OpenSea is a platform that allows easy exchange and trade of NFTs and other goods. It can be said that OpenSea is a marketplace for NFTs that can include gaming items, collectibles, and other assets.
You can use OpenSea as a platform to buy, sell or trade any of the NFTs through a smart contract.
It is one of those online marketplaces that offer its services to anyone who wants to be trading with NFTs or crypto-related goods.
OpenSea is the first and most renowned or recognized NFT marketplace in the whole industry. It is used by investors, collectors, and other enthusiasts who want to buy, sell and trade their NFTs.
The platform has approximately 4 million virtual goods being the largest marketplace. It can be easily accessed through Android as well as iOS devices.
In this blog, along with OpenSea, we are going to discuss some of the alternatives and competitors of OpenSea that will help you as a user to find the best marketplace to trade NFTs.
Why Do You Need Alternatives For OpenSea?
Even though OpenSea is the foremost and most popular marketplace, it has some disadvantages associated with it, due to which people may consider other alternatives as their first option. Some of these disadvantages are as follows:
- One of the main issues faced by the users is OpenSea’s high fees. If you sell your NFT at this platform, 2.5% of the sale amount will directly go to OpenSea, making this particular marketplace more profitable.
- Some users and investors also have issues with OpenSea’s high degree of centralization. After the CEO made OpenSea public through a stock offering, the investors lost the hope of getting governance tokens for decentralizing the company and paying back the users who were essential to the company’s growth. Since most of the investors stand on the ideals of Web3 and decentralization take this as a disadvantage of OpenSea.
- Being centralized, OpenSea opens its gate to more risks. It creates a closed environment that is similar to the existing Web2 platforms.
- OpenSea also has a setback that is associated with NFT artists. It delists the collection of NFT artists without giving them a warning. It has been reported that recently OpenSea delisted 16 NFTs from a late photographer Chi Modu. This violates the artist’s right and can be considered an unfair process since the artist did not break any of the community guidelines.
- Another issue with OpenSea is that even numerous high-value NFTs on this platform get sold for only a proportion of their actual market value. This comes with a listing issue of OpenSea.
Because of these disadvantages and problems faced by OpenSpace users, people have been losing patience and looking for better alternatives that can come with better features and provide them with better services.
These alternatives, after knowing OpenSea, have developed a different outlook pertaining to the user’s needs.
There can also be other personal reasons why investors choose not to use OpenSea and look for other alternatives. Some of these are listed below:
1. Don’t Wish To Opt For Crypto
If you are a Crypto market enthusiast, you may be looking for why it’s a disadvantage. Still, the mass population of the world uses Fiat currency even while accessing a number of Cryptocurrencies options.
In this scenario, The incapacity to reimburse for online goods with Fiat money can disappoint normal people entering the Crypto market.
2. Saturation Of The Marketplace
The third possible reason why you are looking for an OpenSea alternative may be the saturation of the Marketplace. Most NFT enthusiasts use open Si To sell or buy their non-fungible tokens, which makes it a crowded platform.
In this scenario, the buyer who is wandering for Foursome special NFT or a seller who is wandering for an enthusiastic buyer, Heading towards the alternatives of open c can’t be a worse idea.
3. Poor Support System
You might have faced a poor experience in terms of the OpenSea support system. It’s a very harsh statement that there are many top Crypto platforms that have lots of complaints about the lack of support system.
It may be a reason that can irritate many users, but it’s not the situation of the OpenSea platform only. Every exchange platform has its own advantages and disadvantages.
When the open sea user faces any problem, he seeks help from the platform while OpenSea provides a basic help page, but at this point, OpenSea needs to improve a bit. The ability to resolve the user issues instantly by a real support executive can make it a better platform.
4. Might Be Interested In Different Marketplace
There is no doubt that OpenSea is one of the great platforms to trade in non-fungible tokens.
But there are many options available for those who want to make their reach into some other countries or regions, which become a prime reason to look for some other online Marketplace to sell your NFTs.
Also Read: Mintable vs OpenSea
10 Best Alternatives Of OpenSea
If you have made a decision to change the marketplace you use to buy, sell or trade NFTs and other goods, some of the best alternatives are given below:
1. Rarible
Rarible works on a motto that promotes turning your product or service into something that can be traded publicly. This is also an Ethereum-based marketplace. Following are the top features of Rarible:
- Mobile app support
- integrated with OpenSea
- Its governance is based on the RARI token.
- It is compatible with WalletLink, Formatic wallets, and MetaMask.
- Instant messaging facility to facilitate the user and creator communication.
Sellers and Buyers pay equally fees of 2.5% on every sale as a listing fee on the platform. But the seller is authorized to charge the whole fee of 5% of the price of the transaction. Rarible does not accept Fiat money. You will always need to pay in cryptocurrencies.
2. SuperRare
SuperRare is also a digital market that is based on Ethereum and is known for its unique artwork that is put up by different creators. It was launched in 2019 and is a successful virtual platform as of now. Following are the top features of SuperRare:
- Entrance to special releases and exhibitions
- Single-edition multimedia artwork
- It provides Shared agreement with other digital artists
- Governance is based on a $RARE token.
The platform maintains transparency in its fee. When you sell your artwork, you will receive 85% of the price. The sales fee will cost you 3%.
3. Mintable
Mintable is known for the trading and exchange of blockchain items. It is one of the best platforms for someone who is trying to build wealth through music, video, digital art, photography, etc. Following are the Top Mintable features:
- Lazy Coining
- User friendly and easy to navigate website dashboard
- Live support feature by Discord
- Supports USD and Ethereum
- Availability of advertising packages and customer store.
The mintable fee is 2.5% on almost all platform facilities. Remember, you will have to pay 10% charges on printable and gasless items. You will also be able to create your art for free here, but it asks for heavy charges when you sell.
4. Foundation
Foundation is a marketplace that makes a new platform for different creators to sell and showcase their art. Following are the features of the Foundation:
- Provides facility to bid live on an auction item.
- It Supports Torus wallets and MetaMask.
- More serious investors and collectors
- Great platform to find new exhibits and artists.
The price for the initial sale is 85%, and the rest, 15%, is taken by the platform as a Commission fee. however, the further sales amount will be split as follows:
Seller -85%
Artist- 15% and
Foundation fee- 5%.
5. KnownOrigin
KnownOrigin is one of the largest marketplaces in the economy, and it is also based on the Ethereum network. Following are the features of KnownOrigin:
- Purchase NFTs with credit and debit cards
- Gallery has a link that you can easily share
- MetaMask, WalletConnect, and Formatic support
- Special portal for digital artists to print Non-fungible tokens
KnownOrigin provides a buying price of 85% to all digital artists on their first sale and takes 15% as a platform commission. However, your Secondary sale amount will be split as follows:
Seller- 85%
Artist- 12.5%
And Commission fee- 2.5%
6. Token Tax
Even though Token tax is crypto tax software, you can get the benefits of a full-service crypto tax accounting firm from this place. Following are the features of TokenTax:
- Integrates all crypto exchanges- Coinbase, BitMEX, DeFi, Binance, etc.
- Also includes NFT marketplaces like OpenSea.
- Can import data from anywhere using API or CSV.
- It can automatically generate tax forms.
- Help you track your capital gains and losses.
7. Blockparty
With the help of Web 3.0 tools, Blockparty is an NFT marketplace that helps creators as well as investors in buying, selling, and trading NFTs. Following are some of the features of Blockparty:
- Has a variety ranges of virtual goods from the artist and brands of your choice.
- With Web 3.0 tools, creators and brands can create unique and connected items.
- Make and manage your own items without the company’s interference with the support of digitally traceable Non-Fungible Tokens (NFTs).
- You can sell or auction your items. Provides features to create hype about your product.
8. Maker’s Place
Maker’s place is a creator-oriented marketplace that presents authentic and unique artworks from the world’s greatest creators and artists. Following are the features of Maker’s Place:
- All creations are unique and authentic with their own identity.
- Since these are signed by the creators, even if something is copied, it won’t have the original signature of the creator.
- Everything is verified through the blockchain.
9. Nifty Gateway
Nifty Gateway marketplace revolves around Nifty and NFTs and is a great platform to trade these. It offers various artists and creators a platform to sell their artworks and collectibles. Following are the features of Nifty Gateway:
- Has a fully functional fiat wallet that makes using NIFT projects a very easy task.
- It is the most beneficial for those who are interested in investing in Nifty.
- Has exclusive work with top brands, artists, and creators.
- Makes Nifty available for everyone.
10. Zora
Based on the Ethereum network, Zora is an NFT marketplace that curates artworks and provides a platform for all to invest and exchange goods. Following are some of the features of Zora:
- Has limited edition goods that are launched as tokens.
- The fluctuations in price only depend on the chain of supply and demand.
- It works on the principle of dynamic pricing. This means people can immediately sell the popular items they buy at a profit.
Also Read: How To Get Verified on OpenSea?
What’s Unique About OpenSea?
The main difference between OpenSea and these alternatives is that OpenSea is not just another way to develop decentralized applications; it’s a complete ecosystem that includes everything from developmental tools to a user interface.
The goal of OpenSea is to provide developers with a single place where they can find all the necessary information to get started.
This means that OpenSea doesn’t have any specific features that set it apart from other platforms. Instead, it focuses on providing a clean and simple experience so that anyone can easily start working on a decentralized application.
One of the things that make OpenSea different from other platforms is its focus on usability. OpenSea wants to make it easy for people to learn how to write smart contracts and deploy them onto the Ethereum blockchain.
Another thing that sets OpenSea apart from other platforms is its emphasis on accessibility. It’s designed to be accessible to everyone, regardless of whether they know anything about coding or not.
Also Read: How to Fix “Unknown Ethereum Address” Error on OpenSea?
Conclusion
OpenSea is one of the first marketplaces to enter the industry of digital market. It allows the exchange and trade of NFTs and other crypto goods.
You can easily buy, sell and trade these goods on this platform. But, due to some of the disadvantages, like the centralization of OpenSea, users are apprehensive of this platform and searching for alternatives.
The blog covers some basic information on these alternatives, like Rarible, SuperRare, Foundation, Mintable, etc. These alternatives have their own advantages and can become the appropriate alternatives for OpenSea according to your needs and requirements.
