NFTs are a great investment opportunity, especially considering all the new marketplaces that have come up recently, making NFT trading and minting relatively easy. However, as more marketplaces come up, it gets harder for digital artists to pick one to list their assets for sale.
In this article, we’re going over three popular NFT marketplaces — Opensea, Rarible and Mintable, highlighting the main differences between the three so you know which one to pick.
Opensea and Rarible work on a multi-chain system. Opensea supports Ethereum, Polygon and Klaytn, while Rarible supports Ethereum, Flow and Tezos in addition to its native token, Rari. Mintable, on the other hand, only supports Ethereum.
Having support for different blockchains means that users can mint their NFTs on their blockchain of choice. While most NFTs are minted on Ethereum, making it the choice for most NFT marketplaces, having additional blockchains means that users choose to use a low or zero gas fee blockchain such as Polygon.
Other than the minting or gas fees paid to network validators to ensure that any transactions or minting activities get registered on the blockchain, platforms also charge a trading fee. Opensea and Rarible both charge a 2.5% trading fee on all transactions. Mintable charges 2.5% on normal NFTs, 5% on gasless NFTs and 10% on printable NFTs.
Other than that, Opensea also offers royalty fees fixed at 10%. Rarible has more leeway here, offering fees that can be set as high as 50% by the original creator. Mintable has the most freedom here, letting creators charge whatever royalty fee they want, although most users keep it around 5-10%.
Opensea supports as many as 14 crypto wallets, including the likes of Metamask, Coinbase, Mintbase and Bitski, among others. Mintable supports Ethereum, Metamask and Rainbow and while Rarible supports Coinbase, WalletConnect and Fortmatic.
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While all three platforms are essentially NFT marketplaces, they have different userbases in their niches.
Mintable is more suitable for users looking to trade digital assets and make crypto actively. Opensea users can take better advantage of smart contracts and the Ethereum blockchain for trading their assets. Rarible is better for people who are more creatively focused and are looking to create or collect rare digital assets on the blockchain.
Here’s a straight-up comparison between the three.
|Supported wallets||Up to 14 wallets||CoinBase|
|Trading fees||2.5% trading fee||2.5% trading fee||2.5-10% depending on the type of NFT|
|Royalty||10% royalty||Up to 50% royalty||The creator decides royalty fees|
So which one should you pick?
The final choice comes down to user preference and the intended use of the NFT marketplace. If you’re going to trade NFTs actively and hope to turn a profit, you can choose between Opensea and Mintable. If you’d instead collect rare items placed on the blockchain, Rarible is the way to go.
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