What Are the Best Analogues of OpenSea: a List of NFT Platforms
NFT platform OpenSea has been holding a leading position among others for quite a long time. However, it has a number of rivals that can compete in many ways.
Taking advantage of the growing popularity of NFTs, Coinbase launched their NFT marketplace. More than a million people have signed up on the waitlist prior to launch, more than OpenSea’s active user base.
According to the company, Coinbase NFT will be a peer-to-peer (P2P) platform with an intuitive design based on a decentralized marketplace. Although the platform is being created more as an NFT trading platform, the creators hope that it will serve as a “place to connect”.
Today, Coinbase has over 73 million active users in 100 countries and has a quarterly trading volume of $327 billion. In addition, the reliability and simplicity of the user interface attracts the attention of many users, especially those who complain about the OpenSea interface.
The FTX marketplace launched in October 2021 with a small Solana-based NFT collection and expanded the base with Ethereum-based collections. Unlike OpenSea and Coinbase NFT, FTX NFT is centralized and stored, with user data recorded and stored on a specific network. As such, this centralized platform tends to impose fewer autonomous privileges and more restrictions on its owners due to issues with securities laws.
Unlike OpenSea, where users have complete autonomy over their digital assets up to the point of sale, FTX NFT implements trading mechanisms.
Compared to OpenSea and Coinbase (2.5%), FTX NFT charges a low fee of 2%.
The main feature of the Rarible is the uniqueness of the content. In November, the total platform value in terms of trading volume was 4% higher than in October, and averaged $18.2 million. However, this figure pales in comparison to the trading volumes on OpenSea.
Fortunately, Rarible understands the benefits of multi-chain strategic partnerships and has already launched NFT support on Flow and Tezos blockchains. Support for Solana and Polygon is planned for the near future.
Zora has a zero-fee structure and focuses most of its efforts on becoming the cornerstone of a permissionless protocol. Many crypto experts are attracted to this site as artists and creators have more autonomy and ownership of their creations.
Magic Eden is currently the leading NFT marketplace on the Solana network and has ranked in the top 10 NFT marketplaces with $267.14M in revenue according to DappRadar since its launch in mid-September 2021.
The number of unique wallets has grown steadily over the past two months, making it a strong contender to OpenSea. A low transaction fee of 2% and free listing for users can be an advantage in comparison with other sites.
According to DappRadar, Magic Eden has completed over 4.5 million transactions in the past 30 days.