OpenSea Vs Rarible

Share This Post

As nfts have exploded on the scene and everybody is buying and selling these things there’s suddenly lots of debate about which is the best platform to buy and sell on and two platforms have really risen to the top during this debate open c and wearable so which one should you focus on for your selling or even your buying efforts and is it really worth ignoring one in favor of the other well today i’m going to help You figure out which is best, By comparing their selling costs minting complications how gas is managed how easy it is to find buyers and how easy it is to get found on the platform.

so let me know which of these two platforms you prefer I would love to know and let’s get started let’s talk about selling costs quickly and i want to clearly say we’re not going to talk about gas fees at this point because those gas fees are not going to the platforms they have nothing to do with opensea or wearable though at the same time what I just said is also a little bit oversimplified which I’m going to expand more on when we talk About minting in just a minute.

But in any case, what we want to talk about here is effectively transaction fees,. okay and for both wearable and opensea the transaction fee is pretty straightforward that amount is 2.5 percent however opensea only charges 2.5 percent to the seller whereas rarely will charge 2.5 to the seller and to the buyer so in this case, because the transaction fee is effectively cheaper because it doesn’t charge the buyer

Anything we’re gonna put the point to open c next let’s talk about minting and there are two aspects to minting there’s the difficulty and there’s the gas speed so let’s talk about difficulty first i’m looking at it from this perspective you’ve got 10 000 nfts that need to be minted how easy is that to do how functionally easy is it to make that happen on opensea and wearable both of them opensea and wearable allow you to upload a single piece at a time or Multiples of the same nft.

So you can have the exact same pudgy penguin with the exact same traits uploaded multiple times or you can upload a single piece of one nft but neither of them currently make it possible for you to upload multiple unique nfts at the same time in fact if you want to do that you have two options you can use a third-party tool to do it for you which sounds like the right option or you can spend a mind-numbing amount of time to do it Yourself

And i mean mind-numbing i would only suggest that you do that if you like pain because i don’t think you realize how much information you have to add in for 10 000 different nfts that would be horrible okay so for points of difficulty i’m going to give it to nobody because they’re both difficult and it’s unnecessary and then the other side of minting gas fees so gas is inevitable that’s something that we’re always going to have to pay

But the The question here is when do you have to pay the gas because that’s what matters here okay if you have to pay it all upfront because you have to mint everything at one time that can get pretty expensive pretty fast even if every gas transaction is one dollar that’s still ten thousand dollars for a ten thousand piece collection c and wearable both allow you to do lazy minting so lazy minting allows you to upload anything that you want to the

Platform kind of like as an image post it for sale and when someone buys it that’s the moment that opensea is going to mint the nft which means that you’re only paying those fees those gas fees to Ethereum or Solana or polygon or whatever when the transaction occurs so you’re not paying for a ten thousand piece collection all at the same time that’s a really advantageous thing and both of them are offering that okay which means That since both of them can do it effectively they both get a point.

Next let’s talk about finding buyers so to find buyers you need to have people trading on the platform which means that we want to know how many users are on the platform in general and what the trading volume is like so opensea has boasted in January 2022 alone 120 million active users and around 5 billion in transactions wearable, on the other hand, has had around 7 million

Active users in January and around 274 million dollars in transactions so a pretty wide berth there it’s also been reported that opensea makes up around 60 of all of the nft transactions on the internet so when you consider that we’ve got opensea taking up 60 and wearable squeezing in with everybody else for the other 40 it’s pretty unequivocal open c takes the point here and then finally search manipulation so what do i mean by that.

I Mean that of the hundreds of thousands of nfts that are on one of these markets right now how can you get yours to stand out right now there isn’t much to do here on either platform there’s some basic metadata like the name and description but otherwise, there’s no trick or tool that you can use to boost the profile of your nft over others in the platform there’s really just nothing to do here so because of that neither wearable or opensea is gonna get a point.

Sorry okay so opensea does win between opensea and wearable on a point by point comparison honestly i have to ask these two are so similar why not both lazy minting actually allows you to post on multiple platforms right because by choosing the lazy men on both platforms you’re by definition not minting into the last second but this is kind of a yes and no that’s not really clear root either it’s important to be aware that these two systems wearable and opensea.

Don’t communicate at all so if you’re uploading on both platforms and you have the same nft on each there’s a risk that you sell on both platforms at the same time and end up having two of the same nft floating around so they’re not as unique as they could have been the other option here is of course to mint ahead of time outside of the platform and then upload those minted nfts to these platforms but this comes with its own set of complications

Because there’s no Lazy minting if you go this route means that you are paying to mint all of those nft variants upfront which easily runs into the hundreds and the thousands if you’re not careful then consider that there’s a fee to the platform for uploading pre-minted Nfts so you actually end up paying to mint and to upload this thing so you’re paying even more than you would if you lazy-minted on one of these two platforms plus there’s no guarantee of ultimate success.

So you could be paying out the nose for no reason there’s actually even one more option here you can sell on your website you can check out this video for lots of details on how to sell nfts through your website but garyvee and a lot of others are already doing this and they’re doing it again using lazy minting because what you have to do is go to Shopify or WordPress has the plugin Tatum that you can use they have the lazy minting ability through these different Platforms.

And that just adds another channel it adds another way for you to provide your nfts for sale and possibly spread them over to wearable and to opensea as well just keep in mind that duplication issue because you don’t want to fall into that rarity trap so you go honestly a pretty easy decision but at the end of the day if you can diversify more there’s always more in your interest for doing that so let me know which platform you prefer why you prefer.

I think no matter what you should probably look closely at opensea because those numbers just don’t lie you just you can’t avoid them okay .

Related Posts

How To Make NFT Digital Art For Beginners (In 2022)

In this tutorial, I will teach you how to make your own pixelated digital art that you can sell online. I will teach you...

Transfer From MetaMask To Phantom Wallet | EASY STEPS

today we're gonna go over how to take an asset from a metamask wallet and take it over to a phantom wallet. Now one...