Non-fungible tokens (NFTs) have exploded in popularity over the past few years, with the market for NFTs reaching billions of dollars in value
In this blog post, we will be comparing four of the most popular NFT marketplaces: OpenSea, Look Rare, Rarible, and Magic Eden.
Each of these platforms has its own unique features and offerings, and we will delve into the specifics of each one to help you decide which platform is the best fit for your needs.
OpenSea vs LooksRare vs Rarible vs Magic Eden: NFT Trading Stats
| # | Market | Avg. price | Traders | Volume |
|---|---|---|---|---|
| 1 | OpenSea | $275.69 | 2,489,666 | $33.38B |
| 2 | Magic Eden | $122.39 | 1,386,829 | $1.95B |
| 3 | LooksRare | $6.16k | 116,853 | $1.65B |
| 4 | Rarible | $489.15 | 110,691 | $301.31M |
OpenSea NFT Marketplace
OpenSea is built on top of the Ethereum blockchain, which allows for the secure buying, selling, and trading of NFTs.
A network of computers, not a single entity, controls the marketplace and facilitates transactions.
On OpenSea, users can discover and browse a variety of NFTs, including art, collectibles, and in-game items. They can also list their own NFTs for sale and conduct transactions using cryptocurrency like Ether (ETH).
OpenSea also has an “auctions” feature where users can bid on NFTs and the highest bidder wins the NFT at the end of the auction.
Top Features of OpenSea NFT Platform
- Wide range of NFTs: OpenSea has a large and diverse selection of NFTs available for purchase, including art, collectibles, and in-game items.
- Decentralized marketplace: OpenSea is built on top of the Ethereum blockchain, which allows for secure, decentralized buying, selling, and trading of NFTs.
- Auctions: Users can bid on NFTs that are up for auction on OpenSea. The highest bidder at the end of the auction wins the NFT.
- Cryptocurrency payments: Transactions on OpenSea are conducted using cryptocurrency, such as Ether (ETH).
- Listing NFTs for sale: Users can list their own NFTs for sale on the OpenSea marketplace.
- Portfolio management: OpenSea has a portfolio feature that allows users to manage and track their NFT collections.
- Customization options: OpenSea allows users to customize their profile and set their own display name, profile picture, and bio.
- Marketplace analytics: OpenSea provides analytics and insights on the NFT market, including sales data and trends.
- Integrations with other platforms: OpenSea has integrations with other platforms, such as Discord and Twitter, which allows users to easily share their NFTs and engage with the community.
- Support for multiple languages: OpenSea is available in multiple languages, including English, Chinese, Korean, and Japanese.
Website URL: https://opensea.io
Rarible NFT Marketplace
Rarible operates as a decentralized marketplace for buying and selling non-fungible tokens (NFTs).
These digital assets are unique and stored on the blockchain, preventing exchange for other assets or counterfeiting.
Rarible enables artists, collectors, and creators to list NFTs for sale and enables users to purchase them using cryptocurrency.
The platform includes customizable listings, a reputation system, and the ability to create and issue your own NFTs. It runs on the Ethereum blockchain, ensuring the security and transparency of all transactions.
Features of Rarible NFT Marketplace
- Creator tools: Rarible provides tools for creators to mint and sells their own NFTs, including customizable templates and the ability to set royalty fees for future sales of their NFTs.
- Community features: Rarible has a strong community of NFT collectors and creators, with features such as forums and social media integration to facilitate discussion and networking.
- Search and filtering options: Rarible allows users to search and filter NFTs by various criteria, including artist, price range, and category.
- Escrow services: Rarible offers escrow services to ensure the safe and secure transfer of funds between buyers and sellers during NFT transactions.
- Mobile app: Rarible has a mobile app for iOS and Android devices, allowing users to access and manage their NFT collection on the go.
- Integration with various blockchain platforms: Rarible supports NFTs from various blockchain platforms, including Ethereum, Binance Smart Chain, and Flow.
Website URL: https://rarible.com
LooksRare NFT Marketplace
Looks Rare is a marketplace for non-fungible tokens (NFTs) that specializes in rare and unique digital collectibles. These NFTs can range from digital art pieces to virtual real estate, to exclusive digital experiences.
The rarity of an NFT is determined by its scarcity, as well as its uniqueness and value within the digital community.
On Looks Rare, users can browse and purchase these rare NFTs from various creators and artists, and even create their own NFTs to sell on the platform. The marketplace also offers secure storage and management for users’ NFT collections.
Overall, Looks Rare provides a platform for individuals to discover and collect rare digital assets, similar to how physical collectibles are collected in the real world.
Key Features of LooksRare
- Wide variety of rare and unique digital assets: Looks Rare NFT Marketplace offers a diverse range of rare and unique digital assets, including art, collectibles, music, and more.
- Verified authenticity of assets: All assets on the Looks Rare NFT Marketplace are verified for authenticity by a team of experts, ensuring that buyers can trust the quality and value of their purchases.
- Advanced security measures: The marketplace employs advanced security measures to protect against fraud and unauthorized access, ensuring that buyers can confidently purchase and sell assets on the platform.
- Efficient and user-friendly platform: The Looks Rare NFT Marketplace is designed to be easy to use and navigate, with a streamlined interface that makes it simple to search for and purchase assets.
- Community-driven platform: The Looks Rare NFT Marketplace is built around a community of buyers and sellers, with features such as social media integration and forums to facilitate discussion and collaboration.
- Support for multiple payment methods: The platform supports a range of payment methods, including cryptocurrencies and traditional payment methods, to make it easy for buyers to purchase assets.
Website URL: https://looksrare.org
Magic Eden: Solana NFT Marketplace
Magic Eden makes the process of minting and trading NFTs easy, low-cost, and fast by operating as a Solana-based NFT marketplace.
Since its launch in early 2019, Magic Eden has become the most popular independent Solana NFT marketplace, attracting over 10 million unique monthly visitors and offering more than 4,000 NFT collections.
It supports around $1 billion in secondary trading volume and has daily wallet connections numbering in the tens of thousands.
Magic Eden provides its users with a launchpad, a collection of statistics, an auction feature, and a thriving community.
However, the marketplace has faced criticism for its limited selection of NFTs and occasional website bugs. The integration of Solana NFTs into the prominent NFT marketplace OpenSea may also impact traffic to Magic Eden.
Key Features of Magic Eden
- Submitting a completed form is essential for success on Magic Eden. Incomplete forms will not be accepted.
- Magic Eden does not permit the creation of pre-mint campaigns or whitelisting. Therefore, creators must launch their entire collection at once.
- Creators can set a fixed price for their collection on Magic Eden, which will be evenly distributed among the NFTs in the collection.
- To participate in the Magic Eden Launchpad, creators must present a roadmap outlining their long-term goals for the project.
- To be considered for the Magic Eden platform, creators must demonstrate how their project will benefit the Magic Eden/Solana communities, not just generate profits for themselves.
Website URL: https://magiceden.io
Supported Blockchains
Opensea stores NFTs on the Ethereum, polygon, and Avalanche blockchains and allows users to buy and sell them on its marketplace.
Magic Eden stores NFTs on the Solana blockchain and allows users to buy and sell them on its marketplace.
Rarible stores NFTs on the Ethereum and Tezos blockchains and allows users to buy and sell them on its marketplace.
Looks Rare stores NFTs on the Ethereum blockchain and allows users to buy and sell them on its marketplace.
NFT Minting on Opensea, Rarible, LooksRare, Magic Eden
- Create an account on Opensea.io and verify your email address.
- Connect your Ethereum wallet to your Opensea account.
- Choose the type of NFT you want to mint (e.g. art, collectibles, in-game items).
- Use a tool like Adobe Creative Cloud or CryptoKitties to create and design your NFT.
- Use a tool like MetaMask or MyEtherWallet to deploy your NFT onto the Ethereum blockchain.
- Set the parameters for your NFT, including the name, description, and metadata.
- Set the price and quantity for your NFT.
- Publish your NFT on Opensea for others to purchase.
A similar process will be followed by other Marketplaces like Rarible, Looksrare, and Magic Eden. However, Magic Eden is a Solana-based NFT marketplace, it supports Phantom wallet.
Payment Methods
OpenSea offers a wide range of payment options, including ETH, WETH, MATIC, and KLAY, while Rarible currently only accepts FLOW, XTZ, and ETH.
However, Rarible has recently introduced the option to pay with credit cards, potentially targeting a more mainstream audience.
Magic Eden announced that it now allows users to purchase any Solana NFTs on its marketplace with $ETH or credit cards.
LooksRare utilizes three digital currencies: Ethereum, Wrapped Ethereum, and the company’s own Looks token. The platform does not accept traditional payment methods such as debit or credit cards and does not accept fiat currencies or stablecoins like USD Coin. Payment can only be made using the accepted cryptocurrencies.
Trading Fees
Users of NFT marketplaces like OpenSea and Rarible are required to pay a commission for the sale of their NFTs, which is usually a percentage of the revenue generated from the sale.
On these platforms, the trading fee is typically 2% and 3.5% respectively. Magic Eden charges only 0.5% fees.
It’s worth noting that users also need to pay a minting fee to the network validators. In terms of fees, there is no significant difference between the two marketplaces.
OpenSea vs Rarible vs LooksRare vs Magic Eden
| Platform | Launched Date | Founders | Multi-Chain | Native Token | Payment Options | Credit Card | Trading Fee | Royalty Fee | Mobile App |
|---|---|---|---|---|---|---|---|---|---|
| OpenSea | 2017 | Devin Finzer, Alex Atallah, and Peter Kieltyka | Ethereum, Polygon, Binance Smart Chain | – | Credit card, cryptocurrency | Yes | 2% | 2% | Yes |
| Rarible | 2020 | Alex Salnikov and Alexei Falin | Ethereum, Binance Smart Chain | RARI | Credit card, cryptocurrency | Yes | 3.5% | 3.5% | Yes |
| LooksRare | 2021 | N/A | Ethereum | N/A | Cryptocurrency | No | 0.5% | N/A | No |
| Magic Eden | 2021 | N/A | Ethereum | N/A | Cryptocurrency | No | 0.5% | N/A | No |
Conclusion
In conclusion, it is clear that opensea, looks rare, rarible, and magic Eden are all popular NFT marketplaces that offer unique features and advantages to users.
Opensea is known for its wide variety of NFTs and robust search functionality, while looks rare focuses on the social aspect of NFT collecting and allows users to showcase their collections.
Rarible is a decentralized marketplace that allows users to create and sell their own NFTs, and magic Eden is a marketplace specifically for NFTs related to the online gaming industry and other varieties of collectibles.
Ultimately, the best marketplace for you will depend on your specific needs and interests as an NFT collector.
