What is it about this sudden frenzy for digital cats, William Shatner’s memorabilia, and NBA shots? It’s the NFT craze, and if you want to join in on the fun, you need to consider what NFT marketplace you should use. Let’s get to know two of the most popular platforms to buy, sell, and trade NFTs: Mintable vs Rarible.
What is Mintable?
Based in Singapore, Mintable is a trading platform to create (or in the crypto world, “mint”), buy, sell, and hold non-fungible tokens, commonly known as NFTs. If you’re unaware of what NFTs are, they are, essentially, digital versions of a collectible. It could be a piece of art, music, video, and game item, among many others.
As with any other NFT marketplace, Mintable uses blockchain technology that acts as ledgers. This ensures that each NFT on the platform is unique and can have a direct owner. This one-of-a-kind nature is what makes an NFT valuable. It’s why some NFTs, like Beeple’s The First 5000 Days are worth millions of dollars.
It is one of the most user-friendly platforms making it a favorite among beginners in the NFT trading industry. Zach Burks founded mintable in 2018 after getting inspiration from an Ethereum coding event in Canada. People were handing out digital cats to participants, which they went gaga over.
Burks, on the other hand, was amazed by the coding behind those digital kitties, now famous as CryptoKitties. This was what led him to create Mintable and made the process of minting easy and accessible to everyone. Currently, Mintable focuses most of its energy on simplifying the NFT creation processes. Check out Mintable’s features:
1. Wide selection of NFTs and other digital collectibles
Browse Mintable’s extensive range of NFTs and other ERC-721 tokens on the Ethereum network. The platform also has a search function to make finding a specific NFT easier for you.
2. A large community of content creators
With collectors and creators flowing in from other platforms, you can get better deals and choices from Mintable. It also allows quick access to more NFTs for hassle-free collecting and trading.
3. Rarity meter and attributes filter
Mintable uses a rarity meter that analyzes the characteristics of an item to determine its rarity. The tool bases its findings on the attributes to let you know how rare an NFT is. For collectors, this means the easy location of rare items. For creators, they can see what attributes make an item rare to help them create NFTs that will perform better.
4. Percentage of royalties
This is Mintable’s tool that sets the royalty percentage for every sale. This lets creators earn passive income while getting rid of third-party fees.
What is Rarible?
Like Mintable, Rarible is a digital platform for crypto-collectibles, otherwise known as NFTs. It is a distributed network also built on Ethereum. It allows collectors and content creators to mint, buy, sell, and trade crypto assets such as art, photographs, videos, music, etc. It is a decentralized marketplace, meaning, users can directly trade with one another without the help of a middleman.
Rarible also uses blockchain technology to embed an NFT’s entire history of its owners and transaction into its code. It is creator-centric, so it’s no surprise that it’s the favorite platform of many digital artists, meme creators, model makers, and others.
One of the newest kids on the NFT marketplace block, Rarible, was founded in 2020 by Alex Salnikov and Alexei Falin. It is based in Moscow and has approximately $16 million in venture capital from big crypto firms. It is poised to become one of the biggest NFT marketplaces in the coming years.
1. Rarible’s currency, the RARI token
Featuring its own cryptocurrency, RARI, an ERC-20 governance token, it gives its holders the power to influence the platform’s development. RARI token holders can vote and propose changes on trading fees or the addition of new features, among many other rights.
2. Royalty payments
This NFT marketplace gives its users the ability to program their royalties or their rights to future cash flows. Content creators on Rarible can set a percentage of their future sales and automatically collect them by issuing a token.
3. Direct messaging function
In November 2021, Rarible launched its direct messaging function that allows users to communicate with each other using their crypto wallet addresses rather than social media usernames. This enables creators and users to chat anonymously with each other.
4. The use of two NFT token standards
Rarible uses two standards of NFT tokens: the ERC-721 and the ERC-1155. The former allows for the creation of unique one-off items, while the latter lets users create multiple editions of an object.
Mintable vs Rarible: What are the Differences?
Reading about these two NFT marketplaces will make you see that they are similar in many ways. But the glaring difference can be seen in the transaction fees. Rarible takes less when compared to Mintable.
Rarible’s transaction fee is 5% of the overall price on both seller and buyer ends. On the other hand, Mintable takes 2.5% from normal, 5% for gasless, and 10% for printable items. Rarible uses MetaMask as its main crypto wallet, while Mintable uses Zilpay.
However, when it comes to store charges, Mintable charges less than Rarible. Also, Mintable offers 50 free listings for new users while Rarible doesn’t, you have to pay for each listing you make. And as Mintable’s goal is to allow easy NFT minting, Rarible’s minting process can be complicated compared to Mintable.
It seems that creating, buying, and selling NFTs and other crypto collectibles will be here to stay. Many people are now becoming aware of the concept of no physical ownership: cryptocurrencies, NFTs, and other digital assets and are accepting it with open arms.
We’ve seen and read the news that millions are being spent on NFTs, and there’s no stopping it. It pays to know where to do the trading, but it can be a challenge to know which one to go for. The battle between Mintable vs Rarible will depend on user preference and objectives.