Non-fungible tokens (NFTs) have exploded in popularity over the past year, with several marketplaces emerging as the go-to destination for buying and selling these unique digital assets.
Two of the most well-known NFT marketplaces are OpenSea and Rarible, but a newer player on the scene is Axis Infinity.
In this blog post, we’ll be comparing these three NFT marketplaces to help you decide which one is the best fit for your needs.
We’ll take a look at their features, fees, and overall user experience to help you make an informed decision.
So, if you’re interested in buying, selling, or just browsing NFTs, read on to find out more about these three marketplaces.
What Are NFT Marketplaces?
Non-fungible tokens represent ownership of specific assets, such as art, music, video, or other digital content. This differs from cryptocurrencies like Bitcoin, which are interchangeable and can buy and sell various goods and services.
In an NFT marketplace, users can browse and search for a specific digital asset and then make offers or place bids to buy it. If the seller accepts, the NFT transfers from the seller to the buyer’s digital wallet.
One of the main benefits of NFT marketplaces is that they allow artists and other creators to sell their digital creations directly to their audience without intermediaries. This enables creators to retain more control over their work and potentially earn more from their creations.
NFT marketplaces have gained popularity in recent years, with many well-known artists, musicians, and other creators using them to sell their work. Some popular NFT marketplaces include OpenSea, Rarible, and SuperRare.
Types of NFT marketplaces
- Mass marketplaces: These are the few marketplaces that claim to be home to any NFT collection from arts and sports to cards and virtual reality.
- Gaming Marketplaces: These marketplaces capitalize on gaming and virtual reality. you can swap your NFTs while playing games with other players.
- Sports marketplaces: collections include sports highlights, players icons, stadiums, etc. as NFTs.
- Niche-based marketplaces: These marketplaces included some specific types of collections like screenshots, selfies, Twitter tweets, etc.
OpenSea vs Rarible vs Axie Infinity: Comparison
| Opensea | Rarible | Axie Infinity |
|---|---|---|
| $30+ billion volume | $320+ million | $4.2 billion |
| high fees | low fees | medium fees |
| stored in wallet | can be used as in-game assets | stored in wallet |
| ETH and polygon-based | ETH based | ETH based |
Best NFT Marketplaces: Detailed Comparison
1. OpenSea: Most Popular NFT Marketplace by Volume
OpenSea is one of the most popular and Oldest NFT marketplaces on the Ethereum blockchain. There are many assets including digital arts, games collectibles, domain names, digital representation of some physical items, 3D arts, etc.
OpenSea’s trading volume is over $3.6 billion in the past 30 days, which shows its popularity in the NFT world.
Key Features of Opensea NFT Marketplace
- Wide variety of NFTs: OpenSea offers a wide range of NFTs, including collectibles, artwork, in-game items, and more.
- Easy to use: OpenSea has a user-friendly interface that makes it easy for users to buy and sell NFTs.
- Secure: OpenSea uses smart contracts to facilitate transactions, ensuring that all transactions are secure and transparent.
- Customization options: OpenSea allows users to customize their NFTs with different attributes and metadata.
- Marketplace: OpenSea has a built-in marketplace where users can buy and sell NFTs directly with each other.
- Integration with Ethereum wallets: OpenSea can be used with popular Ethereum wallets such as MetaMask and Coinbase Wallet.
- Developer tools: OpenSea offers a range of tools for developers to create and manage their own NFTs and integrations with other platforms.
Pros and Cons of OpenSea
| Pros | Cons |
|---|---|
| a large number of NFT collections | High gas fees |
| Popular NFT collections like crypto punks and bored ape yacht club | a crypto wallet is necessary |
| industry-leading security | only accepts payments in cryptocurrency |
| currently, ETH and Polygon based |
2. Rarible: Best ETH-based NFT Marketplace
Rarible is one of the top NFT marketplaces where digital artists and creators showcase their art and offer it for sale. Rarible is also similar to an NFT marketplace like OpenSea, which provides three blockchains: Ethereum, Tezos, and flow.
Users can buy and sell NFTs using Ethereum or other cryptocurrencies, and smart contracts process all transactions.
In addition to buying and selling NFTs, Rarible allows users to create and mint their own NFTs through its user-friendly interface. It guides users through the process of creating and uploading their own digital content.
Rarible also offers features to help users discover and interact with NFTs, including a marketplace search function, trending lists, and the ability to follow and engage with other users.
Key Features of Rarible NFT Marketplace
- Buy and sell NFTs: Rarible allows users to buy and sell a variety of NFTs, including art, music, collectibles, and more.
- Create and mint NFTs: Rarible allows users to create and mint their own NFTs, which can be sold on the platform.
- Decentralized marketplace: Rarible is built on the Ethereum blockchain, which means that it is decentralized and operates in a peer-to-peer fashion, without the need for a central authority.
- Low fees: Rarible charges lower fees than many other NFT marketplaces, making it an attractive option for both buyers and sellers.
- User-friendly interface: The platform has a user-friendly interface that makes it easy for users to browse and purchase NFTs, even if they are new to the world of cryptocurrency and NFTs.
- Community features: Rarible has a strong community of users who engage with each other through features such as forums and chat rooms, as well as through social media platforms like Twitter and Discord.
- Integration with other platforms: Rarible is integrated with popular platforms like OpenSea, giving users access to a wider range of NFTs and the ability to easily manage their collections.
OpenSea vs Rarible: Fees
Transaction fees:
- Opensea: 2.5%
- Rarible: 2.5%
Royalty Fees:
- OpenSea: Avg. 5%-30% depends on the creator
- Rarible: Avg. 2%- 20% Depends on the creators
3. Axie Infinity: Best Game-fi NFT Marketplace
Axis Infinity marketplace provides a platform for users to browse and purchase NFTs from a variety of creators. It also has tools for creators to mint and sell their own NFTs.
The NFTs are stored and managed on the Ethereum blockchain, which provides added security and integrity for the assets.
You must acquire three Axies from the Axie Infinity marketplace to begin playing Axie Infinity.
At the present, Axie Infinity is among the most successful NFT games. You may buy the property, ornaments, Axies, and other in-game stuff at the marketplace.
Top features of Axie Infinity NFT Marketplaces
- “Lunacia” is the name of Axie Infinity’s world. This land is split into 90,00+ pieces, each of which is represented by an ERC-721 token. Your Axies will call this patch of land home. You could uncover AXS coins on your property if you’re lucky.
- Other in-game things (such as land decors) that you may purchase from the marketplace can be used to improve your plots.
- Another option to earn cryptocurrency bonuses is to breed and trade Axies. The DNA of the Axies that have been mated together define the qualities of the progeny.
- Axie Infinity’s designers have found a method of managing the Axie population. Because of this, each Axie may only be bred seven times. You will be charged .002 ETH every moment you breed Axies. You can also use these newly produced Axies in battle or continue to breed them.
- Adventure mode and PvP mode are available in Axie Infinity. Stages inside the adventure level (also known as the campaign mode) pit your Axies versus bosses.
- In the PvP mode, your Axies compete against the Axies of other players in flip card strategy matches.
- Each Axie has its own personality, but they all share the same four stats: health, speed, skill, and morale. Furthermore, each Axie is a member of several of the nine categories.
Comparing Opensea, Rarible, and Axie Infinity
OpenSea offers a decentralized marketplace for non-fungible tokens (NFTs) and other digital assets. It supports multiple blockchains, including Ethereum, Polygon, Binance Smart Chain, and more.
The platform offers a wide range of NFTs, including art, collectibles, gaming items, and virtual real estate.
Transaction fees on OpenSea vary based on the blockchain used for trading NFTs. For example, the platform charges a 1% transaction fee and a gas fee for completing transactions on the Ethereum blockchain.
Cryptovoxels, BAYC, and CryptoKitties are some popular NFT collections available on OpenSea.
Rarible is a marketplace specifically for digital art and collectibles NFTs, built on the Ethereum blockchain. It charges a 3.5% transaction fee and a gas fee for completing transactions.
Digital Land, Cryptopunks, and Azuki are some popular NFT collections available on Rarible.
Axie Infinity is a decentralized marketplace for NFTs specifically related to the Axie Infinity game, built on the Ethereum blockchain. It charges a 2% transaction fee and a gas fee for completing transactions.
Axies, Land, and items related to the Axie Infinity game are some popular NFT collections available on Axie Infinity.
Supported Crypto wallets on these NFT Marketplaces
1. Metamask
MetaMask is a browser extension that allows users to interact with the Ethereum blockchain and manage their cryptocurrency assets, including non-fungible tokens (NFTs).
It functions as a wallet, allowing users to store, send, and receive cryptocurrencies, as well as interact with decentralized applications (dApps). MetaMask is available as a browser extension for Chrome, Firefox, Brave, and Opera.
2. Coinbase wallet
Coinbase Wallet is a mobile wallet that allows users to store, send, and receive a variety of cryptocurrencies, including NFTs. In addition to serving as a wallet, Coinbase Wallet also allows users to access decentralized applications and interact with the Ethereum blockchain.
3. MyEtherWallet
MyEtherWallet (MEW) is an open-source, client-side interface for interacting with the Ethereum blockchain.
It allows users to create, manage, and interact with their Ethereum wallets, as well as view and interact with smart contracts on the Ethereum network.
MEW can be used to store, send, and receive a variety of cryptocurrencies, including NFTs.
4. Ledger Nano X
Ledger Nano X is a hardware wallet that allows users to store, manage, and secure their cryptocurrency assets, including NFTs. It connects to a user’s computer or mobile device via Bluetooth, and transactions are signed offline, providing an extra layer of security.
Ledger Nano X also supports a variety of cryptocurrencies, including Ethereum and its ERC-20 tokens.
Read Comparison: Ledger vs Trezor: the best hardware wallet
How to Buy NFTs on Opensea, Rarible, Axie Infinity
Here are the basic steps to buy NFTs on OpenSea, Rarible, and Axis Infinity:
- Go to the website of the NFT marketplace you want to use (OpenSea, Rarible, or Axis Infinity).
- Create an account on the marketplace. This will typically require you to provide an email address and create a password.
- Connect a wallet to your account. NFT marketplaces typically support multiple types of wallets, such as MetaMask or Coinbase Wallet. Follow the instructions provided by the marketplace to connect your wallet.
- Browse the marketplace to find the NFT you want to purchase. You can use the search function or browse through the available categories to find NFTs that interest you.
- Once you’ve found an NFT you want to purchase, click on it to view its details. The page should show you information about the NFT, including its price and any additional details provided by the seller.
- To purchase the NFT, click the “Buy” button. This will bring up a purchase window where you can review the details of the transaction and complete the purchase by clicking “Confirm.”
- After you complete the purchase, the NFT will be transferred to your wallet. You can view your NFTs by going to your wallet and looking for the “Collectibles” or “NFTs” section.
Conclusion
Since all platforms provide comparable sorts of NFT listings for people to purchase, OpenSea keeps its lead due to its popularity, high rate of adoption, and several supporting assets that assist users in selling their NFTs more quickly.
In adverse markets, NFTs are generally difficult to sell. As a result, the most prominent marketplace is also your best hope for positive payback.
Of course, the pricing of specific NFT collections is driven by trends and narratives, so it’s vital to monitor discussion forums on platforms like Reddit and Discord to see where the leaders and makers post their digital treasures.
Lazy minting is another feature of OpenSea that reduces the danger of generating NFTs and losing money if they don’t sell.
