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July 1, 2022

Rarible vs OpenSea: Which NFT Marketplace is Better For You?

Both OpenSea and Rarible are built on the Ethereum blockchain ecosystem. OpenSea is a huge platform (arguably the biggest) for digital assets, with Rarible not too far behind. But when these NFT marketplaces go head-to-head, which one is better? Both marketplace platforms are similar, but they also offer different features that speak to various audiences.

We care about every individual, so let’s break down both platforms to find which is best for you.

What is Rarible?

Rarible

Rarible is a multi-chain NFT platform founded in 2020. Although that wasn’t long ago, it has quickly become one of the go-to and most trusted digital platforms to buy, sell and trade NFTs. Rarible is our recommendation for collectors and creators, because of the royalties for secondary sales (up to 50%!) and, of course, its multichain support on the Ethereum as well as Tezons and Flow blockchains (Polygon is in its beta stage).

NFT enthusiasts can find many NFT categories, and you can filter through the digital goods by category. If there is one drawback to most NFT platforms, Rarible included, it would be NFT stats..

What’s also great about Rarible is that you can mint NFTs on the platform. You won’t have to be wary of minting fees because the NFT marketplace introduced a free minting option in late 2021. However, Rarible users will still have to account for the 2.5% transaction fee on the platform.

Pros and Cons of Rarible

Pros

  • Very easy to use platform
  • Can mint (create) non-fungible tokens (gasless) 
  • Mint NFTs faster than many other NFT marketplaces 
  • Buy, trade and sell NFTs
  • Royalties if your NFT sells on a secondary market
  • Supports many digital wallet options, such as the Coinbase Wallet
  • Very high royalties
  • Decentralized autonomous organization (DAO)
  • Better platform for NFT creators and buyers
  • Native $RARI tokens
  • Live online training 

Cons

  • No mobile app as of now
  • Platform fees may be high for some  

What is OpenSea?

Opensea

The OpenSea NFT Marketplace has been around much longer than many other platforms, having been established in 2017. It’s the largest NFT marketplace as of now, and like Rarible, OpenSea offers users access to many digital assets and is a great place to find digital collectibles that are popular and unique.

As of now, OpenSea supports over 150 tokens. You can use various crypto wallets on the platform and it also offers multi-chain support. The NFT industry is a relatively new one, but most that are entering or are already familiar with the NFT world will agree that OpenSea is one of the best choices out there.

OpenSea also allows NFT creators to set royalties—but it’s only up to 10%. What we really like about the platform is that creators do not have to pay gas fees until their NFTs sell. There are so many payment options you can choose from (cryptocurrency is accepted) as the platform tries to make things as convenient as possible.

OpenSea also has minting (creating NFTs), but it incorporates lazy minting, which means you don’t have to start smart contracts on the blockchain technology but can still showcase your work for people to buy.  

Pros and Cons of OpenSea

Pros

  • Can create NFTs 
  • One of the largest NFT marketplaces (perhaps the largest)
  • Has many digital art options such as sport NFTs and trading cards 
  • Various NFT collections available 
  • Very easy to purchase NFTs
  • Supports many wallets
  • Cross blockchain support
  • Has virtual worlds (rarer crypto assets)
  • Over half a million unique users every month 
  • Has a mobile app 

Cons

  • No native token 
  • Limits royalties at 10%

Differences Between Rarible and OpenSea: A Quick Overview (H2)

Features

OpenSea

Rarible

Services Offered

Browse, collect, sell, trade, mint

Create, sell, collect, trade

Date Launched

2017

2020

Number of Users

Around 500,000 per month

Around 10,000 per month

Founders

David Finzer and Alex Atallah

Alexei Falin, Ilya Komolkin, Alexander Salnikov

Native Token

No

$RARI

Payment Options

Supports around 150 cryptos 

ETH, FLOW, XTZ

Credit Card Payment

No

Yes

Trading Fee

2.5%

2.5%

Royalty Fee

10%

Up to 50%

Gasless Minting

Yes

Yes

Mobile App

Yes

No 

Rarible and OpenSea Compared

Rarible VS Opensea—which is the winner? In order to determine which is better for NFT sellers or creators, or one that benefits both the buyer and seller depends on what the NFT market provides. Let’s take a deep dive into each feature.

• Marketplace Size

Two of the main differences between OpenSea and Rarible is the size of its digital art collection and the number of users it sees. As we stated, the NFT exchange sees around 500,000 monthly unique users and the all-time sales volume generated by the platform is now over $20 billion, putting OpenSea in the lead spot as the biggest platform for NFTs. 

Rarible is one of the top digital art platforms out there as well, but it is significantly smaller than OpenSea with just around 10,000 monthly users. Its total sales volume is around $270 million. While this number is considered sizeable, it’s still much smaller compared to OpenSea.

Winner: OpenSea 

• NFTs Offered

Both OpenSea and Rarible have digital works of various niches including the more common memes, trading cards, crypto art, and collectibles. Other digital assets that you can find on each platform that are considered rarer are virtual lands, in-game assets and domain names

If you want the latest updates, you can also check out sites like NFT Drops to have the information on Upcoming NFTs offered to both platforms. 

• Fees

One of the biggest considerations for digital artists and those buying NFTs is the fee incurred with every transaction. Both platforms allow royalty fees, which award the NFT creators with a certain percentage when their NFTs are sold on a secondary market. A drawback to the OpenSea platform is that the royalty fee is set at 10%, while Rarible lets creators customize the amount to up to 50%.

Both marketplaces offer gasless and lazy minting, but users have to account for the flat platform fee, which is 2.5% for both platforms. 

Winner: Rarible 

• User Interface

What we prize most when we navigate NFT marketplaces is the user experience. Is the platform easy to navigate? How difficult is it to find what you’re looking for? These are some questions we ask when we’re looking at the interface.

Both OpenSea and Rarible are very easy to use. Rarible separates the NFTs by blockchain under the “Explore” tab. As you scroll down, the site clearly lists out the hottest crypto asset options, top sellers, top collections, and more. Users can start selling, buying, creating and start trading NFTs easily after creating an account.

OpenSea shares a similar interface design and shows all the digital artwork collections under the “Explore” tab. Unlike Rarible, OpenSea displays a very clear stats page and even leads you to the gas-free marketplace under the “Resources” section. Suffice it to say, both NFT marketplaces put user experience first.

• Creating/Minting NFTs on OpenSea and Rarible

As we also mentioned, both OpenSea and Rarible offer minting without upfront gas fees. Rarible and OpenSea are flexible, and let creators choose whether they’re minting or selling a single NFT or an entire collection.

What makes the minting feature “lazy” on both platforms is the elimination of network fees when you’re creating NFTs. In other words, creators can bypass many of the associated costs that come with gas fees when minting on other platforms; these fees get unloaded onto the buyer.

• Buying and Selling NFTs

Buying and selling on Rarible and OpenSea are very easy—all you need is the right crypto wallet. The right one is one that the platform of your choice supports. On OpenSea, you have your choice of many, perhaps the most options for any NFT exchange. All you have to do is fund your wallet with ETH from any cryptocurrency exchange. OpenSea is compatible with:

  • MetaMask and MetaMask Mobile
  • Coinbase
  • TrustWallet
  • Portis
  • Fortmatic
  • Venly
  • Authereum
  • Bitski
  • Dapper
  • Kaikas
  • OperaTouch
  • Torus
  • WalletConnect
  • WalletLink 

On Rarible, the supported wallets are:

  • MetaMask
  • Rainbow
  • Coinbase
  • Fortmatic
  • Portis among others

• Multi-Blockchain Support

NFT exchanges are usually built on one blockchain ecosystem, but now more and more have converted to multi-chain systems, like both OpenSea and Rarible. Each platform supports 3 blockchains. They both support Ethereum, as that is the main blockchain the markets were originally built on, and the main difference lies with the other two. Rarible also supports Tezos and Flow, while OpenSea incorporates Polygon and Klaytn. 

• Customer Support

The winner in the customer support on OpenSea VS Rarible is obvious due to one extra feature on OpenSea: the chat function. Yes, you may still need to be put in touch with an actual agent via Ellie, the virtual support on OpenSea by either joining their Discord or submitting a ticket, but it does present a more personable element.

Rarible lacks the chat feature, but still has a “submit ticket” function and a wealth of educational resources in the Knowledge Base, much like OpenSea. 

• Security and Guarantee

Security is everyone’s number 1 concern when it comes to the world of NFTs. OpenSea and Rarible are both open marketplaces, which means there are little to no compatibility issues, but it also opens them up to more risks. What does this mean? It means hacks, frauds, and copyright issues are more possible compared to a closed marketplace.

Admittedly, both platforms have suffered from these issues in the past, but this is the nature of this ever-expanding market as of now. You can rest assured that Rarible and OpenSea are very reputable and employ the use of smart contracts to bolster security. 

FAQ

• Can I sell a Rarible NFT on OpenSea?

Yes, you can sell a Rarible NFt on OpenSea. In fact, there is a dedicated section on the OpenSea marketplace for Rarible collections. You can trade with $RARI tokens on OpenSea and there are currently around 300K items available. 

• Is Rarible connected to OpenSea?

Yes, Rarible is connected to OpenSea. Because both platforms operate on Ethereum, they are considered linked and you can sell your item on both. However, if your digital asset is sold through one, it cannot be sold again through the other platform. 

Conclusion

Which marketplace is better? It depends on what you need. You may go with Opensea because it supports the wallet you have, but Rarible is the better option if you want to use your credit card. OpenSea has more assets available, but keep in mind that Rarible has much higher royalty settings at up to 50% versus OpenSea’s 10%.

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