The new era of Blockchain has given rise to Non–Fungible Tokens (NFT). Creating and Buying digital assets is the trend these days. The NFT is a unit of data that is stored on the blockchain. It can be in the form of music, artwork and so on. Though the digital file can be copied or saved by many, the owner has the original file with him/her. One of the forms of NFTs emerges from digital artwork, and two other platforms support them invariably; Rarible and Mintable.
Key Takeaways
- Rarible and Mintable are online marketplaces for buying and selling NFTs (non-fungible tokens).
- Rarible is more established and has a larger user base than Mintable, a newer platform.
- Rarible has higher transaction fees and a more complex interface than Mintable, which offers lower transaction fees and a user-friendly interface.
Rarible vs Mintable
The difference between Rarible and Mintable is the charges incurred during a transaction. Rarible has a very simple transaction fee which is 5% on the overall price from both ends, while Mintable has price slabs like 2.5%, 5% and 10% for normal, gasless and printable items.
Rarible is a web-based NFT trading platform that helps you create, mint and sell digital assets like pictures, music, and games. It works on the Ethereum platform and always uses a Meta mask as its e-wallet. Rarible is the most recent in the NFT trading front and has lucrative transaction options where you are expected to create a store to sell the items.
Whereas Mintable is again an NFT trading platform that shall enable you to create and sell digital items. The platform has made it easy for many people as it does not require any tech skills to mint. Also, creating a product and listing them in your store is not difficult too. The whole idea of Mintable is to trade NFTs in the platform and take transaction fees as commission.
Comparison Table
| Parameters of Comparison | Rarible | Mintable |
|---|---|---|
| Transaction Fees | Less Compared to Mintable | Has high transaction charges |
| Store Charges | High when compared to Mintable | Low fee |
| Free Listings | No such criteria | It offers 50 free offerings in the first go |
| E-Wallet | Metamask | Zilpay |
| Minting | Not easy to create items and list them. | Easy to create items and list it |
What is Rarible?
Rarible is an NFT trading platform that enables you to create, sell and buy digital assets. The digital assets shall be in the form of NFTs. The best part about Rarible is a user can create his/her own NFTs. And you do not need to have any coding skills rather. The traders, on the other hand, can purchase unique and innovative digital tokens.
Rarible was established in the year 2020. One must understand that Rarible is an open-source NFT trading platform that allows a person to mint, buy and sell digital items like music, pictures, games etc. Rarible is more focused on digital assets in the form of artwork.
Since the platform is open source and the minting process is very easy, it allows many users to quickly create and sell their digital items. This feature has made the user entry limitless and seamless too. Rarible also launched a governance token called RARI. This led to a price hike at least 10 times the previous.
NFT trading, as such, happens with digital items that can be collectables, games, artwork and also domain names. These can be traded in the rarible platform where the company takes a commission out of the transaction.
What is Mintable?
Mintable is a marketplace that shall help trade NFTs, just like the Rarible. The user can create his/her work, sell those items, and buy digital items. It is a web-based NFT trading platform that helps users trade easily. You do not have to be a coding expert to transact in Mintable.
The platform does work on Ethereum, and you must have Ethereum tokens to transact. This platform was founded in the year 2018. The platform is a combination of Ethereum as well as Zilliqa Blockchain. This is a fabulous platform where a person can sell his digital work without any tech skills him/her.
Like Rarible, Mintable also takes transaction fees as and when a trade happens. Also, you need to create a store to sell an item. For example, you take a picture of a bird and put it on Mintable with a name and price in ETH. People might browse and start to look for purchases. Incidentally, you have set a store for yourself and see the picture is in demand. If you have 10+ people who are looking to buy it, you can put an auction too.
Though the transaction happens in ETH, you convert and use the connected bank’s funds. You can digitally sell your artwork connected to your funds, which shall incur a transaction fee too, and this is how Mintable makes money.
Main Differences Between Rarible and Mintable
- The main difference between Rarible and Mintable is the transaction cost. Rarible charges 2.5% as a transaction fee on each end, and that’s it. In contrast, Mintable has a different transaction fee structure. If it is a normal item that is sold or bought, you shall be charged 2.5%, while gasless items are charged at 5%, and Printable versions are charged 10%.
- Rarible has a fee for listing an item on the store from the very first instance, while Mintable offers the first 50 items.
- While Rarible uses a Meta mask as its wallet, Mintable uses Zilpay. They both are Chrome extensions.
- Though both platforms are easy to use, Rarible is not as easy as Mintable to create the NFT to sell the same.
- The cost of creating a store in Rarible is more when compared to Mintable.
- https://arxiv.org/abs/2105.07447
- https://www.researchgate.net/profile/Nils-Urbach/publication/336057493_NFTs_in_Practice_-_Non-Fungible_Tokens_as_Core_Component_of_a_Blockchain-based_Event_Ticketing_Application/links/5d8c6092a6fdcc25549a56d5/NFTs-in-Practice-Non-Fungible-Tokens-as-Core-Component-of-a-Blockchain-based-Event-Ticketing-Application.pdf
Last Updated : 14 October, 2023
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
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