarible, you keep earning royalties whenever your NFT is sold, forever. This is an incredible plus on the side of Rarible because the royalties make transacting on the platform incredibly profitable even in the long term.
Rarible also has its own cryptocurrency known as RARI. You can use RARI to perform transactions within the Rarible platform. Owning RARI also entitles you to vote for changes to the platform. Thanks to this, changes to the Rarible company are mainly brought about by its users.. you can think of this as a democracy.
In the future, Rarible wants to transform into an autonomous platform and be entirely run by its community. Ultimately, Rarible aims to end up as a decentralized autonomous organization that breeds trust within the members of the community.
These paragraphs in no way explain all there is to know about Rarible. I only gave a brief overview of Rarible for the sake of our comparison between Rarible and OpenSea.
READ ALSO: Popular NFT scams and how to avoid them
Overview of OpenSea
Founded in 2018 by Devin Finzer and Alex Atallah, OpenSea is the older decentralized NFT marketplace. OpenSea is the most popular NFT marketplace also as you can find hundreds of item categories.
On OpenSea, you can trade NFTs in the forms of games, artworks, trading cards, decentralized domain names, and other similar items using Ethereum. Also, major players such as Cryptopunks and Cryptokitties tend to stick with OpenSea.
After knowing how price your NFT arts, you can post them on OpenSea, and the platform helps you sell it to people from all over the world. A major advantage of OpenSea is that it charges only 2.5% commission on sales made on the platform.
Regarding user wallets, OpenSea makes use of a smart contract for trade, and you get to hold your assets in your wallet on OpenSea. The wallet on OpenSea is called MetaMask. That is not to say that you can’t use other wallets.
You can use your other wallets to make transactions on OpenSea, so long as you have Ethereum in it. OpenSea verifies transactions using your digital signature for your wallet.
To get started on OpenSea, you must first initialize your OpenSea account via a transaction. This involves paying the one-time initialization fee. This Gas fee fluctuates based on demand. Expect to pay around US $110 to US $150 equivalent for the Ethereum gas.
After that, you can then create an item category and make your first NFT. Note that when you sell your NFT on OpenSea, you have to pay a Gas fee, which is quoted in Gwei. The current exchange rate between Gwei and Ethereum is a trillion Gwei makes one ETH.
After you complete the process and are ready to sell your NFT, you finally need to submit it to OpenSea and wait for the approval. When approved, your NFT will now be available for sale on the platform.
Every transaction is secure, even if you don’t trust the other party or OpenSea itself. Also, for a transaction to complete, both parties must agree or nothing happens. In other words, the transactions are atomic.
Still, on selling on OpenSea, the platform lets you include information on your item, and the pricing can be set or decided by an auction.
OpenSea vs Raribe – Which is better?
Before I start comparing Rarible vs OpenSea, you must note that the ultimate choice between these two NFT marketplaces depends on the individual and the kinds of collection they are looking to sell on OpenSea or Rarible.
I’ll go into details for the factors I’ll compare OpenSea and Rarible with, but here’s a summary of what I think:
- The audience: OpenSea is better for using a smart contract. Rarible focuses on the creator.
- Number of users: OpenSea has more users than Rarible.
- Integration and tools: OpenSea wins.
- Training and support: Rarible wins.
- Cryptocurrency used: The choice here depends on what crypto you want to use.
- Minting on OpenSea vs Rarible: OpenSea wins.
- Selling NFTs: OpenSea wins.
Continue reading this comparison as I explain further the above points.
Although OpenSea and Rarible are choices of NFT marketplaces, they cater to slightly different audiences. OpenSea allows you to trade your blockchain-based NFT using a smart contract. If this is what you want, you have to use OpenSea.
Alternatively, you can use Rarible if you want the experience of the regular marketplaces we have all been using for non-blockchain items. Rarible is all about the creator.
Number of Users
OpenSea has more users than Rarible as at the time of writing this post. OpenSea currently has 46,000 users, whereas, Rarible has only around 12,000 users.
Bear in mind that OpenSea was founded around 2 years before Rarible. Rarible has made tremendous growth recently, and with the fast-growing awareness of NFTs, no one can say for sure which NFT marketplace would have more users in the next few months.
Integration and Tools
OpenSea is the clear winning when it comes to technology integrations and tools. Before choosing an NFT marketplace to sell or buy digital items, you have to be sure of what you’re getting in terms of the technology and functionalities.
OpenSea is the complete package in this regard because you can use RARI, Ethereum, Metamask, Arkane, Dapper, Ethereum, Mintbase, and other high-end tools.
Rarible, on the other hand, is limited when it comes to integration tools. You cannot use the platform with crucial tools like a Coinbase Wallet, Ethereum, WalletConnect, Metamask, and Torus.
Training and Support
Given that NFT is a relatively new concept, users of NFT marketplaces need a lot of guidance. That is why you must consider what the NFT platform has in terms of support and training before choosing a marketplace to transact on.
OpenSea and Rarible have high-quality documentation facility to help new and existing users understand how to use their platforms. However, Rarible includes live webinar-based online training in addition to the documentation facility they have. Rarible wins in this regard because OpenSea has no such live online training.
Rarible uses its own regulated cryptocurrency known as RARI. It also supports ETH, WETH, DAI, and ATRI.
OpenSea primarily used ETH / WETH for transactions. But the platform also supports USDC and DAI. OpenSea has more than 150 other payment tokens such as $WHALE and $UNI, according to the website.
You cannot use non-crypto currencies such as USD, PLN, EURO, etc. on both OpenSea and Rarible.
Minting on OpenSea vs Rarible
I prefer the OpenSea approach to minting because you only mint your NFT when you sell an item on OpenSea. But in Rarible, you must mint the item before you even list it for sale.
Also, the seller pays a hefty fee for listing items on Rarible. But on OpenSea, you list items without minting them first, you only mint it to the blockchain after you sell the item.
OpenSea allows sellers to mint NFT items from various platforms and charges no fees for this. The seller, however, has to pay around $100 to get his or her item listed on the OpenSea marketplace.
RELATED: Is it hard to sell an NFT?
You can set a fixed price for your NFTs as the seller, or you can also put it up for auction (including Dutch auction). Sellers can also accept open offers. OpenSea also supports lazy minting.
For Rarible, the seller must pay the gas fee upfront. Sellers have to pay a gas fee for minting their NFTs.
On completion of a transaction on OpenSea, only the buyer pays a transaction fee. Whereas on Rarible, both seller and buyer pay the transaction fees.
Can you connect Rarible to OpenSea?
You can connect Rarible to OpenSea in the sense that OpenSea lets you trade your assets with the RARI token.
Can you sell on both Rarible and OpenSea?
You can sell on both Rarible and OpenSea. OpenSea and Rarible are two of the most popular NFT marketplaces. Users are at liberty to sell their assets on any NFT marketplace they wish. But to protect the integrity of your collections, you shouldn’t sell the same item at different prices on OpenSea and Rarible.
Is OpenSea the same as Rarible?
OpenSea is not the same as Rarible. Although both OpenSea and Rarible are NFT marketplaces, they are independent of each other and completely different platforms.