Rarible VS OpenSea is a challenging comparison. Is Rarible better than OpenSea? Or is the OpenSea NFT marketplace much better than Rarible? Or are these almost identical NFT platforms, and the choice comes down to only some minor preferences?
Let us see! This Rarible VS OpenSea comparison by BTChackz will focus on their governance, security, user-friendliness, and more.
Table of Contents,
- 1 What Is the Best NFT Marketplace, Theoretically?
- 2 OpenSea VS Rarible Regarding Governance
- 3 Rarible VS OpenSea Regarding Security
- 4 Rarible VS OpenSea Regarding User-Friendliness
- 5 Which Marketplace Has More NFTs?
- 6 Blockchain Compatibility
- 7 Do Not Forget the Fees!
- 8 The Verdict: OpenSea or Rarible?
What Is the Best NFT Marketplace, Theoretically?
Before diving into the Rarible VS OpenSea comparison, let’s clarify what a good NFT marketplace website is.
NFT marketplaces are digital platforms where users can buy and sell Non-Fungible Tokens (NFTs). They provide secure escrow services and a variety of other features, such as access to NFT metadata, marketplaces for trading, and more. Most marketplaces are non-custodial, meaning users maintain full control of their assets and private keys.
Features that make the best NFT marketplaces:
- Easy to Use: NFT enthusiasts should be able to navigate and use the platform easily.
- Low Transaction Fees: Lower transaction fees help both buyers and sellers.
- Secure: NFTs should be transferred securely and transparently.
- Governance: NFT marketplaces should have a clear and fair governance system.
- Liquidity: There should be enough liquidity to ensure buyers and sellers can trade quickly and easily.
- Open Access: The marketplace should be open to everyone, regardless of their geographical location.
- Loyalty Programs: Marketplaces should offer attractive loyalty programs for their users.
- Variety: The variety of NFTs available should be large enough to meet the maximum needs of all users.
Rarible and OpenSea are both popular NFT marketplaces that have these features but still have different functions. We now focus on these.
OpenSea VS Rarible Regarding Governance
- R: ✅
- O: ❌
Both Rarible and OpenSea work on blockchain. As such, they both provide a secure and transparent way to buy, sell, and trade NFTs. However, Rarible is the 100% decentralized NFT marketplace with a token, RARI, that users can use to obtain discounts and rewards.
On the other hand, OpenSea is under the control of its creators, Devin Finzer and Alex Atallah, who always have the final word in decisions.
Rarible VS OpenSea Regarding Security
- R: ✅
- O: ❌
When it comes to security, Rarible and OpenSea are quite similar. Both offer a secure escrow service for transactions so that buyers and sellers can be sure their funds are safe during a transaction. Additionally, both platforms use blockchain technology to ensure that all transactions are encrypted and secure.
Rarible also offers an extra layer of security with its two-factor authentication feature. This ensures users’ accounts are well protected from hackers or other malicious activities. The second one in our comparison, in turn, has had some security breaches. For instance, there was an insider OpenSea hack.
Rarible VS OpenSea Regarding User-Friendliness
- R: ❌
- O: ✅
When it comes to user-friendliness, OpenSea is the clear winner for some users. The platform has a clean and also intuitive user interface that makes it 100% easy for NFT enjoyers to navigate and use the features available. The system is logical, and it is easy to browse the NFT marketplace regardless of your goals.
Nevertheless, the second contestant has a good user-friendly interface and can be a good option for beginners. Although, Rarible’s offer systematization is much worse (IMO).
Which Marketplace Has More NFTs?
- R: ❌
- O: ✅
According to Harvard.edu, OpenSea counted 80 million NFTs in 2022. Given that only more people have become interested in new-age digital art, that number might have become much bigger. Furthermore, the NFT marketplace has all visual art object types, including
- Digital paintings (pixel, on-chain, 3D, fantasy)
- Photography pieces (mostly still life, landscape, and portraits)
- Gaming art (3D, MMPORG, Strategy, Sports, etc.).
- And also memberships and music.
Rarible, on the other hand, has a much smaller marketplace. Fewer options are available than OpenSea, and the types of NFTs are fewer. Furthermore, the offers are not as well systematized as OpenSea’s. As a result, it needs more offers to become a prioritized option for someone who’s just starting with NFTs or those who want a wide variety of artwork to choose from.
- R: ❌
- O: ✅
Rarible wins here since it supports the following blockchains:
- Immutable X.
Its opponent answers with these:
- BNB Chain.
No more comments on this part.
Do Not Forget the Fees!
- R: ✅
- O: ❌
When it comes to fees, Rarible takes the lead. The platform only charges 1% for both transaction actors, whether they are buyers or sellers. That makes it a more affordable option in comparison with OpenSea, which has various fees, starting from 0.5% for listings/offers and finishing with 2.5% on secondary sales.
In addition, users also have to pay extra gas fees, which can add up quickly if you are an active NFT enthusiast of the platform. Therefore, Rarible might be the more cost-effective choice for those who want to trade NFTs frequently.
The Verdict: OpenSea or Rarible?
Having reviewed all the features and criteria, it is time to make a conclusion. Both Rarible and OpenSea have pros and cons, but the former wins this comparison thanks to its lower fees, better security protocol, blockchain compatibility, and user-friendly interface. Ultimately though, when choosing between these two marketplaces, your decision should depend on your specific needs as well as your budget.