Sep 6, 2022
NFT Marketplace War: OpenSea vs Rarible
Opensea VS Rarible, who wins?
Over the past year, NFTs have seen a startling increase in popularity. It is gradually spreading to every aspect of digital life. As a result, it should come as no surprise that the NFT movement depends heavily on the NFT marketplaces, which offer the resources needed to do just that (producing and trading NFTs).
There are lots of NFT marketplaces out there and new ones just keep popping out every so often.
OpenSea
OpenSea is a P2P market specifically designed for NFT users. OpenSea offers the infrastructure needed to mint and trade NFTs in more detail.
The benefit of this platform is that it makes the majority of its operations, if not all of them, possible on the blockchain.
The simplicity of all its fundamental operations makes OpenSea the perfect choice for beginners.
As of the time of writing this article, it had over 1.6 million active users and between 80 and 100 million monthly visitors!
Pros of OpenSea
- It is home to a vast range of NFT collections and projects
- Beginner friendly
- Offers an option for gasless minting
- Supports up to 150 payment options
- Features NFTs from various blockchains
Cons of OpenSea
- Royalty fees are fixed at 10%
- In terms of security, it is not particularly dependable.
- Does not have a decentralized structure of governance.
Rarible
Similar to OpenSea, Rarible offers customers a peer-to-peer entry into the NFT market through a seamless business model.
Rarible is also home to a wide range of digital assets, such as artwork, collectibles, in-game items, and much more.
Unlike OpenSea, Rarible places more importance on decentralization. The RARI native token serves as the foundation for both the platform’s economy and governance. RARI holders get an automatic vote on legislation and other important matters.
Pros of Rarible
- It runs on a decentralized governance system.
- It is a multi-chain platform
- User friendly
- It offers creators more flexibility on royalties.
Cons of Rarible
- Does not have a mobile application
- Since there are no constraints, fraud is impossible to eradicate.
OpenSea vs Rarible
Here are comparisons based on important NFT marketplace requirements:
Systems and Features
Trading Fee
Users must pay a portion of the money made from the sale of NFTs to the NFT marketplace as commission, in addition to the minting charge paid to the network validators.
Both OpenSea and Rarible require users to pay 2.5% of their trading fee.
None of them has an advantage over the other when it comes to trading fees.
Royalty Fee
Creators of NFTs have the option to mint them with a provision that entitles them to a portion of the proceeds from the secondary market. Because of this, anytime NFTs are sold on the secondary market, the original author gets a set royalty payment.
- OpenSea has a fixed royalty fee of 10%
- Rarible is more flexible with royalty fees, hence users can set them as high as 50%
Rarible is a better option if you’re interested in royalties as a creator.
Payment Options
- OpenSea allows up to 150 different payment options including ETH, WETH, and MATIC.
- Rarible only supports FLOW, XTZ, and ETH only. It has also started accepting credit card payments.
Hence: OpenSea has an advantage in payment options.
Lazy or Gasless Minting
Lazy or gasless minting is a feature that enables creators to mint NFTs without worrying about minting costs or gas fees. With gasless minting, the minting costs are transferred to buyers.
Both OpenSea and Rarible offer gasless minting features.
Security and Reliability
Security issues have plagued the two platforms and they have both had their share of security breaches.
- OpenSea is not governed by a decentralized body hence it at a better chance of resolving security issues, and even compensating victims on its platform.
- Rarible is not governed by a centralized body, hence the possibility of resolving cases of fraud and perhaps compensating its victims is slimmer.
OpenSea is a better bet (but not a sure bet) for security and reliability.
Both OpenSea and Rarible no doubt has their pros and cons which make them different in their unique offers.
It all boils down to the requirements of the creator looking for a platform to create and sell their unique IPs.
What do you think, which would you recommend, OpenSea or Rarible?
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