When discussing Non-Fungible Token (NFT) marketplaces or NFT markets, OpenSea is often the main reference. However, many other NFT markets have unique advantages and features, including Rarible.

 

Rarible is not just a marketplace but also an open ecosystem that is a place for digital creators and collectors to interact with each other and create, sell, and buy NFTs with their own unique qualities.

 

The main difference between Rarible and other NFT platforms is Ethereum blockchain technology. Through the Ethereum blockchain, Rarible creates a decentralized platform that allows its users to directly engage in the NFT ecosystem without the involvement of third parties. Ethereum blockchain technology supports transparency, security, and decentralization on Rarible. By leveraging smart contract intelligence, Rarible provides an environment for digital creators to create, manage, and market their work without obstacles or limitations.

 

So, to understand what Rarible is, how it works, how to use it to buy and sell NFTs, the amount of the gas fee, and how it differs from OpenSea, read the full review below!

 

What is Rarible?

Rarible is an Ethereum-based platform that offers various features to support digital creators and investors in creating, selling, and buying NFTs.

 

Founded in 2020 by Alexander Salnikov, Rarible has its characteristics: the presence of a built-in token called RARI. The RARI token has a special role in the Rarible ecosystem, used to streamline transactions and function as a governance token. More specifically, RARI acts as a governance token.

 

The number of Rarible users reached around 11,550, although this figure is still lower than the OpenSea platform, which has 20,000 users.

 

How Does Rarible Work?

 

 

Please note that Rarible acts as a trading platform that aims to connect sellers, consisting of content creators such as digital artists, model makers, or meme creators, with buyers who can choose the products they want to buy.

 

Converting a work into an NFT on Rarible begins with the creator needing to “mint” the token using the platform’s software. To do this, they fill out a form on the website, attach images, and include other data, such as listing price, that represents their work. Afterwards, Rarible creates a new token on the Ethereum blockchain. As with other tokens on Ethereum, generated NFTs can be transferred between wallets using Rarible software.

 

It is important to note that Rarible uses the Ethereum blockchain to embed the complete history of the owner and transaction history into the NFT code. Buyers and sellers must pay transaction fees that enter the Rarible network when a transaction is successful.

 

How to Use Rarible to Buy and Sell NFTs?

After understanding what it is and how it works, it is also important to know how to use Rarible to buy and sell NFTs. Here is a complete guide that is important to know, which is:

 

1. How to Use Rarible to Buy NFTs

 

• Create a digital wallet account that can exchange crypto assets and is compatible with the Rarible platform, such as MetaMask.
• Access the Rarible website and register your account. Connect your MetaMask account to the Rarible platform.
• Once the wallet is connected, you can immediately buy your favorite NFT on Rarible.

 

2. How to Use Rarible to Sell NFTs

 

For NFT creators or artists who want to sell their work, here are the steps for selling NFTs on Rarible:

 

• Visit the Rarible website homepage and log in to the account connected to the digital wallet.
• Click the “Create” button to create an NFT masterpiece. Generally, there are two types of NFT work creation: Single and Multiple.
• Select “Single” if you only want to sell one copy of the NFT artwork.
• Select “Multiple” if you want to sell several NFT works.
• Upload your artwork files and use the “toggle” button to sell NFTs.
• Determine the selling price for your NFT.
• Wait for a price offer from the buyer. If the offer is suitable, press the “Sell” command.

 

It is important to note that users need to pay gas fees to make transactions. You can check your account profile to see the NFTs that have been created, view order history, and sales of the works.

 

How Much Does Rarible Gas Fee Cost?

Ethereum gas fees vary based on supply and demand. These costs can increase when demand is high. By choosing the right time for Ethereum gas prices, you can decide when to create, buy, or sell.

 

You can see detailed changes in Ethereum gas prices in the following way:

 

1. Visit the link https://etherscan.io/gastracker

 

Notes: the Ethereum gas price forecast is updated constantly in a timely manner.

 

2. You can analyze the lowest, average, and highest gas prices at any time by accessing the link https://etherscan.io/gastracker:

 

3. You can estimate the cost of a particular transaction via the link https://etherscan.io/gastracker by looking at an example transaction:

 

4. If your transaction is not urgent, you can track previous gas prices with oracle gas prices. Scroll to the bottom of the https://etherscan.io/gastracker page and analyze this chart. This can provide clues regarding when gas prices are lowest.

 

Rarible vs. OpenSea Difference

After understanding how it works and how to use it to buy and sell NFTs, now is the time to discover some differences between Rarible and OpenSea.

 

These differences include target audience, security, supported wallets, supported currencies, and community. The following is a complete explanation:

 

1. Target Audience

As the first NFT marketplace, OpenSea has grown into a platform with a sizable network of traders and artists, with over 1.5 million active users. The goal is to simplify the process of buying and selling digital assets.

 

On the other hand, Rarible, despite having a large user base with over two million monthly active users, emphasizes the ease of influencing its audience on the direction of the business. The creators of this platform also created a governance token that allows users to participate in decision-making regarding platform improvements.

 

Both use smart contracts that are considered the industry standard for NFT transactions, allowing for easy ownership tracking as the information is stored on the blockchain.

 

Although Rarible focuses more on providing an environment where artists have a role in managing the platform, OpenSea offers a community that makes it easier for users to transact digital goods. On the other hand, while Rarible focuses on empowering artists, OpenSea is more oriented towards users who want to buy and sell digital art and gives them control over their art and the market as a whole. This means that Rarible focuses on artists, while OpenSea focuses on art more broadly.

 

2. Security

The importance of digital asset security comes into focus when dealing with NFTs, potentially susceptible to hacking and fraud risks. Unfortunately, fraud challenges are faced by OpenSea and Rarible, primarily because the nature of their open marketplaces makes it difficult to prevent the emergence of counterfeits and copyright infringement. While both suffer fraud issues, OpenSea exhibits more security-related issues, including recent attacks on smart contracts that increase users’ risk of NFT theft.

 

A recent cybersecurity firm Check Point report revealed that a security vulnerability in the NFT marketplace could allow hackers to steal users’ NFTs and crypto tokens in a single transaction due to the security gap between Web2 and Web3 infrastructure. Despite efforts to improve security, it must be acknowledged that neither is the most secure NFT marketplace.

 

3. Supported Wallets

MetaMask, as a widely known Ethereum wallet, is one of the important supports of OpenSea. MetaMask collaborates with various businesses, including Bitski, Coinbase, and Fortmatic, expanding its support network. Other wallets OpenSea supports include TrustWallet, Portis, Venly, Authereum, Bitski, Dapper, Kaikas, Opera Touch, Torus, WalletConnect, Phantom, and Glow.

 

On the other hand, Rarible also supports several wallet integrations, including MyEtherWallet, MetaMask, and Ethereum. Other wallets that can be used include Fortmatic, Rainbow Wallet, and Coinbase.

 

Thus, there is a high probability that the crypto wallet you use will be accepted on both platforms, considering that both are open to many types of wallets.

 

4. Supported Currencies

OpenSea allows users to buy and sell NFTs using Ethereum (ETH/WETH), SOL, USDC, and DAI. Rarible only accepts VISA and Mastercard. The money is immediately converted into ETH at the current rate, so sellers are still paid in crypto assets.

 

It would be best if you also had a crypto wallet to use Rarible, regardless of your payment option. The supported blockchains are reflected in the crypto asset options, which depend on the network you use, and you can pay with ETH, FLOW, XTZ, or MATIC.

 

This suggests that on OpenSea, you can trade more than 150 crypto assets. Rarible gives you the option to pay by credit card. Meanwhile, at OpenSea, if you live in a supported area, you can use MoonPay to buy NFTs with a credit or debit card. When purchasing an NFT, MoonPay allows the conversion of your fiat money into crypto assets.

 

Rarible also has its own asset called RARI. You can get RARI by mining liquidity on the site. However, this platform cannot use these tokens to make purchases or sales. The sole function of this token is to allow people to vote in future market adjustments. Unfortunately, the Rarible project has several issues that may hinder its performance. One is called “wash trading,” where individuals open multiple accounts to trade their own tokens. As a result, the value of the token is threatened.

 

5. Community

 

A sense of community and involvement in a platform can significantly impact NFT trade and investment. Here’s an overview of the communities at OpenSea and Rarible:

 

OpenSea

 

• Well-established community of NFT buyers and sellers
• An active presence on social media, with over 200,000 followers on Twitter
• Strong Discord community with over 32,000 members
• Regular community events and contests to engage users

 

Rarible

 

• An active community of NFT creators and collectors
• An active presence on social media, with over 90,000 followers on Twitter
• Strong Discord community with over 12,000 members
• Regular community events and contests to engage users

 

When comparing the communities on OpenSea and Rarible, it is clear that both platforms have a dedicated user base and active engagement on social media and Discord.

 

OpenSea has a larger overall community and a more established presence, which may appeal to buyers and sellers looking for a diverse and engaged marketplace. On the other hand, Rarible strongly focuses on NFT creators and collectors, with a very active community of artists and fans.

 

Having a strong community can certainly greatly influence NFT trading and investment. Platforms that encourage engaged and supportive communities are likely to attract more buyers and potentially increase the value of your NFTs. Additionally, active social media and Discord communities can be valuable sources of information, insight, and networking opportunities for NFT creators and investors.

 

Which is Better, Rarible or OpenSea?

 

 

The next question is which is superior or more worth choosing, Rarible or OpenSea? Ultimately, it all depends on personal preference and how far you are willing to sacrifice when using a particular feature or service.

 

For example, you might be willing to sacrifice the variety of crypto payment methods offered by OpenSea for the possibility of purchasing NFTs on Rarible using a credit card. While OpenSea may be better known and has a longer history, remember that Rarible offers some significant advantages. Rarible allows slower minting, supports four blockchains so users can determine their royalties, and provides credit card payment options for fixed-price items.

 

On the other hand, the only advantage OpenSea has over Rarible is support for Solana and acceptance of more file types. However, these advantages are not enough to give OpenSea a clear advantage. While OpenSea may be considered the best NFT marketplace, the risk is that it could lose its leading position if it cannot adopt the latest emerging features.

 

Today, Rarible is emerging as a better option for creators and buyers, especially as OpenSea addresses fake NFTs scattered throughout the site.

 

Conclusion

In conclusion, Rarible has proven to be an innovative platform popular in the digital art world. Compared to Opensea, Rarible’s decentralized approach gives NFT creators and collectors more control. Rarible is not just a marketplace but rather has become an open ecosystem where creativity thrives and is rewarded.

 

 

On the other hand, the role of NFTs in creating unique digital value and ownership is an important aspect in today’s era. Rarible, which utilizes the Ethereum blockchain, has provided a platform for creators to express themselves and produce digital works of real value. Furthermore, NFTs are not just another digital transaction but an authentic representation of a unique artwork or collection that creates value and a bond between the creator and the owner.

 

You can also read other interesting articles related to the NFT world, such as 8 Most Popular NFT Marketplace, which lists the best NFT Android games to get profits only on INDODAX Academy.

 

It is also important to broaden your understanding of blockchain technology; you are highly recommended to explore the latest articles on INDODAX Academy. The material on INDODAX Academy covers basic concepts to more complex aspects of blockchain technology. By reading the various articles on INDODAX Academy, you can gain a deeper understanding of this technology, its application in multiple contexts, and the latest updates about the crypto world.

 

Invest in Crypto Assets on INDODAX

Well, now you understand what Rarible is, how it works, how to use it to buy and sell NFTs, its amount of gas fees, and how it differs from OpenSea.

 

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As a reminder, INDODAX is a leading and pioneering platform for trading, buying, and selling crypto assets in Indonesia. As a crypto trading platform, INDODAX has proven to provide trustworthy services to investors. INDODAX also offers easy and convenient access to the crypto asset market by guaranteeing user transaction security.

 

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