With so many options on the NFT marketplace scene, it can be difficult to find the one that fits your needs perfectly. From the types of cryptocurrency they accept to the fees they charge, those on the NFT marketplace have plenty of options on where to buy, sell, trade, mint, and view non-fungible tokens.
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OpenSea NFT Marketplace
Said to be the world’s largest marketplace for NFTs, OpenSea is an incredibly popular platform offering a space for buying, selling, minting, and storing your NFTs. OpenSea was the first platform to create a space for selling and transactions of digital goods.
A self-proclaimed marketplace “with everything, for everyone,” OpenSea aims to bring a platform for NFTs, which can be really any digital file, from art to virtual experiences, to demo tapes and virtual “property.”
Rarible NFT Marketplace
The Rarible NFT marketplace shares a lot of features with OpenSea. It may not be the first, nor the largest, but Rarible has another credential to its name.
Rarible is the first community-owned NFT marketplace, and it crypto, RARI, is one of the first governance tokens used in an NFT space. A governance token simply means that, by owning the crypto native to the site, you gain access to things like voting on the platform’s actions and taking on management powers as users.
In a way, the RARI token was like a symbol of democracy, allowing the voices of the users of the blockchain to be heard. Typically, tokens are used on platforms to buy and sell and trade. Seldom, until the creation of the RARI token, did the token gain you privilege.
A Decentralized Autonomous Organization
Rarible is a fully decentralized autonomous organization or DAO. RARI is the crypto used on Rarible. But, its token holders don’t just own the crypto. Those with RARI can vote on system upgrades to the platform, submit proposals relating to the development of the platform, and create featured artworks or moderate platform curators, all of which are the main pillars of a DAO.
Equal Rights For All
With these features, Rarible leverages the perks of the Ethereum blockchain and mixes in its own unique model of the DAO. Digital artists are brought together with other digital artists to offer their wares, and as sellers, can be RARI token owners, with voting and managerial rights.
But the marketplace also brings buyers of digital artworks to the space, as well. And these buyers have just as much of a chance to own RARI, and thusly have voting and managerial rights, as a seller.
This system attempts to bring a balance to the market with a RARI governance token.
Similarities: Rarible vs OpenSea
The core uses of the two organizations are very similar. Both are NFT marketplaces. Both focus on digital assets. Both are decentralized NFT marketplaces. Both use blockchain technology.
Digital Assets at Its Core
The two platforms have similar goals, operate similar functions, and serve a similar purpose. Both NFT marketplaces are focused on providing creators, buyers, sellers, traders, and those interested in learning more a space to do so. This is the core value of both sites.
How they go about these goals may differ, but both aim to bring digital platforms a space that isn’t just for digital creators, but instead can be used and enjoyed by many users.
Monetize Digital Art
Those familiar with NFTs, or non-fungible tokens, know that these technology integrations have created a unique way to bring creators money. By making digital files into digital assets, this unique revenue stream has come with a plethora of methods for doing so.
The use of these technology integrations has brought a way to monetize a field that often has difficulty doing so. Prior to the use of the NFT, it was difficult to prove ownership of a digital file. They are easy to copy. They are easy to “steal.” But with the use of an NFT, digital assets could be tracked, certified, and owned by one, a true individual.
The digital artist stands to gain from these NFT marketplaces.
Digital art creators are using a decentralized NFT marketplace to buy, sell, trade, and mint their wares. Both platforms allow for the use of these tasks through the tech of secure blockchain technology.
Not only does the tech allow for NFTs to be created, but also verified, making ownership a fact, without question or confusion. Both Rarible and OpenSea rely on this tech.
One of the two types of fees that are paid by NFT sellers is called a Service Fee. Both Rarible and OpenSea shares this fee in common. Both are, at the time of publication, set at 2.5 percent.
Differences: Rarible vs OpenSea NFT Marketplaces
While there are several similarities, there are also many differences between Rarible and the OpenSea platforms. While we’ve noted a major point, with the Rarible platform being a DAO operating on the Ethereum blockchain technology as a software, while OpenSea is not community-owned, there are far more things that are “not like the other” when it comes to these NFT platforms.
From the Start…
Starting at the beginning makes the most sense. OpenSea was created in 2018, and it is noted to be the first NFT platform to enable others to trade digital assets. Rarible, however, did not launch until 2020. While both have an “Alex” starting its work, there were different founders from the get-go.
Rarible was established and founded by Alexander Salnikov. OpenSea, however, was founded and established with the combined efforts of Alex Atallah and Devin Finzer.
While their service fees might mirror one another, the Royalty Fees for each of the sites do not. OpenSea charges up to 10 percent for its royalty fee (paid by the seller), while Rarible has the option to max out at 30 percent.
A rather newer concept in an already new world of crypto assets and NFTs, the term “Lazy Minting” has become popular and shows us another way the two NFT marketplaces differ.
On OpenSea, users can lazy mint any NFT. To lazy mint means that you do not have to pay gas fees upfront. Instead, you mint (and pay gas fees) only when an item sells. For the creation of a listing page, minting is not required.
However, on Rarible, while there is a lazy minting feature now for Rarible default collections only, it is not available for owned collections as of the time of publication.
While both NFT marketplaces are compatible with many of the major digital wallet brands, they do differ in the types of cryptocurrency they accept. Rarible has its own crypto, RARI, which is the token that not only allows exchanges but also gives owners voting right for the community-owned platform. Because it operates on Ethereum, it will mean at some point owning ETH.
Meanwhile, OpenSea accepts 150 different types of value. These tokens, as opposed to Rarible’s ERC-20 tokens, do not however give owners any “power” or rights such as voting. OpenSea is not community-owned.
Which Is Better? OpenSea vs Rarible
It is hard to say when comparing NFT marketplaces which is best. For starters, each has its own pluses and minuses. What one user views as an incentive, another may find a hindrance.
Few will argue that OpenSea remains at the top of the game, if for no other reason than it is the largest. Bringing in around $2 billion a month, the OpenSea now has 1.8 million active users and owns a dominant share of the market.
Rarible is nothing to scoff at, however, with, at the time of publication, over 1.6 million users. The platform has over 405,000 minted NFTs to its name. Those assets and their users have done $274 million in trading volume since its start in 2020.
At the end of the day, no matter how much you cover in a detailed overview, there will always be pros and cons for any of the NFT platforms. Each user needs to decide what traits are important, what company information matters, what other tools do you need, and how much do the platform rules impact you directly.
With its size and volume, many view OpenSea as a reliable option. Having a long history gives the platform stability that those in the digital assets market crave. Most understand that crypto and NFTs can be highly volatile, and knowing a marketplace has longevity is a major plus.
OpenSea also boasts more bells and whistles, having had longer to develop its technology integrations. Most agree there are far more features available on its platform.
It may be the younger of the two, but Rarible does offer royalties up to three times the current cap on OpenSea, making it the choice for many creators. Standing to make more profit is always a big win when it comes to an NFT marketplace.
In late 2021, OpenSea admitted to challenges with potential insider trading, marking a major worry for many investors. The NFT platform called the issue “incredibly disappointing” and said it would devote assets to “conducting an immediate and thorough review.”
While OpenSea can clean up its mess and can see a dip in the meantime, the damage has been done to its image. No one wants to see scandal, especially when deciding where to take digital assets.
The Bottom Line
When you are out there, in a deep and confusing search for an NFT marketplace, you can be bogged down in the multitude of details. It is best, before even sifting through the online platform itself, to consider your needs first.
The simple choices of deciding your role can be a great place to start. Are you aiming to largely buy and collect NFTs? Or is your goal to be a minter and a seller? Do you need to do both? Will you be doing this frequently, or leisurely? Is this a crucial source of money, or is it a hobby?
Understand Your Needs
No one knows your needs better than you do. While it may sound silly, creating a list of what is important to you is a great first step.
Before you go on a worldwide search for the best NFT marketplace, understand first what features matter to you. Do you seek lower fees? Do you want more options for cryptocurrency? Do you want to be an owner of a site, or would you rather someone else handle the voting and tech talk?
Realistically Evaluate Your Knowledge
In another potentially challenging, but also critical step in selecting an NFT platform, and well before you select one, take a good look in the mirror and decide your commitment level to research. Each and every NFT marketplace differs in one way or another. And much like the market of crypto itself, the scene of emerging NFT marketplace ventures is ever-changing.
Choosing the space that is right for you means doing a fair amount of research, or if nothing more, a decent trial and error process. Decide if the features you desire are easy to understand, find details about, and are set in stone.
It’s Up To You
There is no shortage of choices out there. You have plenty of options, and Rarible vs OpenSea is just the start of your research endeavor. Just like a crypto asset, NFT technology is always changing. Stay informed in your search, and you will be covered.
FLOLiO has the resources to help you make educated choices with your investments. With a plethora of articles, up-to-date reviews, and informative databases chocked full of research-based and helpful info. We’re here to help, and, while there is plenty to learn, we will always be on top of it.