NFT Marketplace Comparison: Day 4

Gas fees are quite high but similar on both OpenSea and Rarible

Today we are looking at head-to-head transaction fees on OpenSea and Rarible. If you want to buy an NFT, which one is cheaper?

They are actually quite similar. This just means that both are expensive! The average transaction fee is around $43 and has peaked at $87.

Do you think $43 per transaction is a reasonable fee? When compared against the average transaction values of $1,531 and $538 on OpenSea and Rarible respectively, the gas fees make up about 8% of the average transaction.

The problem is that gas fees do not scale directly with transaction values. So you will be paying around the average $43 for each transaction whether it has a large value or not.

Is this consistent with what you have experienced? What are the implications of these fees?