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5 NFT Markets That Could Destroy OpenSea in 2022

7 min reading

Here are the complete list of NFT markets which would destruct open sea in 2022.

NFT https://www.freepikcompany.com/legal

OpenSea is the dominant decentralized platform for users looking to explore, buy, sell and trade Non-fungible tokens Acting more as an NFT aggregator than a gallery, OpenSea closed $3.25 billion in December 2021 alone, according to Dune Analytics. From December 2020 to December 2021, the total volume increased by 90.968%. No stranger to controversy and criticism, OpenSea has some dangers and pitfalls. In particular, his former product manager, Nate Chastain, noted that he used inside information to initiate and leverage NFT sales on the platform's front page.

In addition to general distrust, the community felt unappreciated after newly appointed CFO Brian Roberts hinted it would go public. However, he was quick to confirm that OpenSea has no plans to go public anytime soon. OpenSea may be the best market for NFT right now in terms of transaction volume, but by 2022 there will definitely be a handful of competitors looking to overtake the giant. Here are five NFT markets that have the potential to displace its main competitors in the next few months.

Coinbase NFT

Coinbase seems to rely on a centralized element as the main engine for mass adoption. Coinbase capitalized on the growing popularity of NFT and competed with OpenSea to launch its NFT marketplace, Coinbase NFT. The waiting list has reportedly reached 1.1 million, more than the entire active user base of OpenSea alone. The announcement of the launch of Coinbase NFT is a signal that captures the increase in value that NFT can gain as digital collectibles grow in popularity. Understanding how NFT combines culture and commerce, Coinbase NFT is likely to shake things up. The project has forged partnerships with collections such as World of Women, DeadFellaz and Lazy Lions.

While the market hasn't started yet, the waiting list itself suggests that many investors are getting access to the technology for the first time or want an alternative to what they are already using. According to a statement from Coinbase, Coinbase NFT will be peer-to-peer (P2P) "...with an intuitive design built on a decentralized marketplace". The product, which initially followed the ERC-21 and ERC-1155 standards, also plans to maintain multi-circuit in the future.

Coinbase NFT will primarily act as a marketplace, but the company has indicated that it will also act as a “relationship-building” venue. To date, Coinbase operates in more than 100 countries and has more than 73 million active users, while Coinbase's clients trade $327 billion quarterly, which has proven to have a decent amount of liquidity. More than just trading volume, Coinbase commends the stable user experience (UX) and seamless user interface (UI) design that is simplified and easy to use. While many log on to Twitter and complain about OpenSea's UX/UI design, many other platforms have access bottlenecks associated with it, while OpenSea doesn't.

FTX NFT

Unlike Coinbase NFT, the FTX marketplace started in October with a small collection of Solana-based NFTs and expanded its collection to include those on the Ethereum blockchain. Unlike OpenSea and Coinbase NFT, FTX NFT is not a P2P platform, meaning it is centralized and stored where user data is stored and stored on its specific network. This means that consumers and collectors to some extent relinquish ownership.

The consequence of a centralized platform is that it imposes fewer autonomous privileges on its owners and imposes more restrictions and restrictions for fear of securities laws. Unlike OpenSea, where consumers have complete autonomy over their digital assets up to the point of sale, FTX NFT uses a bidding mechanism. As Brett Harrison, President of FTX.US said in a statement, "By not using gas for quotes-like transactions, we will see more pricing and pricing on the platform and, hopefully, increase overall liquidity."

Its legal ways have affected Solana NFT's collection so much that many have had to cancel previously promised prizes as FTX NFT has announced that they will no longer support projects that offer such benefits to their owners. The consequence is regulatory problems in the US. Projects on the Ethereum network have also been vetted to ensure that they comply with securities laws and are not counterfeit.

As such, OpenSea retains its value as it supports the widest collection of NFTs. Despite the minor drawbacks, the market has caught the eye and undermined the cost structure of its competitors. FTX NFT has a 2% fee structure while Coinbase has 2.5%. The platform doesn't appear to be negligible even for users using a no-storage wallet, but its main focus is on affordability value.

Rarible

Long before OpenSea peaked, Rarible offered higher monthly trading volumes than its counterparts. Despite opening its platform to the community with RARI token management - which OpenSea users have been waiting for - Rarible has failed to maintain its previous leadership role over OpenSea.

In November, the platform's total value by volume was 4% higher than in October, averaging $18.2 million. However, the total monthly volume is reduced compared to OpenSea as the average daily volume is at least five times higher.

For Rarible's interests, similar to the FTX-NFT market, he understands the benefits of strategic multi-chain partnerships. Rarible has launched NFT support for the Flow and Tezos blockchains and plans to support Solana and Polygon in the near future. With its decentralized ethos and multi-chain support for NFT, Rarible could become a major contender in 2022.

Zora

Zora presents itself as a proponent of Web 3.0 and decentralization by promoting a completely "chained" platform without permission. As Decentralized Autonomous Organizations (DAOs) tend to adhere to these principles, the platform retains its value on historic purchases such as PleasrDAO's $4 million purchase of NFT spare memes. Zora has a toll-free structure and focuses most of its efforts on being an unlicensed grounding protocol. Many crypto experts are attracted to the idea that artists and creators have more autonomy and ownership over their creations. If this issue remains relevant in 2022, Zora could see an influx of new users.

Magic Eden

Magic Eden is currently the best marketplace for NFT on the Solana network and, according to DappRadar, ranks in the top ten of the NFT market with $267.14 million since launching in mid-September 2021.

The number of unique portfolios has recovered and grown steadily over the past two months, making OpenSea a strong contender. It is important to note, however, that a user has more than one wallet address, which could indicate that there are less unique active users. A low transaction fee of 2% gives the platform a competitive advantage over other markets and, like FTX NFT, free listings for users. As shown below, the number of transactions in Magic Eden is often double or triple compared to OpenSea.

Although Magic Eden has a larger number of transactions, it has fewer transactions than OpenSea. According to DappRadar, Magic Eden has amassed more than 4.5 million transactions in the last 30 days, while OpenSea has processed less than half that amount with 1.7 million, but still has slightly more than five times the total volume of Magic Eden. As the pace set by the NFT and digital collections become wider, a larger segment of the population will be observed in 2022 whose preferences may not match those of OpenSea. These five NFT markets value affordability, regulation, and better user experience, and are strong contenders for the top spot.

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