OpenSea vs. Rarible: Better NFT Marketplace – 2022

OpenSea vs. Rarible: Better NFT Marketplace - 2022

The non-fungible token (NFT) is a marketplace where NFTs are been created, There are a lot of platforms where they are been traded but our focus today will be on Opensea and Rarible.

What is OpenSea?

OpenSea is one of the largest marketplaces for Nft, and users do not need the input of an intermediary to create, buy or sell NFT-based digital items, and the best part of it is that it enables most of its operations on the blockchain.

Another notable strength in opensea is you don’t need to know how to code before you can create NFTs on OpenSea, nor are there any technical requirements for utilizing its trading interface.

Opensea is an ideal option for beginners because all of the core processes are simple enough to execute seamlessly.
Looking at the history of OpenSea, the platform had over 600,000 active users, up from the 4,000 active users recorded in March 2020. Notably, the OpenSea website had over 100 million visitors in February 2022.

What is Rarible?

Rarible is more like opensea, it boasts a dynamic ecosystem that houses a variety of digital items, including artworks, collectables, in-game assets and much more. it also offers easy-to-use minting and trading features designed solely for NFTs.

All the transactions and trades that are carried out on the platform are settled immediately on the blockchain.
However, unlike opensea, Rarible places more importance on the platforms.
According to data from DappRadar, Rarible had fewer than 10,000 unique users in February 2022,

OpenSea vs. Rarible: How do they compare?

Now that you understand how OpenSea and Rarible operate, let us compare the two based on their services and features.
Services and Features OpenSea Rarible

Opensea services and features

  • Lunch year – 2017 
  • Multi-chain – Yes 
  • Decentralized governance – No 
  • Native token – No 
  • Payment options – Around 150 cryptocurrencies 
  • Credit card payment – No 
  • Trading fee – 2.5% 
  • Royalty fee – 10% 
  • gasless/lazy minting – Yes 
  • Monthly unique users – Around 500,000
  • Beginner-friendly interface – Yes
  • Mobile app – Yes 
  • Messaging feature – No 
  • Multi-blockchain support – yes

Rarible services and features

  • Lunch year – 2020
  • Multi-chain – Yes
  • Decentralized governance – Yes
  • Native token – Yes ($RARI)
  • Payment options – ETH, FLOW and XTZ
  • Credit card payment – Yes
  • Trading fee – 2.5%
  • Royalty fee – Up to 50%
  • gasless/lazy minting – yes
  • Monthly unique users – Below 10,000
  • Beginner-friendly interface – Yes
  • Mobile app – No
  • Messaging feature – Yes
  • Multi-blockchain support – yes

 

Users can only interact with NFTs and projects native to the blockchains supported by the NFT marketplace, for example, an Ethereum-based marketplace would support Ethereum-based NFTs.

In other to make their operations broad, NFT marketplaces are increasingly bridging platforms for cryptocurrencies and NFTs across blockchains so users can explore the NFT ecosystems of more than one blockchain, this is true of OpenSea and Rarible, which support three blockchains each.

OpenSea permits its users to mint and has access to NFTs on Ethereum, polygon and Klaytn, while Rarible extends its operations across Ethereum, Flow and Tezos. And so Both platforms have been strategic about their blockchain integrations.

These two platforms have ensured that users have access to the buzzing NFT economy of Ethereum and two more blockchains with relatively cheaper and more energy-efficient NFT ecosystems.

NFT niche

You will find out that certain NFTs place more importance on specific types of NFTs. While this is true, a majority have opted for a more inclusive ecosystem where users can trade and access a wide variety of NFT niches, including digital art, collectibles, in-game assets, fashion, sport NFTs and so on.

OpenSea and Rarible are prime examples of solutions that support a wide range of NFT niches. On both platforms, you will find NFTs that fall into the following categories:

  • Memes
  • Trading cards
  • Virtual lands
  • In-game assets
  • Crypto art
  • Collectibles
  • Domain names

Payment options

You shouldn’t be surprised because the two platforms support a fairly unique selection of blockchains, and their payment system are not so similar. Talking about OpenSea, there are up to 150 supported payment options, including ETH, WETH, MATIC and KLAY. In contrast, Rarible allows its users to buy NFTs with FLOW, XTZ and ETH only.

Trading fee

Apart from paying for minting fee to the network validators, On Opensea and Rarible, users also pay a 2.5% trading fee as commission to the NFT marketplace.

Royalty fee

The establishment of a Royalty fee is another important element in the NFT world, which as added passive income generator for creators. While minting NFTs, creators can include a clause that allows them to claim a percentage of the revenue generated on the secondary market.

As a result, whenever NFTs are sold on the secondary market, the original creator receives a predetermined royalty fee.
On OpenSea, the royalty fee is fixed at 10%. In contrast, Rarible offers more leeway since royalty fees can be set as high as 50% by the original creator.

Security, reputation and reliability

Security is always a major talking point when dealing with digital assets, but unfortunately, OpenSea and Rarible have had their share of fraud-related scandals.
However, while fraud has been a recurring issue for both platforms, OpenSea, in particular, has had to weather a lot more security incidents.

At the end of this article, we have highlighted the strengths and disadvantages of OpenSea and Rarible so you can easily reach an informed decision regarding the NFT marketplace that is the most suitable for you.

Advantages of OpenSea

  • It is beginner-friendly.
  • The platform supports up to 150 payment options.
  • OpenSea features NFTs from multiple blockchains.
  • It is home to a vast range of NFT collections and projects.
  • It is possible to initiate gasless minting on OpenSea.

Disadvantages of OpenSea:

  • It is not very reliable in terms of security.
  • The royalty fee is fixed at 10%.
  • OpenSea does not run a decentralised governance system.

Advantages of Rarible:

  • Rarible is a multi-chain platform.
  • It has an established decentralized governance system.
  • The features and tools available on the platform are easy to use.
  • It offers a lot more flexibility when it comes to royalties because creators can set up to a 50% royalty fee.

Disadvantage of Rarible

  • Due to the lack of restrictions, it is difficult to eradicate fraud completely.
  • Rarible does not have a mobile app.

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