Over the last few years, dozens of NFT marketplaces have emerged that target different user segments and promise improvements to the OpenSea paradigm with different features and fee/pricing models.
Landing page depth isn’t the only difference. These marketplaces aim to build communities with unique characteristics. Which one is best for you?
Detailed NFT Marketplace Comparison
Footprint Analytics conducted extensive research on 11 mainstream NFT trading platforms to see how they differentiated. The results are as follows.
Top 5 NFT Marketplaces
high seas Currently the largest and most popular NFT marketplace. As the chart above shows, total trading volume exceeded $35.5 billion as of October 8. The platform will allow users to mint, buy and sell various NFTs including collectibles, artwork and digital assets in virtual worlds. – Game items, GIFs.
OpenSea is focused on trading on Ethereum and uses Ethereum smart contracts.
Users can quickly browse popular and noteworthy new works on the homepage. Additionally, users can set up an account and create her NFT in minutes for free. These features make OpenSea a beginner-friendly platform.
However, OpenSea charges a fee of 2.5% per transaction. This is higher than some of our competitors. The charge for X2Y2 is 0.5% and the charge for LooksRare and Magic Eden is 2%.
OpenSea is also one of the only NFT marketplaces (other than Rarible) with a dedicated mobile app.
rare Launched in Russia in early 2020, it differentiates itself from OpenSea by giving users and creators more control and control over their platform.
- Rarible has its own token, RARI, which can be used to buy and sell NFTs on its platform, allowing token holders to vote on changes to the company’s policies.
- While OpenSea only provides a marketplace to buy and sell digital assets, Rarible seeks to create a space where creators can have a say in how the platform is managed.
- OpenSea charges the buyer only 2.5%, while Rarible charges the same 2.5% to both the buyer and the seller.
super rare SuperRare has a more streamlined and artistic look, while Rarible’s interface bombards you with a dizzying series of flashing GIFs.
The platform is a closed community with active social feeds and edit pages containing artist profiles. If an artist wants to join the platform, she must submit an application to join SuperRare as a creator. It usually takes several months for an application to be approved. Once approved, the value of your artwork increases.
A 15% commission is charged on each sale, but a fixed transaction fee of 3% is paid by the buyer.
SuperRare may be a good choice for users looking for high-end NFT art.
foundation, like SuperRare, is a closed marketplace platform. It is run by a select group of artists and requires an invitation by a current artist to post work.
Foundation’s NFTs are on average more expensive than other platforms and tend to retain their value longer.
When selling NFTs on the Foundation, artists receive 85% and the platform receives a 15% commission.
Decentraland Users can create, own, and trade virtual land, and land owners can use virtual land to create experiences, games, and applications that other users can access.
Similar to Rarible, it will issue a native digital currency, MANA, and also give each MANA holder the right to vote in the Decentraland DAO. Decentraland is popular with users because unlike other virtual worlds, it focuses on ownership owned by users.
How to choose the right NFT marketplace
Answer these four questions when choosing an NFT marketplace platform:
- How long has the platform been in use? Years in business is not the determining factor, but the longer the company is in business, the more likely it is to be stable.
- What does the data tell you about the market? Platform-related data includes the number of collections. If this is small, it will be difficult to find a specific NFT. Sporadic changes in the number of illiquid buyers and sellers can make it more difficult to buy or purchase his NFTs at a fair price.
- How often are listings updated? Check if the marketplace is updated regularly. We want to quickly see the latest and greatest of his NFT work.
- Can I pay with any of the available methods? Select marketplaces now allow in-platform crypto onramps to be purchased directly with a credit card. Most of the time you need a crypto wallet.
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Vincey, September 2022
Data Source: Footprint Analysis – NFT marketplace analysis