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- Opensea is the biggest NFT marketplace in the sector.
- Looksrare emerged as the biggest competitor of the biggest marketplace.
- Magic Eden covers 90% of the Solana ecosystem.
Non-Fungible tokens were under the radar during their emergence. But it caught the eye of folks back in 2021, when the market surged by a whopping 21000%. Myriad folks swarmed together in this unexpected boom. The year proved to be fruitful for many, especially for the artists. This was the same year where the industry witnessed the highest ever NFT sales. Beeple’s Everydays was sold for $69 Million.
Now, as the majority of people have become familiar with this tempting industry, several NFT marketplaces are emerging. Here we are going to discuss three of the leading NFT platforms where you guys can try your hands on these digital assets.
Opensea
Let’s not waste time on the introduction. OpenSea is like the Robert Downey Jr. of NFT marketplaces. We all can hear the sound already. “You Know Who I Am!” The biggest player of this sector lists some of the top digital collectibles of all time. Bored Ape Yacht Club (BAYC) is among them. This collection is famous because it has caught the attention of Rap God Eminem, Snoop Dogg, Neymar and many other renowned names.
Apart from this, it has listed Cryptopunks (A7X lead singer Matt Shadows possesses NFT from this collection), which is the collection of pixelated art. Otherdeed NFTs are associated with BAYC. They are the digital land plots which will be utilized in the Otherside metaverse by Yuga Labs. Other famous collections like Doodles, Azuki, Art Blocks etc. are listed on the platform.
The NFT marketplace supported Ethereum blockchain during the start. But Solana (SOL), Klaytn (KLAY) and Polygon (MATIC) are the backers of this platform. To make the security robust, they have implemented Private NFT Security Group in the ecosystem. Another fun fact! You can use your asset even if you have listed it for sales, until it’s unsold.
Highest sales the platform witnessed was of BAYC #8585 ($2.7 Million). It reached its highest daily trading volume during May, grossing $476 Million. As per Dappradar, the market has an all-time sales volume of $30.48 Billion, and 1,933,649 traders on the platform to this date.
LooksRare
This platform came out of nowhere during the beginning of this year to become the greatest challenge of the biggest NFT platform. It uses the same Application Programming Interface (API) as OpenSea does. Folks can witness almost all the NFT collectibles listed on its rival marketplace. These include BAYC, Otherdeed by Otherside, mcgoblinwtf, etc.
Highest NFT trade this marketplace has witnessed was the sales of The Sandbox Megacity 12 X 12 Estate. The land parcel was sold for $2.81 Million. As per the data aggregator DappRadar, it has an all-time trading volume of $1.56 Billion, and 92,578 traders to this date. The platform supports Ethereum blockchain for its operations.
Magic Eden
The marketplace pulled a rabbit out of the hat recently when it announced the launch of its gaming venture arm. Its top collections include Primates, which we can consider as the Bored Apes of this marketplace (a collection focused towards web3), Loopbenders, Okay Bears, Ducksvegas, Liberty Squirrels: The Sinister Squirrel Syndicate and more.
Magic Eden is the walking tall on Solana ecosystem, and covers around 90% of its market. It is backed by some of the prominent players in the market involving SBF’s Alameda Research, Sequoia, Paradigm, Coinbase Ventures and more. This support says a lot about why it covers the lion’s share on this blockchain.
According to the live data by DappRadar, the marketplace had the all-time trading volume of $1.53 Billion and 8,28,398 traders on the platform. It topped its daily transaction volume when it reached around 2,75,000 transactions, surpassing OpenSea.
So, here you have the leading NFT platforms offering some of the best digital collections at your table. What are you waiting for? Open your browser and traverse through these artistic digital worlds on your own accords.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
