In the physical world, when we decide to go to a store, we have lots of options to choose a shop. It depends on many features and satisfactions to end up with a shop for purchase. In the same way, looking into the NFT marketplaces, it’s not easy for the new content creators to find the right platform to showcase their digital art and find buyers. NFT marketplaces are becoming popular day-by-day, and it allows its creators to enlarge their reach and find the right buyers. When you start with NFT trading, you need a marketplace for buying and selling NFTs.
The different online marketplace presently has unique benefits and focuses on specific use cases. Cryptocurrencies are highly volatile and high risk. So your own research and financial advice before buying and selling an NFT is a must. Here we have discussed two platforms 1. Rarible and 2. OpenSea – the top two NFT platforms in the world. This article helps you to choose the best platform to buy and sell your NFT with profit.
NFT and its marketplace
NFTs are digital tokens that have a unique and verifiable value in a platform. These Non-fungible tokens (NFTs) are bought and sold in this marketplace for a profitable amount. NFTs as immutable digitized certificates of any real word or digital asset inferring ownership over said asset. On these platforms, apart from purchasing, you can also do NFT mining that is based on the Ethereum blockchain.
The Most popular NFT marketplace
(2) Open sea
(3) Axis marketplace
(4) NBA top shot marketplace
(5) Super Rare
(7) Nifty Gateway
The Rarible NFT Art marketplace
Rarible is the newest member of the list of marketplaces that arrived in 2020. It was founded by Alex Salnikov and partner Alexei Falin in Moscow. This is the first digital platform to launch governance tokens like RARI into the NFT world. The marketplace is within a perfect blend of decentralized autonomous organization marketplace and NFT technology.
This NFT marketplace is ideal for anyone who is creator-focused and looking for the creation or collection of rare digital assets with the security of blockchain.
The Open sea NFT Art marketplace
Open sea NFT marketplace was the oldest among other platforms, and it was launched in 2017. The platform is a US-based NFT marketplace, and it is the first decentralized NFT marketplace. The NFT platform is a decentralized P2P marketplace aggregator with a variety of NFT to choose from developed on NFT technology. This platform makes it easy for users to trade as it has a simple and user-friendly interface.
Buying and selling NFTs in Rarible
- Initially, you are required to sync your digital wallet with the marketplace interface before you can start buying NFT from the listings.
- On Rarible, you need to create your own collectible first. By this feature, it confirms with you whether you are selling a single NFT or a collection. Once you select, it asks you to upload the artwork you wish to sell.
- The selling price can be provided by yourself, and also it has an option to sell through an auction.
- While you are selling NFT in the Rarible, you have to set up to 30% for creator royalties and have to share profits with them each time your NFTs are sold
- But in OpenSea, you can only set it up to 10% to allocate for the creator’s royalties. It makes a huge profit for you.
Buying and selling NFTs On Open Sea
OpenSea offers an almost similar function as we see in Rarible. Here you need to connect your digital wallet to start working with a mobile app. The incredible feature is that OpenSea supports over 150 tokens.
Trading NFTs in OpenSea
- OpenSea allows its users to list their items easily and also allows any of them to trade NFT in easy steps.
- Get into the official website of OpenSea to connect to the marketplace. There you are able to sell an NFT. However, to do it, you need a profile, digital wallet, and an NFT.
- Before doing it, check whether you have NFT to see. If “yes,” get into your profile. There you have to select either a “fixed price” or “timed auction” transaction.
- Through the auction option, it allows users to place bids for your NFTs. If you have a file already, it allows you to mint NFTs on their platform.
- Over 200 categories of digital assets are available on this platform.
- The open sea is one of the platforms that only takes 2.5% commission of the NFT price while purchasing.
Rarible vs. OpenSea in NFT marketplace
Flexibility to technology integration:
The Rarible platform integrates popular wallets such as coin base wallet connect and others. At the same time, the open sea is the clear winner in this category. It supports integration with maximum tools such as ethereal, met mask, coin base, etc.
Training and support
Rarible provides online training, documentation, and support, and OpenSea doesn’t have online training facilities.
Rairible users that are content-focused and looking to the creator or collect digital assets with blockchain technology. At the same time, the open sea is looking to leverage smart contact technology for trading, buying, or selling digital assets.
A significant difference between Rarible and OpenSea
- Rarible is based on the RARI blockchain, whereas the open sea is based on the Ethereum blockchain.
- Open sea has a fairly small user base.
- Rarible had a rise in consumers, but the open sea is always in the early stages of development.
Major Difference between Rarible and OpenSea
- Rarible is a community-owned platform marketplace where you can get a safe and secure platform. Here you are allowed to trade their assets.
- OpenSea is an online platform, and a decentralized marketplace. It makes your purchase and trading of non-fungible tokens easy.
- Rarible was established in the year 2020, after the establishment of OpenSea.
- OpenSea was established much earlier, in 2018. It is the first platform to enable digital assets trading.
- The Rarible’s cryptocurrency is called as RARI.
- OpenSea uses the concept of Ethereum blockchain.
Number of Users:
- OpenSea roughly has about 1 million users.
- Rarible has slightly higher users than OpenSea of 1.6 million followers.
In this article, we made a comparison on the Rarible and the OpenSea. We provided a better comparison between these two famous platforms. The major steps followed on these platforms are also compared here. It helps you to choose the platform based on your requirements.