Opensea still holds the #1 spot as the best and biggest NFT marketplace for minting, buying, selling, and trading. Despite Opensea’s perpetually disgruntled community, Opensea still remains the largest grossing marketplace. Grossing over $3.25 Billion in volume in December 2021. A majority of artists still believe Opensea is the best platform for all activities relating to NFTs.
But as the NFT space continues to expand and prove profitable for artists, one space isn’t enough. Here are 5 new marketplaces that could possibly overturn the NFT giants.
Coinbase NFT is the much-anticipated marketplace with over a million sign-ups on its waitlist. Before even launching, the marketplace already has more than double Opensea’s total active user base alone.
The upcoming project looks to be a breath of fresh air and the ideal partner for the NFT Marketplace community. The platform tends to lean towards a decentralized approach making it a marketplace that fully embraces the web3 ideals. Being a bridge between culture and Commerce, the NFT platform has already secured partnerships with prominent NFT collections World of Women, DeadFellas, and Lazy Lions.
With a waitlist of that size, investors are eager to own a piece of the platform already, the project still has much to give. taking a different approach, Coinbase NFT will be peer-to-peer (P2P). The initial plan is to follow the ERC-721 and ERC-1155 Standards and are open to supporting more blockchain in the future.
Coinbase NFT will primarily act as a marketplace; there will also be a place to connect and interact with peers. operating in over 100 countries, Coinbase already has a user base with a staggering 73 million active users across the globe. This means that more and more of those users will translate into the marketplace if need be. Another way Coinbase aims to take over and increase user adoption is with its robust user experience and seamless user interface
Zora NFT marketplace protocol presents itself as the embodiment of web3. It propounds the web3 ideals as it showcases its on-chain permissionless platform. Zora classifies itself as a “universal media registry protocol” as a means to share NFTs. Zora is a protocol designed for the Ethereum blockchain that establishes universal, perpetual markets for media in the form of ERC-721.
With its zero-fee structure, most of its efforts on being the cornerstone permissionless protocol are truly exhibited. The platform has attracted many crypto pundits who are fascinated with the idea of artists and creators having more autonomy and ownership over their creations.
It takes a serious stance on ownership and its detest for other corporations preying on artists and their art. If concerns like these remain pertinent in 2022, it’s likely that artists could adopt Zora as their safe haven.
Unlike Coinbase NFT and FTX, this platform is slightly more centralized. This means that it is custodial and not a P2P platform. User data is recorded and stored on this particular network. FTX launched in October 2021 so it still has relatively new industry navigation with little statistics to cover.
So far, the platform still looks like a work in progress but its team a made up of young individuals who are hungry for success. It has restrictions and limitations due to securities law concerns but plans to rectify them are in place according to the team.
FTX features Etherium and Solana NFTs on its platform. And does not allow users autonomously to cover their assets up until the sale, every bud is seen up until the sale. it also allows a multi-chain system other coins can be used on the platform.
Regardless of its minor hiccups experienced by the platform, the marketplace has received attention and undercuts its rival in fee structure. FTX NFTs has a fee structure of 2%, while Coinbase’s is 2.5%.
The platform also doesn’t seem to be dismissive to users eventually using non-custodial wallets, but its primary focus is the value of accessibility.
Rarible was once the top NFT marketplace surpassing even Opensea at the early stages. Despite opening its platform to the community to a governance token called RARI, it still hasn’t been unable to maintain consistent growth and adoption, unlike its counterpart Opensea.
The monthly total volume of Rarible now pales in comparison to that of its counterpart, which is5x higher and growing. However, Rarible still has a dog in the fight with their strategic plans to solidify a partnership with Flow, Tezos, Solana, and Polygon.
Magic Eden is currently the top NFT marketplace on the Solana network, and according to DappRadar, it is ranked among the top 10 NFT marketplaces. With $267.14 million since its launch in mid-September 2021.
With the number of new wallets being set up on the platform steadily increasing, Magic Eden is definitely in the race to beat Opensea. Although, it’s important to note that users are known to hold more than one wallet address, perhaps suggesting that there could be fewer unique active users. Other features such as its 2% transaction fees give the platform a competitive edge when compared to other marketplaces and, like FTX NFTs, listing is free for users.
According to DappRadar, Magic Eden amassed over 4.5 million transactions within the last 30 days, while OpenSea processed less than half of that figure at 1.7 million. But the amount per transaction is less than on OpenSea and it has a little over five times the total volume of Magic Eden.
Special Mention
As specified in the Scorefam roadmap, an nft marketplace for player trading cards will have a lot of utility and will be launched in the 3rd qtr of 2022. The marketplace will be the next step in integrating crypto into soccer for the Scorefam organization.
Not privy to spill too much as it’s to be a special surprise. But the marketplace platform is already in construction Scorefam’s brightest and will be the next step in the SF evolution
As the growth of NFTs become more and more widespread, a large demographic of creators might discover that their preferences may not align with Opensea. By valuing accessibility, better user experiences, and regulation, these five NFT marketplaces are strong contenders and may find themselves usurping the top spot.
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