Home » OpenSea vs. Rarible: How the NFT marketplaces compare

OpenSea vs. Rarible: How the NFT marketplaces compare

OpenSea vs. Rarible: How the NFT marketplaces compare

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

OpenSea vs. Rarible: 

If you're interested in creating and selling NFTs, purchasing NFTs, or purchasing and reselling NFTs, marketplaces OpenSea and Rarible are two great places to start. But while the two platforms possess similar offerings, they also differ in many ways.

OpenSea NFT is a larger marketplace (it supports more than 150 tokens) and has been in business longer than Rarible (Rarible was founded in 2020). Plus, the platform supports more crypto wallets while offering cross-blockchain support for ethereum, polygon, and klatyn, so it could be a better fit for NFT creators and buyers who want more flexibility.

Rarible NFT also offers three blockchain options — ethereum, tezos, and flow — for NFT creators and buyers, but it's a better platform for NFT creators since it offers up to 50% in royalties (as opposed to OpenSea's 10% rate) each time your NFT resells. 

!function () {function e() {var s = “myFinance-widget-ad-script”;if (!document.getElementById(s)) {var e = document.createElement(“script”), n = document.getElementById(“myFinance-widget-script”), a = t + “widget/myFinance.js”;e.id = s, e.type = “text/javascript”, e.async = !0, e.src = a, n.parentNode.insertBefore(e, n);}var c = “myFinance-widget-css”;if (!document.getElementById(c)) {var d = document.getElementsByTagName(“head”)[0], i = document.createElement(“link”);i.id = c, i.rel = “stylesheet”, i.type = “text/css”, i.href = t + “widget/myFinance.css”, i.media = “all”, d.appendChild(i)}}var t = “https://static.myfinance.com/”;document.attachEvent ? document.attachEvent(“onreadystatechange”, function () {“complete” === document.readyState && e()}) : document.addEventListener(“DOMContentLoaded”, e, !1)}();

OpenSea and Rarible's features and account products also vary. 

Rarible logo

Account perks

More than 150 token payment options, NFT listing without upfront fees, cross-blockchain support, and support for several wallets 

Account perks

Support for three blockchains and more than five crypto wallets, high royalties cap, simple mobile interfaces

Investment choices

NFTs (supports ethereum, polygon, and klatyn blockchains)

Investment choices

NFTs (supports ethereum, tezos, and flow blockchains)

Royalties?

Yes — 10% each time another user buys your NFT

 

Royalties?

Yes — earn up to 50% each time NFT you created resells

Is OpenSea right for you?

Founded in 2017, the OpenSea NFT NFT marketplace creates a platform where NFT creators can mint (or create) NFTs to sell to buyers. And if you're a buyer, you'll have both the options to purchase or purchase and resell the NFTs you've collected.

When it comes to blockchains, OpenSea offers cross-blockchain support for ethereum, polygon, and klatyn. Plus, the platform supports more than 150 tokens, including uniswap and WHALE. As for types of NFTs, OpenSea offers art, collectibles, domain names, music, photography, sports, trading cards, utility, and virtual worlds.

And the NFT platform also offers a unique minting process. You can list your NFTs on the marketplace without paying any upfront gas costs, and they won't "mint" until the first purchase is made. This could save creators money, since they wouldn't have to pay any fees until their art sold.

Like most NFT platforms, OpenSea also offers royalities for creators. In other words, you also earn money when your NFTs resell on the secondary market; that is, if someone who purchases an NFT decides to resell it, you'll earn cash back from that. OpenSea currently offers up to 10%.

Read our OpenSea review »

Is Rarible right for you?

Like OpenSea, Rarible NFT also connects NFT creators to buyers who want access to a variety of NFT categories. Rarible currently offers art, photography, games, metaverses, music domains, decentralized finance, memes, and more. Plus, the platform supports a total of three blockchains: ethereum, tezos, and flow.

But the minting process on Rarible isn't as favorable to NFT creators as OpenSea's is. With Rarible, you have to mint your NFT before it even sells on the marketplace. Therefore, you'll be responsible for upfront minting fees whether or not your NFT sells. With OpenSea, you don't have to pay gas fees until your NFT sells.

However, Rarible gives creators much more earning potential through royalties than OpenSea does. You can earn up to 50% in royalties whenever someone resells your NFT on the secondary market. OpenSea only offers up to 10% in royalties.

The company also supports multiple crypto wallets, including MetaMask, Rainbow, Coinbase, Fortmatic, Portis, and more.

Read our Rarible review »

Read the original article on Business Insider