NFT Marketplace Comparison: Quick Guide. In recent years, dozens of new decentralized trading platforms (NFT markets) have come online. Each one is aimed at a different group of users and claims to build on the OpenSea model by adding its features and ways of charging fees and commissions. There’s more than just the main page that makes them different. Because of what makes them unique, these markets want to help the areas close to them grow. Which one do you think will work best for you?
NFT marketplaces in-depth comparison
Footprint Analytics looked closely at 11 of the most well-known NFT trading sites to determine their differences. The results are shown below:
Top 5 NFT Marketplaces
Regarding NFT marketplaces, OpenSea currently has the most users and market share. Digital assets like artworks, collectibles, virtual worlds, in-game items, and GIFs can be minted and traded on the platform. OpenSea focuses on trading on Ethereum and employs Ethereum-built intelligent contracts.
Users can easily explore popular and interesting emerging content on the homepage swiftly. In addition, customers can build NFT in a matter of minutes without incurring any costs. Because it contains these characteristics, OpenSea is an easy-to-use platform for novices. On the other hand, OpenSea levies a transaction fee of 2.5%, which is greater than the fees charged by some of its rivals. The fees charged by X2Y2 are 0.5%, whereas those set by LooksRare and Magic Eden are 2%. In addition, OpenSea is one of the only NFT marketplaces (together with Rarible) with its specialized mobile application.
Rarible was established in 2020 and has its headquarters in the United States. It distinguishes itself from OpenSea by aiming to provide users and creators more control and governance over the platform. This is how it competes with OpenSea.
- Rarible has its token called RARI, which can be used on the platform to buy and sell non-fungible tickets (NFTs), and holders of RARI can vote on whether or not the company should make policy changes.
- In contrast to Rarible, OpenSea offers a marketplace where users may buy and sell digital assets. Rarible aims to establish a community where users have a voice in the platform’s administration.
- OpenSea levies the 2.5% fee only on the buyer, whereas Rarible applies the same price to both the buyers and the sellers.
SuperRare presents as an upgraded version of Rarible, the latter of which features an interface overrun with distracting animated GIFs. In contrast to Rarible, SuperRare’s design is sleeker and more artistic.
The platform is a private group with artist profiles, editorial pages, and live social feeds. NFT Marketplace Comparison: Artists who want to use the site must complete an application to become SuperRare creators. Most applications are approved over many months. Once this is done, the worth of your art will go up by a small amount. A 15% fee is charged for every transaction, and the buyer is also responsible for a 3% transaction set cost. SuperRare might be a good choice for people who want to see more complex NFT art.
The foundation is an example of a closed marketplace platform similar to SuperRare. Work can only be listed on the website if the artist has been extended an invitation by one of the already-established members of the community. On average, the price of NFTs on Foundation is more than it is on other platforms, but they tend to hold their worth for a more extended period. When an artist sells NFTs on Foundation, they will receive 85% of the sale price, while the platform will receive 15% commission.
Users of Decentraland are given the ability to create, own, and trade virtual land. Virtual land owners can use it to build experiences, games, and applications that other users can access. NFT Marketplace Comparison: Similar to Rarible, it issues its native digital currency, MANA. Holders of MANA are granted the opportunity to vote in the Decentraland Decentralized Autonomous Organization (DAO). The fact that Decentraland, in contrast to other virtual worlds, is owned by its users has contributed to the platform’s widespread acclaim among those who use it.
How to choose the right NFT marketplace
When selecting a platform for an NFT marketplace, consider the following four questions:
- How long has the platform been around? Even while the length of time a business has been in operation is not a determining factor, the longer a company has been in operation, the greater the likelihood it will be stable.
- What does the data say about the marketplace? The number of captures is part of the platform’s data. If this number is small, focusing on a single NFT will be hard. Because non-fiat currencies aren’t very flexible and the number of buyers and sellers can change quickly, it might be hard to buy or sell them at a price that is thought to be fair.
- How often are listings updated? Check if the marketplace is routinely updated; you want to see the most recent and cutting-edge NFT work as quickly as possible.
- Can I pay for things with the available methods? Also, Some marketplaces now provide direct credit card purchasing of in-platform cryptocurrency onramps. However, you will most likely need a cryptocurrency wallet to use these onramps.