The OpenSea website has collapsed again, and these 5 NFT markets may have a chance to be on the top

This article comes fromCointelegraphThis article comes from

, the original author: Alyssa Exposito, compiled by Odaily translator Katie Ku.

The self in the eyes of OpenSea:

The actual OpenSea:

OpenSea as seen by users:

OpenSea has been the leading decentralized platform for users looking to mint, buy, sell and trade non-fungible tokens (NFTs). According to Dune Analytics, OpenSea has locked in $3.25 billion in sales in December 2021 alone, a staggering 90,968% increase in total sales from December 2020 to December 2021.

OpenSea is no stranger to controversy and criticism, and it has experienced its fair share of dangers and pitfalls. Among them, the most serious is that Nate Chastain, the company's former product director, was found to have used insider information to seize the opportunity and profited by selling non-patented technology on the platform's homepage.

The community's sense of trust further deepened after newly appointed CFO Brian Roberts hinted that OpenSea was going public. However, he was quick to reiterate that OpenSea has no plans to go public anytime soon.

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Coinbase NFT Marketplace

In response to the growing popularity of NFTs, Coinbase has launched its NFT marketplace, Coinbase NFT. There are reportedly more than 1.1 million users on the waiting list, which is more than OpenSea's total active users.

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OpenSea monthly active traders. Source: Dune Analytics

Coinbase’s announcement of the Coinbase NFT is a signal that NFTs can capture more and more value as digital collectibles continue to go mainstream. Coinbase's attempt to understand how NFTs connect culture and commerce could change the order of things. Meanwhile, the project has forged partnerships with series like World of Women, DeadFellaz and Lazy Lions.According to a statement from Coinbase,。

Coinbase appears to be extending its centralization advantage to mass adoption in the NFT space. To date, Coinbase operates in more than 100 countries and reports more than 73 million active users, while Coinbase customers have a quarterly trading volume of $327 billion. In addition to transaction volume, Coinbase also demonstrated its strong user experience and smooth, user-friendly seamless UI design (for comparison, many people complained about OpenSea's UX/UI design on Twitter).

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FTX NFT Marketplace

FTX launched a small collection of Solana-based NFTs in October and expanded its collection to the Ethereum blockchain. Unlike OpenSea and Coinbase NFT, FTX NFT is not a P2P platform, which means it is centralized and hosted, and users' data is recorded and stored on its specific network. This means that users and collectors give up ownership to some extent.

The FTX NFT Marketplace is a centralized platform, meaning that the platform tends to grant less autonomous privileges to its owners, and more restrictions and restrictions stemming from securities law considerations. Users of OpenSea have full autonomy over their digital assets before they are sold, while FTX NFT implements a bidding mechanism.

Brett Harrison, president of FTX America, explained in a statement: “By not requiring gas fees for bidding and other activities, we will see more price volatility and market pricing on the platform, and we hope to attract liquidity in general. sex."

FTX’s compliance with regulations has had such a huge impact on the Solana NFT series that many companies have had to cancel previously promised royalties after FTX NFT announced that it would no longer support projects that gave owners this privilege.

That's the result of concerns from U.S. regulators. Projects on the ethereum network are also vetted to ensure they comply with securities laws and to ensure they are not knockoffs.

The platform does not seem to exclude users who end up using non-custodial wallets, its main focus being the value of ease of use.

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Rarible NFT Marketplace

Long before OpenSea reached the top, Rarible's monthly transaction volume was higher than OpenSea's. Although Rarible opened up its governance token RARI to the community (something OpenSea users have been waiting for), Rarible has not been able to maintain its leading position on OpenSea.

For Rarible, like FTX's NFT marketplace, it understands the benefits of multi-chain strategic partnerships. Rarible has already released support for NFTs on the Flow and Tezos blockchains, and plans to support Solana and Polygon in the near future.

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With its idea of ​​decentralization and multi-chain support for NFTs, Rarible is expected to be a strong contender in 2022.

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Zora NFT MarketplaceZora bills itself as a champion of Web 3.0 and decentralization, as it emphasizes that it is a completely "on-chain" permissionless platform.

Zora uses a zero-fee structure and focuses most of its efforts on a license-free protocol. Many crypto experts are drawn to the idea of ​​artists and creators having more autonomy and ownership over their work. If these issues remain cause for concern in 2022, Zora could see an influx of new users.

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Magic Eden NFT Marketplace

The number of unique wallets has rebounded and has grown steadily over the past two months, making it a serious contender for OpenSea. Although it should be noted that users are known to hold multiple wallet addresses, which may mean that users may be active on more than one platform.

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Low transaction fees of 2% give the platform a competitive advantage compared to other markets. As the chart below shows, Magic Eden sometimes doubles or even triples the number of transactions than OpenSea.

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Data on the Magic Eden chain. Source: DappRadar

Although Magic Eden has a higher number of transactions, the number of transactions per transaction is lower than OpenSea. According to DappRadar, Magic Eden has amassed more than 4.5 million transactions in the past 30 days, while OpenSea processed less than half that number of 1.7 million transactions, but its total transaction volume is more than 5 times that of Magic Eden.