The crypto market may have dipped lower than most expectations, but the NFTs continue to sell as ever. Since there are plenty of NFT marketplaces now than a year before, circling back to gauge how the top platforms perform is vital. Hence, the OpenSea vs Rarible will oversee how both NFT marketplaces fare in 2022.
Why Compare OpenSea vs Rarible?
Both these marketplaces have a pretty significant market share in NFT sales year on year. So, the comparison made here between OpenSea vs Rarible will naturally look into their feasibility in the current crypto market.
• Gas Fee
Addressing the elephant in the room, i.e., the gas fee, is the primary reason for comparing different NFT marketplaces. Hence, looking into a Rarible vs OpenSea comparison will inevitably discuss or examine the factors contributing to its value(s).
• Accessibility & Tools
Any platform can allow users to Mint NFT! But, learning what the crypto NFT market giants have in common or dissimilar assisting the audiences helps. It is vital to study the audience behavior, especially for auction houses, to offer the best to both sides.
• Market Capitalization
Recognizing which NFT marketplace owns a significant portion of the market cap can reflect where the audience flock. Moreover, the leading NFT marketplace may also allow or support a variety of Currencies & Wallets. (Read further below for a one-to-one comparison!)
OpenSea NFT Marketplace Overview
The New York-based decentralized exchange platform OpenSea allows users to Mint NFT besides allowing NFT buying and selling operations. It has reportedly been the most popular platform for NFT sales because it’s also the first NFT marketplace to exist.
Presently, the marketplace hosts over 34 million unique NFTs across thousands of NFT collections by Crypto Artists and auction houses. Plus, it has evolved to adopt a cross-chain marketplace function after its inception of being only Ethereum based.
Rarible NFT Marketplace Overview
Rarible is originally a DAO that lets users create and sell art as NFTs after its launch in 2020. The platform allows users to create NFTs backed by smart contracts, providing them with the option to earn royalties on NFT sales.
Between the Rarible vs OpenSea comparison, the former has gained a reputation for being the most trustworthy. Apart from this, the marketplace provides additional data like the digital history of the asset and other digital asset data relevant to developers for creating new applications.
OpenSea vs Rarible NFT Marketplace Quick Comparison
The brief comparison between OpenSea vs Rarible sees critical matters affecting the cost to Mint NFT or their sale. Understanding the key differences could help you make informed decisions, especially as a Crypto artist or an investor.
Hence, below are the categories within which both NFT marketplaces are quantified with respect to what they provide.
• Cryptocurrencies & Crypto Wallets
OpenSea offers support for linking numerous types of crypto wallets, including MetaMask, Coinbase, Bitski and Formatic. Parallelly, Rarible also supports all of them and allows linking Ethereum, Metamask, and MyEtherWallet.
But, the major difference between both platforms lies in the coins or cryptos they accept. The Rarible only accepts ETH tokens and lists ETH NFTs only yet, allowing payments via credit cards. Whereas OpenSea lets any buyer use DAI, ETH or other Ethereum based tokens.
Between the OpenSea vs Rarible comparison regarding royalties they offer to the NFT Creator, Rarible takes the lead. OpenSea offers a fixed 10% royalties on its NFT sales, which is no longer accessible if the NFT is sold on other platforms.
On the other hand, Rarible allows the NFT Creator to pick up to 50% Royalties, besides allowing NFTs that it sells to continue earning royalties.
• Mint NFT Fee & Platform Fee
Both platforms offer users the ability to Lazy Mint NFTs. By using it, individuals don’t need to create smart contracts themselves, which otherwise incurs additional network fees. However, the platform fee charged by OpenSea and Rarible is also similar at 2.5%, which is significantly lower than the 15% levied by SuperRare.
There is no clear winner in the debate between Rarible vs OpenSea about which platform is safer. Both platforms have been in the public crosshairs for having issues related to security and data breaches in the past. Still, the OpenSea platform is relatively more prone to security attacks than Rarible, despite its RARI tokens conundrum.
OpenSea continues to dominate its top position as the biggest NFT marketplace in the crypto space, but it has competition. Other NFT platforms like LooksRare have attempted to dethrone OpenSea, and it did, until Feb 2022. At that time, rumors regarding wash trading or insider trading practices began to surface in the market about the LooksRare platform.
Such scandalous rumours and instances have undoubtedly pitted OpenSea vs Rarible again. Since no other crypto marketplace exist with a high trust ratio or the pop