The new era of Blockchain has given rise to Non – Fungible Tokens (NFT). Creating and Buying digital assets is the trend these days. The NFTs 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 emerge from digital artwork, and two other platforms support them invariably; Rarible and Mintable.
Rarible vs Mintable
The main difference between Rarible and Mintable is the charges incurred during a transaction. Rarible has a very simple transaction fee which is 5% on overall price from both ends, while Mintable has price slabs like 2.5%, 5% and 10% for normal, gasless and pintable items.
Rarible is a web-based NFT trading platform that helps you create, mint and sell digital assets like pictures, music as well as games. It works on the Ethereum platform and always uses Meta mask as its e-wallet. Rarible is the most recent in the NFT trading front, 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 fee as commission.
Comparison Table Between Rarible and Mintable
| 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 the 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 also the minting process is very easy, it allows many users to create and sell their digital items very quickly. This feature has made the user entry limitless and seamless too. Rarible also launched a governance token called RARI. This lead to the price hike at least 10 times the previous.
The 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 also buy digital items. It is indeed a web-based NFT trading platform that helps users to 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 Ziliqa 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. Say, 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 purchase. 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, the connected bank’s funds are what you usually convert and use. You can digitally sell your artwork which is connected to your funds, and that 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. While 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 the platforms are easy to use, Rarible is not as easy as Mintable in creating the NFT to sell the same.
- The cost for creating a store in Rarible is more when compared to Mintable.
Conclusion
NFTs, cryptocurrencies and digital assets all fall under the same category of no physical ownership. All the more, NFT shall give you the complete authentication that includes ownership details in the Ehtereum ledger. But, let us understand, what’s the point in owning a virtual item that cannot be felt in hand too. With millions of dollars being invested in these platforms, the interest factor is so high among the people. At the same time, the cost involved in trading is even more too. Though we say all these, one aspect must be appreciated, and that is the security feature of these platforms.
References
- 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