- OPENSEA
OpenSea is an online marketplace for buying, selling, and creating Non-fungible tokens (NFTs) based on the Ethereum ERC-721 standard. The company, which is headquartered in New York, was founded in 2017 by Alex Atallah and Devin Finzer. The marketplace enables the sale of NFTs either through auctions or at fixed prices. They also offer some trading tools like bulk sweep and analytics that helps NFT traders.
The increased popularity of NFTs in 2021 resulted in OpenSea’s revenue reaching $95 million in February and $2.75 billion in September. As of January 2022, the company had been valued at $13.3 billion and was the biggest NFT marketplace.
Advantages Of Opensea
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OpenSea offers a wide range of NFT collectibles.
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They Include royalties for creators and investors.
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Allows for easy creation of personalized NFTs.
Disadvantages Of OpenSea
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OpenSea experienced a significant NFT theft in mid-February 2022, causing panic within the community.
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They charge a 2.5% transaction fee.
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A former OpenSea product manager was charged with wire fraud and money laundering related to an insider trading scheme.
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OpenSea experienced a massive data breach in June 2022 that resulted in the unauthorized sharing of over 1.8 million OpenSea user email addresses, leading to concerns over the lack of adequate protection of user assets and information.
2. LOOKSRARE
LooksRare is an Ethereum-based NFT marketplace that was launched in January 2022. The aim is to create a marketplace that would surpass all other marketplaces. LooksRare was designed to be user-friendly, while it uses reward mechanisms and special listing options to attract users. The marketplace rewards users with its native utility tokens LOOKS when they buy or sell NFTs on the platform.
Although LooksRare has not achieved OpenSea’s market
capitalization, it is currently the leading NFT marketplace in terms of trading volume. LooksRare was co-founded by two anonymous individuals who go by the nicknames “Zodd” and “Guts”.
Advantages Of LooksRare
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2% transaction fee on sales.
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Users can earn LOOKS rewards, the platform’s native token, for staking, trading, and listing.
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Rather than bidding on individual items, LooksRare allows you to bid on a whole collection all at once.
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Staking of LOOKS
Disadvantages Of LooksRare
- Pseudonymous founders
- Accusations of wash trading
- Limited paying options and functionality.
3. X2Y2
X2Y2 is a decentralized NFT marketplace that boasts fully independent smart contracts, front-end, and a back-end. The marketplace offers a complete NFT market experience, including features such as: push notifications for purchases and sales; bulk sending and listing; integrated rarity ranking; and analysis. The name X2Y2 was chosen because it represents the formula for creating a perfect circle, which corresponds with the team’s goal of developing the ultimate NFT marketplace.
The team behind X2Y2 consists of experienced NFT and blockchain developers who recognized the disadvantages of centralization within the NFT ecosystem. After seeing the effects of OpenSea’s monopoly on the market, they came together to build an NFT marketplace that would contribute to the community while remaining truly decentralized.
Advantages Of X2Y2
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2% transaction fees.
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Integrated rarity rankings and analysis.
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Collection bidding and bulk sending and listing.
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Instant push notifications.
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No private token sales.
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Token staking.
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100% of market fees collected are rewarded to X2Y2 stakers.
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Total transparency.
Disadvantages Of X2Y2
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Insufficiency of the treasury.
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They are a relatively new NFT marketplace.
User Market Survey
A market survey of three people who use Ethereum NFT marketplaces was conducted, and each of them was asked three questions; What Marketplace do they think is the best? Why do they think so? And which marketplace do they use?
SURVEY ONE
- X2Y2 is the best NFT marketplace for me.
- For obvious reasons, it doesn’t lag as much as OS (opensea) does. There is also the fact that you do not have to pay royalties with X2Y2. Also, X2Y2 rewards you with tokens for listing on their website.
- I only use X2Y2 man
SURVEY TWO
- I think X2Y2 and OS are both the best marketplaces in the ethereum chain.
- I like X2Y2 for their smooth operations and also because they were the first to implement bulk buying and sending, and opensea because they acquired gem aggregator. They were also the first marketplace I used.
- I mainly use X2Y2, but a few times I use OS too.
SURVEY THREE
- Opensea is the best marketplace period.
- Opensea is advantageous to creators and investors due to the presence of royalties which X2Y2 doesn’t have. Without royalties how do you expect creators to continue building? Royalties are an essential part of the ecosystem. X2Y2’s servers also haven’t been tested with traffic, so we can’t know if their servers are actually capable of handling the volume that’s circulating during bull runs. And compared to Looksrare with their lack of transparency, I’d rather trust OS.
- I use both Opensea and X2Y2, while I believe that OS is better, I use X2Y2 due to the rewards of tokens.
