What are NFTs and NFT marketplaces?
Before we look at NFT marketplaces and how they work, it’s important to first grasp what NFTs are. NFTs can be thought of as immutable digitized certificates for any physical or digital asset, implying ownership. For example, you may buy a football NFT that comes with a gorgeous piece of artwork as well as exclusive perks like early bird ticket prices and an autographed player jersey. NFTs are used to represent ownership of any object and are supposed to be unique and immutable, making them inaccessible to anybody other than the owner.
What is Rarible?
Rarible is a decentralized peer-to-peer marketplace for digital artists and creators’ non-fiction works. Different forms of NFTs, such as digital artworks, memes, and other metaverse-based assets, are available for purchase.
What is OpenSea?
OpenSea was one of the earliest decentralized NFT marketplaces in the realm, and was previously dubbed “eBay for Crypto Kitties,” but it has now extended to include practically all forms of NFTs, such as domain names, virtual worlds, and music. The platform’s implementation of lazy minting, a tool that allows creators to advertise NFTs as they choose and only pay for gas when they are sold, is perhaps its most prominent feature.
Buying on OpenSea vs. Rarible
You can buy an NFT using ETH on Rarible. Before you can start buying NFTs from the listings, you must first connect your digital wallet with the marketplace’s interface. Rarible can only be accessed through its website, rarible.com.
OpenSea has nearly the same feature in which you must connect your digital wallet in order to begin trading NFTs. It offers an easy-to-find listing for each trader, allowing them to choose which NFTs they want to buy. The marketplace is accessible via a website and a mobile app. Furthermore, OpenSea currently supports over 150 tokens.
Creating on OpenSea vs. Rarible
You must go to your profile and click the “Create” function to create an NFT on OpenSea. This will lead you to the NFT creation page, where you can give it a name, add files to it, and provide pertinent descriptions. Then you may pick if you want to add it to an existing collection or give it more features like properties, levels, or unlockable items.
The process for creating an NFT on Rarible is the same. Go to the homepage and select “Create.” Rarible, like OpenSea, allows users to assign certain properties to their NFTs. However, before users can successfully mint an NFT, they must first pay a gas price.
Selling NFTs on OpenSea vs. Rarible
You’ll need a profile, a digital wallet, and an NFT to sell an NFT on OpenSea. If you already have an NFT to sell, go to your profile and make a transaction with either a “set price” or a “timed auction” option. Other users can place bids on your NFT in auctions. If you have a file ready, OpenSea also allows you to mint NFTs within the platform.
You will be prompted to build your own collectible item on Rarible. This feature allows you to specify whether you’re selling a single NFT or a collection, after which you’ll be prompted to upload the artwork for sale. You can either pick your own price for the NFT or have it auctioned. The primary difference between the two marketplaces when it comes to selling NFTs is that Rarible enables customers to configure up to 30% for creator royalties, sharing revenues with them each time their NFTs are resold again. You can only set it to 10% in OpenSea to account for the creator’s royalties.