OpenSea Vs. Rarible: Which NFT Marketplace Is Right for You? – Business Insider

opensea-vs.-rarible:-which-nft-marketplace-is-right-for-you?-–-business-insider

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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 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 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. 

Fees

2.5% (no service charge for buyers)

Fees

2.5% (no service charge for buyers)

Pros

  • No gas fees for NFT creators until users buy the product
  • Vast range of NFT collectibles and products
  • Hundreds of payment options (OpenSea accepts cryptocurrencies)
  • Buyers can make secondary sells and the original NFT creators can earn up to 10% in royalties

Cons

  • Limited customer support
  • 10% royalty is low compared to other platforms, like Rarible, that offer up to 50%

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Pros

  • Simple interface (can view numerous Rarible NFTs and filter by blockchain, NFT category, and more)
  • NFT creation/minting process doesn’t take long
  • Several community-driven features that aim to simplify marketplace interactions
  • NFT sellers can earn royalties from the tokens they create

Cons

  • 2.5% transaction fee may be high for some

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

Is OpenSea right for you?

Founded in 2017, the OpenSea 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 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 »

Rickie Houston, CEPF

Wealth-Building Reporter

Rickie Houston is a wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products. He is also a Certified Educator in Personal Finance (CEPF). Previously, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, taxes, and banking topics. He’s contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, where he contributed as a staff writer and sports editor for Boston University News Service. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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