As we get more and more interested in NFTs, more platforms are popping up. If you’ve spent any time scouring the web in search of the best NFT marketplace to sell your digital pieces, chances are you’ve run into two heavy hitters in the NFT community: OpenSea and SuperRare.
But what is the difference between the two? And which one has a better model to sell and buy NFTS? This article will compare and contrast these two NFT power platforms to determine which one is the best fit.
What Is OpenSea?
Created in December 2017, OpenSea is an online platform where users can exchange and sell both crypto collectibles and non-fungible tokens. Not only is it a peer-to-peer marketplace, but it is the first peer-to-peer marketplace for the blockchain-based asset.
In its short four-year run, the company has carved quite the name for itself. OpenSea currently holds the title of the largest general marketplace for user-owned digital items. And it’s no wonder why. The creators who founded the website and the rest of their team boast quite the resume. Together, the group has experience with Google, Facebook, Pinterest, Palantir, and Stanford.
Like all NFT platforms, OpenSea resides on the Ethereum blockchain. What separates OpenSea from others is that it’s powered by the Wyvern Protocol, a set of robust Ethereum smart contracts specific for digital asset transactions.
Additionally, OpenSea partnered with developers to power their marketplace directly on OpenSea’s infrastructure. By doing this, OpenSea allows developers to focus on the core functionality of their platform while benefiting from peer-to-peer trades on the marketplace as they receive a secondary sale fee any time one of their items is sold on OpenSea.
OpenSea’s reach stretches far beyond the exchange of digital art pieces. The company is also the primary marketplace for famed game Cheeze Wizards and the Japanese RPG MyCryptoHeroes, among other games.
All in all, OpenSea is a phenomenal platform to host, sell, or buy digital assets.
What Is SuperRare?
SuperRare is a peer-to-peer marketplace where users can sell their non-fungible tokens (ERC-721 NFTs) to buyers who wish to collect original copies of the art. Like most NFT marketplaces, SuperRare is a fairly new venture and officially launched in 2018. Since then, they’ve experienced immense rapid growth as both NFTs and SuperRare have exploded in popularity.
As Jonathon Perkins says, in early 2020, they “were doing about $100k per month in volume, and in 2021 that has grown to be $25-30M per month in volume.” That’s quite the expansion. And they show no signs of slowing down.
SuperRare is one of the premier NFT trading platforms on the current market. It’s so premier that the company has snagged recognition from big names like Vice, New York Times, Forbes, and Fortune.
In short, SuperRare is a platform where you can purchase, buy, and trade unique, single-edition digital artworks (AKA NFTs). What separates SuperRare from other NFT marketplaces is its exclusivity.
Through this exclusivity, co-founder Founders: John Crain, Charles Crain, and Jonathon Perkins have fostered an environment that showcases the best digital artists of today: and, as a result, have attracted serious collectors with serious cash.
If you’re trying to get into SuperRare, you must already be an established artist with contacts, a portfolio, and a selling history. However, you can submit a form on their website to submit your artist profile to get on their radar for their full launch next year.
OpenSea vs SuperRare: Audience
As anyone knows, the success of any given business depends on tapping into a previously untapped market. Perhaps the success of OpenSea and SuperRare is their ability to tap into entirely different audience bases. OpenSea is a platform for all (regardless of history), whereas SuperRare is certainly more exclusive.
Anyone can sell on OpenSea. Because it’s not as exclusive, it’s much more accessible to the average artist. All you need to do to sign up for OpenSea is some digital currency, a crypto wallet, and an NFT you’d like to sell, and then you’re all set to begin your NFT journey. As a result, the audience for OpenSea is a little more scrappy; the audience is more common, more everyday art, maybe without such a hefty price tag.
SuperRare holds up to its name with its exclusivity. They only use high-caliber artists and make their website more like an art collection. The target audience, therefore, is more established artists. For buyers, the target audience is people that previously collected physical art.
OpenSea vs SuperRare: Supported Currencies
Each platform has different currencies that they accept, and if your wallet doesn’t hold the type of currency the platform takes, you will more than likely have to pay a conversion fee.
While this may not seem like much, gas, conversion, and transaction fees have a sneaky way of adding up. That’s why it’s so important to do your research before you get started by finding a platform you like, then getting a wallet, then getting the correct currency.
OpenSea is no exception as they accept specific currencies. However, like with anything with OpenSea, they make it accessible and easy for all to use. The primary currencies are ETH and wETH to buy/sell and make offers.
SuperRare also remains consistent with its exclusivity as they work exclusively with ETH/wETH.
OpenSea vs SuperRare: Supported Wallets
Digital wallets are incredibly integral to NFT trading platforms as this is how you receive cryptocurrency once you have sold a piece. It is also where you pull cryptocurrency funds from when you need to pay gas fees, transaction fees, or if you would like to purchase a digital asset of your own.
OpenSea works with a vast amount of wallets. Undoubtedly the most popular is MetaMask, which is a browser extension that holds the title as one of the oldest wallets in the industry.
Coinbase Wallet is another popular option for many OpenSea users. Coinbase allows users to explore their options as you do not need a Coinbase account to use their wallet. Users may also be interested in using the Dapper wallet, which pays all gas fees for users.
Other wallets that OpenSea supports are:
- Fortmatic / Magic
Since SuperRare only accepts EHC, their platform is only compatible with an Ethereum wallet. This is because they are built on the Ethereum blockchain and use Ethereum blockchain technology.
Luckily, there are plenty of Ethereum wallets to choose from. Some popular Ethereum wallets are:
- Trezor One
- Ledger Nano S
Like with OpenSea, MetaMask is the most popular choice for users who work with SuperRare.
OpenSea vs SuperRare: Other Differences
While both OpenSea and SuperRare are two major NFT platforms that sell digital art, NFTs, and more, the two have very significant differences. The first large difference between OpenSea and SuperRare is its exclusivity.
Since SuperRare recruits the most prominent digital artists with a big following on social media, it attracts high-end artists like Beeple making waves in the crypto art world. If you’re a beginner artist who is just starting on their NFT journey, you may be looking for a community that’s a little less exclusive and a little easier to break into. OpenSea is an excellent platform for beginner digital artists looking to make waves in the NFT world.
The two also differ in the minting process of your NFT art and the fees associated with minting and hosting. For example, OpenSea has a lower price to sell. The platform charges 2.5% off of each sale.
On the other hand, SuperRare charges a 3% transaction fee for all purchases. However, SuperRare charges this fee exclusively to the buyer. SuperRare has additional fees, including a 15% artist gallery commission for primary sales, and artists receive a 10% royalty on secondary sales.
OpenSea vs SuperRare: Conclusion
If you’re looking to sell your digital art in a new art marketplace, it can be difficult to figure out the best trading platform.
Both OpenSea and SuperRare are excellent options for the digital artist looking to break into the NFT space. OpenSea certainly is much more accessible, so if it’s your first NFT, you may want to go with this platform. If you’re a bit more established, SuperRare is an excellent NFT space. In addition, SuperRare has baked in royalties, which means you earn 10% for life anytime a buyer resells your piece.
When choosing your NFT platform, make sure you thoroughly research to make sure your wallet and cryptocurrency are compatible with the platform. You also need to be wary of hidden fees as they can add up easily.