OpenSea, Rarible – What you need to know about the 2 best NFT markets

As NFTs or non-fungible tokens have taken the art world by storm, more and more people are turning to buying and selling these digital collectibles, giving a boost to the popularity of NFT markets.

Read: What are NFTs? Are they popular in New Zealand?

This article covers two main NFT marketplaces, namely OpenSea and Rarible, for NFT enthusiasts who want to create, buy and sell those digital artworks or who are just curious about NFTs.

Source: © Vladseven | Megapixl.com

OpenSea

OpenSea is the first and largest peer-to-peer NFT marketplace across the world, where NFT enthusiasts can buy, sell or trade numerous NFTs.

Built on the Ethereum blockchain, the platform has an easy to use interface; in which one can create an account for free and browse many NFT offers, which are related to the field of art, game items, photography, music, sports, virtual world and other objects of collection. Also, the platform supports more than 150 cryptocurrency payment tokens.

Interesting read: What prompted Melania Trump to unveil her NFT platform

Moreover, it supports 14 different crypto wallets like MetaMask, Fortmatic, WalletLink, Torus, Arkane, among others.

OpenSea supports artists and creators because it has a simple and hassle-free process to create your own NFT, and sellers have to pay a 2.5% transaction fee.

This NFT marketplace is backed by top companies and notable industry leaders.

Rare

Another top NFT marketplace is Rarible, where all kinds of art, collectibles, videos, and more can be bought, sold, or even created.

Built on the Ethereum blockchain, Rarible also uses Tezos and Flow blockchains. It is community owned and promotes decentralization, thus allowing its users to vote on all platform upgrades.

It should be noted that Rarible uses its own token, RARI, and charges a 2.5% fee to buyers as well as sellers.

Related Reading: What is the Rarible crypto & RARI token price prediction?

Moreover, the platform supports multiple crypto wallets like MetaMask, Coinbase, etc., ensuring that users can safely store their assets after purchase.

Additionally, Rarible has cultivated partnerships with leading companies and celebrities, including Twitter, social media site Yum! brands, fast food operator, actress Lindsay Lohan, etc. who launched their NFTs with the help of Rarible.

Read: Three major challenges facing the NFT market

Conclusion

When venturing into the world of NFTs, thorough research of the NFT market like its pricing structure, blockchain type, etc. is recommended.

Risk Disclosure: Trading cryptocurrencies involves high risks, including the risk of losing some or all of the amount of your investment, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade financial instruments or cryptocurrencies, you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience and appetite for the risk, and seek professional advice if necessary. Kalkine Media cannot represent and does not warrant that the information/data available here is accurate, reliable, current, complete, or appropriate for your purposes. Kalkine Media will not accept any responsibility for any loss or damage resulting from your interactions or your reliance on the information shared on this website.

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