Technology is shaping our lives at such a fast pace. Since the beginning of the 21st century, technological advancements have completely changed the world. Something that was once considered impossible or hopeless has become a reality.
The financial world is seeing a major shift in its system of transaction and monetary exchange. The blockchain industry is slowly taking over by storm. Every person is on the edge of their seat to see what new blockchain updates could revolutionize the world completely. Currently, NFTs have become a digital craze.
NFT marketplaces are emerging as the most visited websites around the world. As the popularity of NFTs rises, NFT marketplaces will also experience heavy traffic on its website.
Currently, there are two main marketplaces to promote NFT collection. You can either feature them on OpenSea or Rarible. These marketplaces have a majority of NFT enthusiasts and investors who are most likely to buy NFTs from your collection.
What is OpenSea?
OpenSea is the first and the largest NFT marketplace founded in 2017 by Devin Finzer and Alex Atallah. It is an American, New York-based, marketplace which operates on the Ethereum blockchain for secure transactions between users.
OpenSea is a decentralized P2P marketplace with more than 200 digital assets classifications.
What is Rarible?
Rarible is a software where you can create, buy, and sell NFTs. The marketplace exists on the Ethereum blockchain. It was founded by Alex Salnikov and Alexei Falin in 2020 in Moscow. Rarible is a US-based NFT platform that incorporates DAO and NFT technology together. In other words, it is a “multichain community-centric NFT marketplace.”
Rarible has its own token named RARI in the NFT world. The platform operates on ERC-20, ERC-1155, and ERC-721 tokens.
Both marketplaces serve as a platform for any creator and collector to promote NFT art collection. Many people have found their fame through these platforms.
Creators can easily make their name in the NFT world if they promote NFT collection on Rarible or OpenSea.
What is the difference between OpenSea and Rarible?
Although both are NFT marketplace and serve almost the same purpose, they still have differences that make them stand out from each other. Here are some of the differences:
OpenSea is the oldest; since it was the first NFT marketplace, while Rarible is the most recent NFT marketplace. Both vary in terms of their founding years; however, each platform keeps up with the latest advancements.
Rarible and OpenSea differ in terms of the target audience. Although every type of creator and buyer exists on both platforms, there are some specifications that make each platform unique.
OpenSea is considered a secure platform to buy NFTs, while Rarible contains the rarest NFTs in the world. One is the best option for small contracts, while the other is the best choice for creator-focused NFTs.
In OpenSea, users can use 150 payment options, including ETH, MATIC, WETH, and KLAY. Rarible can only trade NFTs using ETH, XTZ, and FLOW.
Rarible also lets users pay through credit card now, while OpenSea doesn’t. This opens doors for non-wallet users to trade NFTs on Rarible.
OpenSea has a fixed 10% royalty fee. Rarible gives flexibility to users to set the royalty fee; they can ask for up to 50% royalty fee.
Rarible has its own Token: $RARI; OpenSea doesn’t.
Which one is the best place to promote NFT collection?
OpenSea and Rarible are two leading NFT marketplaces, each having its own special and unique features. If you were to pick between either one, you will have to first define your NFT; what audience you want, what opportunities are you looking for, and what NFT type do you want to sell.
Once you decide on these specific questions, it will become easier to make the right decision. The best NFT platform to promote NFT collection is solely based on your personal preferences.