What’s the Difference Between Rarible and Opensea?

Difference between Rarible and Opensea

Comparing Rarible vs opensea might unveil some differences that’ll make you consider one over the other. In a world that is digital, there is the need to create digital arts. 

Speaking of arts, it is a beautiful way of expressing emotions, memories, feelings and other things you could probably think of.

With the rise of NFTs and how popular it has become, many people are eager to join the community. 

Many marketplaces have also sprung up to cater to this new trend with Rarible and Opensea being top choices.

However, understanding or knowing the difference between Rarible and Opensea can be challenging. 

Rarible is a blockchain-based platform where you can buy, sell, and exchange non-fungible tokens (NFTs) and other tokenized digital items. On the other hand, Opensea is a decentralized marketplace to buy, sell, and trade NFTs. It is the first and biggest NFT marketplace in the world. A major difference between these two is that while Rarible accepts ETH alone as it’s payment method, Opensea allows the use of ETH, DAI, and other Ethereum-based token to purchase and sell NFTs.

To help for easy understanding, we’ll explore the similarities and differences between Rarible and Opensea. 

Difference Between Rarible and Opensea

Let’s look at the difference between Rarible and Opensea to help you decide which platform to start your NFT journey.

Type of currency

The first difference between Rarible and Opensea you should consider is the currency spent on the platforms.

While Rarible uses ETH as it’s only method of payment, Opensea allows the use of ETH, DAI and other Ethereum-based tokens for the purchase and sale of NFTs. This means that with over 150 types of currencies, you can trade on Opensea.

In addition, Rarible has its own money, called RARI, which is obtained through mining liquidity on the platform. 

This token cannot be used to make any purchases or sales on the platform. It’s only function is to let people vote on upcoming market adjustments.

Regrettably, the Rarible project has several issues that could interfere with its normal operations. One of these is called “wash trading” in which users open numerous accounts to trade their own tokens. As a result, the token’s value becomes jeopardized.

Year of establishment

Opensea was the first marketplace created in 2018. In contrast to this, Rarible was created in 2020.

Platform fees

Compared to the majority of other NFT marketplaces, Opensea and Rarible have reduced transaction fees.

Rarible makes the same 2.5% from both the buyer and the seller in contrast to Opensea, which only charges the buyer a 2.5%. 

On the other hand, certain marketplaces, such as SuperRare, demand commissions as high as 15%.

Royalties

The availability of a royalty program is one critical aspect of an NFTs program. With this, creators are able to earn passive income on NFTs in the secondary market. 

Opensea charges a fixed royalty rate of 10%, whereas Rarible gives creators the freedom to choose their own royalty rate. Users have the option to set royalty rates as high as 50% of the cost price.

Definition

Another difference between Rarible and Opensea is their definitions. Opensea is a decentralized marketplace that encourages and facilitates the buying, selling, including the exchange of non-fungible tokens.

 On the other hand Rarible is a community owned marketplace that aims to build a secure platform for the trading of digital assets.

Similarities between Rarible and Opensea

Now that we’ve looked at the difference between Rarible and Opensea, we’ll now consider the similarities.

Minting

Both Rarible and Opensea are similar with what is known as Lazy mintung. This enables artists to sell their NFTs without any form of smart contract setup on the block chain. 

Both platforms make it possible for users to mint NFTs without worrying about network fees.

It’s of importance to note that network fee is charged for many block chain transactions, including the minting of NFTs, which goes towards confirming the trade. 

Users find the lazy minting features offered by Opensea and Rarible appealing because of high Ethereum gas fee as they may avoid making these payments

Wallet

Opensea supports the popular crypto currency wallet-MetaMask. It also works with other businesses such as Coinbase, Bitski, etc.

In addition Rarible also supports various wallet interface like Metamask, Ethereum, and MyEtherWallet.

Chances are high that you’ll find your crypto currency wallet on either marketplace because they both support many wallets.

Security

Both marketplace provides a safe and secure environment i.e they provide a safe place to create and exchange NFTs due to the block chain technology.

Audience

Opensea as the first NFT marketplace in the world has a large community of traders and creators. Its main aim is to make the buying and selling of digital assets easy for users.

However, Rarible focuses on making it easier for its community to influence the direction of the business despite its large database.

As a result, the platform possesses a governance token that enables users to choose how to handle upcoming upgrades.

What is Rarible?

Rarible is an Ethereum-based platform that uses non-fungible tokens to create, purchase, and sell rights of ownership to digital works of art. 

NFTs are unique crypto assets used to represent ‘one-of-a-kind’ items such as original works of art and collectibles. 

There are two NFT token standards used by Rarible. They are ERC-1155, which permits the creation of different versions of an item, and ERC-721, which permits the creation of unique items.

The Rarible NFT marketplace was founded by Alex Salnikov in 2020. In the crypto space, it is one of the most popular marketplaces. 

Since its launch, the platform has a thriving base of 1.6 million users with venture capital of roughly $16 million. This capital comes from firms like Coinbase and CoinFund.

Getting an Ethereum wallet like MetaMask or Coinbase is important if you want to use this marketplace. Once that is done, all you need to do is link your wallet and start browsing Rarible for items you can buy.

 In addition, this platform is useful to artists and content creators, as they can house their minted NFTs if they’re not ready to sell them. It also requires no coding knowledge, thereby making it easy to use.

What is Opensea?

Opensea is the world’s first and biggest NFT marketplace. In simpler terms, think of Opensea as eBay for digital collectibles.

It was established by Devin Finzer and Alex Atallah in New York City in 2017. Later, they submitted the business to the renowned Y Combinator startup accelerator, where it was immediately backed with $2.7m.

Although the Klaytn and Solana chain support has been added, Opensea was originally powered by Ethereum smart contract.

 In addition, it now speeds up processing while lowering trade costs by utilizing the Ethereum layer-2 protocol polygon (MATIC).

Ether (ETH), the native coin of Ethereum, can be used to buy NFTs. Plus, more than 150 additional currencies, including DAI and UNI are also accepted

You only need to create your crypto wallets (Coinbase or MetaMask etc) before a purchase. Digital collectibles can be purchased immediately by accepting the seller’s fixed price or by placing a bid (leaving the seller to either accept or decline the offer).

Similar to buying something on the site, selling something is as easy as connecting to your wallet, uploading the NFT you want to sell, and placing a price.

Conclusion

Although Rarible and Opensea are excellent platforms for trading NFTs, they also have their ups and downs. Knowing the difference between Rarible and Opensea is important but choosing one is a matter of preference.

We live in a world where digital art is thriving and gradually overshadowing the traditional forms of art.

With this, there is the need to promote creators’ access to digital tools that can make their work easier and simpler. Using Rarible and Opensea are both great options to consider.

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