Web3NFT Marketplaces, That Are In Competition With OpenSea
OpenSea’s Reign of Dominance
In January 2022, OpenSea's monthly trading volume on Ethereum rose to a new record high of US$5 billion, exceeding its previous value of US$3 billion reached in August 2021. OpenSea is well-funded with a US$13.3 billion valuation and a US$300 million Series C fundraising in January 2022.
As of February 2022, Opensea, an NFT market on the Ethereum blockchain created in 2017, dominated the NFT market with more than 80% of the market stake.
But as rivals try to seize a piece of the pie through aggressive advertising strategies, the competition is escalating.
The CEO and founder of CryptoSlam, Randy Wasinger, anticipated that there would be more NFT markets both on and off of the Ethereum Network.
The markets that are currently established will be successful as NFT usage continues to grow. And imposters will emerge and carry out the exact same action, perhaps with a twist, he predicted.
Undoubtedly, OpenSea is the most well-known marketplace where users can create, receive, trade, and sell non-fungible tokens (NFTs). Recently, more than 1.4 million wallets have traded NFTs on the market, moving a total of $23.5 billion. This is five billion dollars more than the next-closest rival in line with DappRadar.
OpenSea is famous for its success, yet it has also experienced some illustrious problems. It began in 2020 as a result of the NFT market's uncontrolled and unregulated "minting" of NFTs by clients. OpenSea later acknowledged that this resulted in '80%' of newly created NFTs being made up of spam, bogus collections, and stolen items.
OpenSea paid out $1.8 million in January of this year to customers who unintentionally purchased NFTs for a significant discount from their true value. According to Bloomberg, at least one individual managed to recoup $800,000 by using the OpenSea trojan horse and reselling just five NFTs (3 of which were from the extremely-one-of-a-kind Bored Ape Yacht Club).
Sales of NFTs skyrocketed in 2021 to reach $25 billion, a significant increase from the $95 million during the course of 2020. Although OpenSea may have started the explosion, many other NFT marketplaces are competing to replace it.
Market Places Looking To Dethrone OpenSea
The most well-known marketplace where users can create, acquire, trade, and sell non-fungible tokens is OpenSea (NFTs). OpenSea might have been the leader of the boom, but there are numerous additional NFT marketplaces competing to replace it. Below are some of the competitive marketplaces with Opensea.
A place to aggregate listings is becoming necessary as more NFTs spread across unique marketplaces. In gem.Xyz, a recently released NFT aggregator that makes it simple to compare listings across several marketplaces.
The major benefit of using gem is the option to purchase multiple NFTs within a single transaction, which allows for significant gas cost reductions. Users can select the NFTs from a set that they want to purchase, and gem's user interface will provide the total value and the gas cost savings from combining all of the trades into a single transaction.
Users save gas when they buy more NFTs in a single transaction. According to Gem, purchasing 14 NFTs at the moment will save you 33% on gas compared to using OpenSea or another NFT aggregator, including Genie. Xyz. Gem is a good tool to "sweep the floor" by purchasing up the cheapest accessible things from an NFT collection because it enables buying NFTs in bulk easier and less expensive.
Additionally, gem enables users to purchase NFTs using virtually any ERC-20 asset or combination of assets, further streamlining the purchasing experience. Users can still purchase and sell NFTs featured on such websites through gem even if the frontend goes down because it also instantly gets data from other markets' smart contracts.
Gem is still in beta, but it has already enabled NFT earnings totaling more than $50 million. If gem decides to release a token, like other NFT marketplaces have in the past, those who try out the platform may also be rewarded in the future.
The primary improvement demonstrated with the help of X2Y2 in the white paper is that it facilitates batch listing and purchase of NFTs, i.e., listing a number of NFTs simultaneously and buying multiple NFTs concurrently. This feature reduces the cost of the user's gas while improving comfort to some amount. The trading platform also offers real-time notifications that inform users of NFT floor price changes, transaction histories, etc. using email as a tool. Additionally, one of the improvements is rare integration. Users can browse the distinctive rarity of NFTs without installing an extension, in contrast to OpenSea.
Safety is another aspect of opposition that requires further consideration. OpenSea has had numerous security issues over the course of its long existence online.
When seen from the perspective of X2Y2's plans for token rewards, product planning, and safety, it tries to address the issues with trade systems like OpenSea or LooksRare. Are these improvements enough to win over OpenSea's user base given that it currently has a sizable user base? Can the product strategy be implemented on schedule? Variables will be concealed by a number of unknowns to improve X2Y2.
SuperRare is creating a market for online creators in a similar way to Rarible. The website features art, movies, and 3-D images, but art enthusiasts may purchase paintings using Ethereum.
Currently, SuperRare has launched a token with the same name that is mostly based on the Ethereum network. New talent for the market may be found and curated using the tokens. Similar to Rarible, SuperRare NFTs can be sold and purchased on OpenSea.
With the support of billionaire Mark Cuban, Mintable strives to create an open market similar to OpenSea. You'll need Ethereum to participate in the purchasing and selling of NFTs on Mintable. The platform also aids in the minting of NFTs for all kinds of artists (from musicians to photographers) who wish to market their work as a virtual asset.
To enable bidding and buying at the market, an aspiring NFT collector or author will first wish to acquire Ethereum from a cryptocurrency alternative, then link their wallet to Mintable.
Rarible had higher initial monthly trading and sales volumes than OpenSea, but it eventually found it difficult to keep up with the growth in NFTs in 2021. But although OpenSea has now found itself involved in scandals, Rarible has long gone about incorporating powerful utilities that make it a stronger competitor in 2022. Rarible has also made support for NFTs available on the Flow and Tezos blockchains, and it has plans to support Solana and Polygon in the near future.
Although NFT marketplaces provide an easy way to attract attention to an NFT you need to sell, there is typically a fee associated with the service. However, if you've already found a buyer or even someone willing to sell one or trade one of their NFTs for yours, you may visit sudoswap and construct a custom swap for free, barring the cost of gas.
On sudoswap, users can either designate a exchange code to be the only participant in a trade or make open swaps that anyone can watch and interact with. NFTs can be traded among any ERC-20 token, ERC-721 or ERC-1155 NFTs, or possibly a combination of all three, just like on OpenSea, in addition to being traded for ETH or WETH.
In contrast to OpenSea and other NFT marketplaces, where users must pay gas to place orders, gas fees are optimized such that users only need to pay for asset approvals and swaps. Assets on Sudoswap remain in users' wallets until each participant verifies the swap.
Instead of allowing users to submit hyperlinks to swaps, sudoswap uses exchange codes as an additional layer of protection. This prevents con artists from attracting unwary buyers with false hyperlinks. The author must provide the alternate code to the other party, who may then enter it into the official sudoswap website online, in order to send a specific trade to any other user.
With Sudoswap, we can help NFT collectors fully avoid online markets by allowing them to request transactions in an anonymous manner from buyers and sellers. Users can save a significant amount of money while buying and selling high-value NFTs because there is no cost.
FTX NTFs Collectors give up direct ownership of their assets because the NFT marketplace isn't always peer-to-peer; instead, their data are logged and saved on its FTX network. It also debuted on the Solana blockchain rather than the Ethereum blockchain.
The FTX NFT platform employs its own bidding processes due to the more centralized control. Less authority is provided, however FTX NFT has a lower pricing percentage of 2% as opposed to Coinbase's 2.5%.
EverGrow Coin NFT Marketplace
On the BNB Chain, EverGrow Coin is launching a brand-new NFT marketplace that enables NFT lending, a novel protocol. In exchange for cryptocurrency loans, this will enable NFT owners to pledge their virtual assets as collateral. These assets can then be utilized to produce income for a variety of DeFi projects.
NFT lending offers NFT creditors a fresh way to benefit passively from their assets without really selling them. Customers will see significantly lower gas fees compared to markets constructed on Ethereum because the EverGrow Coin NFT market is also stored on the BNB Chain.
A 14% transaction fee is used to fund EverGrow Coin and also it has a duplicated image coin that can pay investors BUSD every day. The NFT market is only one of several recent initiatives to bring more benefits to EverGrow Coin investors. To date, it has paid out approximately $35.5 million to holders (it was just published in September last year).
For the decentralized online distribution of video and TV, theta is a blockchain platform. With the release of the World Poker Tour's digital collectibles in 2021, the NFT market Theta Drop was launched. The World Poker Tour adopted ThetaTV early on and makes use of the platform to distribute content.
Theta uses its own blockchain technology. You must purchase Theta Token in order to trade in the Theta Drop NFT market (CRYPTO: THETA). The tokens and NFTs purchased with the assistance of several crypto exchanges, such as Binance, can be saved in crypto wallets in addition to Theta's own private crypto wallet software.
Zora is a less well-known NFT marketplace that doesn't rank among the top 25 NFT markets according to trading volume on DappRadar. However, its permissionless "on-chain" platform has attracted some historical transactions, such as PleasrDAO's $4 million purchase of the NFT that started the doge meme.
The goal of Zora's manifesto is to eliminate middlemen and monopolies that keep regular consumers out of the market. It achieves this by posing as a "media registry protocol" as opposed to an NFT marketplace. Benefits include no fees for listing, purchasing, or promoting NFTs, as well as increased freedom for artists to determine their own rates and collect royalties on resells of their NFT’s.
Generally, an unstable situation does not result in failure. In these situations, holding on and making things work can sometimes lead to newfound strength. Even if the NFT market were negatively impacted by the current state of the crypto trading world, neither would necessarily fail.
By volume and trades to date, OpenSea remains the leading NFT market. However, its rapid growth has come at the expense of ease of usage and safety. One of these listed competitors could become the next major NFT market unless OpenSea offers more flexibility, security and fixes other flaws on the platform.
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