The Gist: What do you know about OpenSea and Rarible? Yes, they are one of the most popular NFT marketplaces. But which one is better? In this article, we have listed key factors that will answer your question about OpenSea and Rarible.
The non-fungible tokens have provided leeway to artists and creators to showcase their art and earn money through it. This new technology was quick to gain popularity after some famous artists made millions of dollars through NFT. The whole idea of NFT is to create, exchange, and monetize digital cryptography.
NFT marketplaces provide platforms where you can easily buy and sell NFT art. Some popular NFT marketplaces share the largest market in NFT. They provide the tools to create, exchange, and monetize the tokens. You can categorize each marketplace by its openness and flexibility. Some marketplaces only allow particular artists or pre-approved creators to mint or list NFT collections. On the contrary, many marketplaces have flexible policies and have no pre-defined NFT creators. Anyone who wants to sell and buy NFT artwork can easily do that.
In this article, we will talk in detail about OpenSea and Rarible, one of the most popular NFT marketplaces for NFT trade. What makes them different from each other and which one is more suitable for NFT creators.
What is OpenSea?
OpenSea is an open-source, peer-to-peer NFT marketplace that provides the platforms and tools to mint NFT collections. The best thing about this marketplace is that OpeaSea performs almost all functions on blockchain technology. Plus, decentralization makes the transactions transparent and efficient. You can mint and trade NFT art without getting to know its technicality.
To convert the digital asset into a token you need to know the programing language. However, with the help of the OpenSea platform, you can easily buy and sell NFT collections. In simple words, OpenSea makes it easier for the beginner to mint and trade NFTs without technical requirements.
Looking at the history of OpenSea this platform has advanced over the past few years and built a strong and trusted market in NFT. It has launched many successful NFT projects like Bored Ape Yacht Club, Azuki, World of Women Galaxy, and VeeFriends.
What is Rarible?
The trading mechanism in Rarible is the same as that of OpenSea where creators can create and mint NFT easily and efficiently. This platform is solely for NFT which is why minting and trading are simple. Similar to OpenSea, Rarible offers an ecosystem that incorporates various digital cryptographic which includes in-game assets, collectibles, artworks, and many other things.
The transactions and exchanges that take place on the NFT marketplace are settled on the blockchain network. The peer-to-peer connection eliminates the intermediary and provides a decentralized infrastructure for the transaction.
Rarible is a more decentralized platform than OpenSea as the governance and economy of the platform are harbored by its native token known as RARI. The RARI holders can vote for the policies and other changes that need on the platform.
OpenSea vs Rarible: Which is better?
Now that you have a basic idea about what is OpenSea and Rarible, let’s talk about the factors that will help you apprehend both NFT marketplace OpenSea and Rarible better.
Rarible is an open-source platform maintained by the community which is responsible for providing a safe and secure NFT marketplace to mint and trade NFTs without a hustle. They collectively make advancements in the tools and mechanism of the platform.
OpenSea is a decentralized NFT marketplace that incorporates similar tools and mechanisms as that of Rarible. It is a safe and efficient platform for trading NFTs. You can trade any digital cryptographic on this digital platform.
OpenSea supports up to 150 payment options which include KLAY, WETH, MATIC, and ETH. With the help of these payment options, you can easily do transactions.
On the other hand, Rarible does not incorporate diverse payment options. However, it does support three popular payment options which include ETH, FLOW, and XTZ.
Now that NFT has become popular, more people are taking interest and betting their luck on this new technology. Popular blockchain networks like Ethereum charges a good amount of gas fees for minting NFT. The increase in transaction fees has led the NFT marketplace to adopt alternative methods for minting NFTs. Polygon blockchain network allows you to mint your NFT without charging gas fees. Interestingly, both OpenSea and Rarible have gas-less minting options.
Apart from minting fee the users also need to pay a commission to the NFT marketplace from the sale revenue. Both the NFT marketplaces OpenSea and Rarible charge 2.5% of commission as a trading fee. This fee is compulsory and neither of them has an advantage over the other.
About Krazy Kong NFTs
People often ask should I buy NFT artwork? If you have a similar question then the answer is yes. This is the best time to purchase NFT collections and generate a new source of passive income. If you intend on buying NFT art, then Krazy Kong is among the choicest NFT projects. It is one of the best ape NFT projects in 2022. Krazy Kong is a modern-day ape trying to forget his turbulent past and adapt to modern human society. One of the main goals of the project is to raise awareness about environmental and social issues such as animal rights, deforestation, inequalities, and conflicts within and between humans and animals.
Our NFT project is new and we are scaling it every day. We’ll soon announce whitelist spots and other giveaways. Join our Discord server and become an early member to get special benefits.