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Rarible vs OpenSea: Which One Is The Right Platform for You?

By Amy Derungs |

Before we get into Rarible vs OpenSea, let's define what they are.

Both are Ethereum-based platforms. Both enable the creation, sale, and purchase of proprietorship rights to digital works of art via non-fungible tokens (NFTs).

Just like cryptocurrencies, NFTs are bought and sold on specialized platforms, and Rarible and OpenSea are the best-known NFT marketplaces.

They both have pros and cons, and in this article, we will compare the two for you to choose which suits your needs best.

What are NFTs?

NFTs are non-fungible tokens. “Non-fungible” means that it's unique and irreplaceable.

For example, a $10 bill is fungible — trade one for another $10 bill or two fives, and you'll still land up with $10.

A one-of-a-kind blockchain-based work of digital art is non-fungible. You can't trade it for a different artwork; it has to be the original NFT art or nothing.

(Nifty Gateway, another marketplace, calls digital collectibles “Nifties,” which is a play on the term NFT).

Here are more details on NFTs:

NFTs' dramatic rise in popularity can partly be attributed to the increase in the number of marketplaces, making it easier and cheaper to mint, buy and sell unique assets online.

NFTs have clearly become one of the most important sub-sectors of the crypto space.

What are NFT Marketplaces?

NFT marketplaces are platforms like Amazon or eBay. You buy and sell goods on Amazon and eBay. You also store, display, trade, and sometimes mint NFTs on NFT marketplaces.

If you want to access and use NFT marketplaces to buy, list, or mint an NFT, you must do the following:

  • Select a crypto wallet – you’ll need a blockchain or NFT compatible wallet.
  • Pre-fund your wallet – you'll need to fund your wallet with cryptos supported by the marketplace.
  • Set up a user account – once you have chosen your marketplace, you’ll need to open an account.

If you're an artist or just an NFT creator and have been looking for a new blockchain company, you've probably come across both Rarible and OpenSea.

Both companies offer NFT platforms that allow you to trade your in-game assets in crypto. However, they are different in terms of their features, the types of assets they support, and their business models.

What is Rarible?

Rarible DAO (Decentralized Autonomous Organization) enables the creation, sale, and acquisition of creators' rights via NFTs.

Rarible logo

Rarible.com was launched in early 2020 in Moscow by Alexei Falin and his co-founder, Alexander Salnikov. In 2020, the New York-based venture capital firm CoinFund gave Rarible its first round of funding. CoinFund predicted the massive growth of NFTs.

To date, its investors have also been Coinbase, ParaFi Capital, and 1kx.

Notable Rarible Features

Categories of NFTs on Rarible

Art

Rarible art

Photography

Rarible photography

Music

Rarible music

Games

Rarible games

Memes

Rarible meme

Metaverses

Rarible Metaverses

Domains – Digital Real Estate

Rarible domains

Cryptopunks

Rarible Cryptopunks

NSFW (Not Safe For Work) – Adult Content

Rarible NFSW

Number of Users on Rarible

What is OpenSea?

In 2017, Devin Finzer and Alex Atallah released CryptoKitties and joined early NFT-related Discord groups. Motivated by the passionate community, they started developing a new platform for acquiring digital artwork.

The pair co-founded OpenSea.io in the same year. Based in New York City, OpenSea is a DeFi marketplace where members can buy or sell NFTs.

DeFi means Decentralized Finance offering financial instruments by using smart contracts on a blockchain without relying on brokerages, exchanges, or banks.

Opensea logo

The NFT market took off in 2021 – for example, the company sold $21 million total assets in 2020.

By August 2021, OpenSea had sold a record $3.4 billion in assets.

OpenSea has become the world's first and largest NFT marketplace. It is the most popular NFT market where you can browse, buy and sell NFTs, – including music, collectibles, art, and gaming items.

The platform tracks NFTs on Ethereum and other blockchains, and all buyers make all purchases in crypto.

Notable OpenSea Features

Categories of NFTs on OpenSea

Art

Opensea art

Music

Opensea music

Domain Names – Digital Real Estate

Opensea domain names

Metaverses

Opensea Metaverse category

Trading Cards

Opensea Trading Cards

Collectibles – Sports

Opensea collectibles sports

Utilities

Opensea Utilties

Number of Users on OpenSea

Creating NFTs on Rarible vs OpenSea

NFT minting is an impressive term for “store on blockchain.”

Minting an NFT signifies the conversion of digital files into crypto collections or digital assets stored on the blockchain.

When you create an NFT, you must mint it first. You have to pay a fee to the network when you mint your NFT.

Rarible

Creating NFTs on Rarible is quick and easy – and Rarible offers step-by-step instructions on the site.

Begin by clicking “Create” in the top right corner of the Rarible homepage and configure your NFT's details.

Raribe create button

Upload its matching files and add eye-catching descriptions. Then you can choose if you want to add it to an existing collection or give it extra attributes like properties, levels, or unlockable content.

Enable Free Minting to skip gas fees if you decide to do so, which means that the buyer of your NFT pays the minting fees, which can be great for beginners.

There is a downside to free minting or lazy minting – free minting adds your creation to the Rarible collection (collections are like folders for NFTs), not your own.



Rarible charges both buyers and sellers a 2.5% fee, meaning you'll pay 2.5% for every buy transaction and 2.5% on every sell transaction.

OpenSea

OpenSea, just like Rarible, has made creating NFTs on their platform as easy as possible. It also offers detailed step-by-step instructions on how to do everything on the site.

You'll find the steps to create your NFTs don't differ too much no matter which platform you choose.

Click the “Create” button on OpenSea’s landing page.

Opensea create button

The creation tab will take you to the wallet options. Select one and go through the steps to create your wallet and add coins to it.

Create the name of your NFT, upload the relevant files, and add corresponding descriptions.

Choose whether you want to create a collection or make a single NFT. Decide if you're going to give it additional attributes, such as properties, levels, or unlockable content.

OpenSea provides its marketplace infrastructure for free – it's free to start setting up a marketplace and using their platform.

OpenSea charges 2.5% of each sale. For the final step, click “Create item,” sign the transactions with your wallet, and you have created your NFT and listed it on OpenSea.

Rarible vs OpenSea – the process is similar for both marketplaces, but OpenSea is cheaper than Rarible.

Buying NFTs on Rarible vs OpenSea

You can buy an NFT with ETH on Rarible. You'll be required to sync your digital wallet with the marketplace before you can start buying NFTs from the listings.

Use the search function to find what you want. Rarible doesn't have an app and is only available via its webpage.

You can connect to the OpenSea marketplace via its webpage or mobile app. It has easily accessible listings via a search bar. You also need to connect your digital wallet to start trading NFTs on OpenSea.

Selling NFTs on Rarible vs OpenSea

Rarible allows users to set up 30% for creator or artist royalties, allowing for sharing profits with them each time there's a sale of their NFTs. You can set the price of the NFT yourself or auction it.

Auctions allow other users to place bids on the NFT. Sellers create either a “fixed price” or “timed auction” transaction.

On OpenSea, only up to 10% can be set up to allocate the creator's royalties. OpenSea also offers fixed-price or timed auction transactions.

Fees on Rarible vs OpenSea

​​Both Rarible and OpenSea have a 2.5% Service Fee paid by NFT sellers.

However, Rarible also charges an additional 2.5% fee to buyers.

Regardless of what your NFT sells for, the fee paid to the companies stays the same.

Blockchain Support on Rarible vs OpenSea

You can only buy from a marketplace that supports the blockchain that your wallet uses.

Rarible offers the Ethereum blockchain, whereas OpenSea offers cross-blockchain support across Ethereum blockchain, Polygon, and Klatyn.

Training Support on Rarible vs OpenSea

NFT marketplace features would be futile if users didn't know how to use them. Both platforms offer the facility of documentation as training support.

Rarible also includes live online training, whereas OpenSea does not. OpenSea and Rarible do not provide in-person and webinar-based training yet.

Key Differences

Conclusion

Rarible and OpenSea both have impressive features.

If you are an up-and-coming digital artist who wants to sell your artwork and make a quick reputation in the NFT industry, choose Rarible. Its training is better, and you can take advantage of its live online training when using the platform.

If you want more significant technology integration, lower gas fees, smart contracts, and a massive user base, OpenSea would be the best choice.

Finally, in light of the massive cybercrime networks operating across all marketplaces, use caution when venturing into the world of NFTs. Some artworks can pose security risks, like exposing your IP address. Financial investments can vanish overnight in rug pulls.

There are two main types of rug pulls in crypto: hard and soft.

Hard pulls are malicious code and liquidity stealing, whereas dumping an asset refers to soft pulls.

Malicious backdoors are hidden misappropriations coded into the project's smart contract by the developers. The intent to commit fraud is built in from the beginning. Liquidity stealing is a hard pull.

Soft rug pulls happen when token developers dump their crypto assets super fast. This action results in a brutally devalued token for the remaining crypto investors. Dumping is unethical, but it’s not considered a criminal act like hard pulls.

If artists and creators are careful and do the research, listing NFTs on either Rarible or OpenSea can be loads of fun and may even make you some money. In fact, you can make some serious money – think about the Bored Ape Yacht Club!

Want to know about other NFT marketplaces? Check out our list of the best NFT marketplaces.




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By Amy Derungs

Amy is a content writer specializing in SaaS and B2B topics.

When not writing, she runs a few small niche websites with her husband. They are both accomplished artists and love to travel.

Want to learn step-by-step how I built my Niche Site Empire up to a full-time income?

Yes! I Love to Learn

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