Since OpenSea, which occupies more than 90% of the NFT market, has announced its IPO plan, users are quite dissatisfied with this NFT trading platform that originated in the encryption field. They believe that the profit of the OpenSea platform comes from the contribution of each NFT transaction fee of users, but However, the platform does not issue Tokens in the form of DAO to reward users, which is not in line with the concept of Web3 products empowering users.
In addition, there have been many cases of users losing NFT assets in the OpenSea account. The platform has also experienced employee insider trading scandals. All kinds of poor performance have made NFT players eager to have OpenSea’s competing products, and forced NFT through competition. The trading market is mature.
There are already some NFT trading platforms that have begun to make efforts. LooksRare, a platform with NFT product trading function, announced on January 10 that it will airdrop its token LOOKS to trading users on OpenSea, and users who have been suffering from OpenSea for a long time immediately follow up.
Compared with OpenDAO, which countered “OpenSea does not drop” in the same way, LooksRare has developed a relatively complete product, which has been put into use, and many users have completed multiple transactions on it. This is undoubtedly a step for competing products to challenge OpenSea.
Within 24 hours after LooksRare announced the airdrop, data site Dune Analytics showed that LooksRare traded more than $275 million on January 12, ahead of OpenSea’s $160 million. The purpose of obtaining the airdrop brings a large amount of data of users participating in NFT transactions.
Although the current transaction volume of LooksRare does not reflect real demand, for users, a platform has emerged that stands opposite OpenSea. In fact, before LooksRare, there have always been competing products on the NFT trading platform track. In this issue, DeFi Honeycomb will take stock of the representative products and operations of the NFT trading market.
NFT trading platform LooksRare
LooksRare (LOOKS) is an NFT trading platform built on Ethereum. In August 2021, LooksRare started preparations and claimed to be a community-centric NFT trading platform, offering the slogan “By NFT people, for NFT people”.
The slogan “achieve NFT users, reward NFT users” just hits the market sentiment caused by OpenSea’s unissued tokens. LooksRare not only attracts traffic by issuing tokens, but also plans to reward the platform’s revenue to users who participate in transactions , NFT collectors and creators.
On January 10th, LooksRare unveiled and announced the airdrop plan of its platform token LOOKS. During the period from June 16, 2021 to December 6, 2021, users whose total transaction amount on OpenSea exceeds 3 ETH will be You can receive LOOKS airdrops, and the amount you receive depends on the amount of users’ trading funds in OpenSea.
LOOKS is the native Token of the LooksRare platform, with a total supply of 1 billion. It is mainly used to vote on the governance of proposals such as transaction reward distribution, pledge income, and platform development direction.
LooksRare Official Website
As an NFT trading platform, LooksRare already has basic trading functions, and said that it is not a simple “forked product” or “imitation product”. It has built a new product from scratch to ensure the flexibility of subsequent updates and iterations of product functions. It is hoped that through efforts to set a new industry standard for the NFT market.
LooksRare has introduced some features that are different from OpenSea:
- Reward the community with Token – LooksRare will reward, empower and give back to the platform’s trading users and NFT creators.
- Instant royalties – OpenSea distributes royalties to creators every two weeks, and LooksRare implements real-time payment of royalties. Creators’ royalties do not need to wait for weeks to receive. As long as people trade NFT, creators can receive royalties immediately , In addition, the royalties will be distributed to the creators in the form of ETH, not any ETH packaged assets, which saves the creators the process of exchanging ETH and gas fees.
- Transaction Rewards – When users buy or sell NFTs in a specified series on the LooksRare platform, users can earn transaction rewards, which are issued in LOOKS.
- Shared platform revenue – On the LooksRare platform, users need to pay a 2% handling fee to the platform for each NFT transaction, which is less than OpenSea’s 2.5%; and these handling fees will be fully distributed to LOOKS pledgers, users only need to pledge LOOKS can get the dividend of the platform’s daily transaction fee.
At present, LooksRare supports the indexing of all NFT products on Ethereum. Users can purchase NFTs on the platform to obtain LOOKS rewards, and can also earn platform daily fees by staking LOOKS, which are divided into WETH and LOOKS rewards.
LooksRare has made actual community improvements over OpenSea in terms of product functions and business models, but whether it can win in the NFT trading market in the end still needs time to verify. After all, OpenSea has a richer variety of NFT products over time, and users have formed trading habits.
As a new platform, LooksRare has also thought of some ways to enrich NFT products. It uses users’ “self-listing NFT” as one of the thresholds for receiving airdrops, so as to increase the variety of products on the platform. However, due to the limited variety of products uploaded by users, it cannot be achieved overnight. It is also a major problem that currently limits the development of LooksRare.
Dapprader data shows that LooksRare has 2,859 transaction users in the past 24 hours, and the transaction amount is 580 million US dollars, which has surpassed OpenSea’s 156 million US dollars in transaction volume on that day.
Crypto art curation platform SuperRare
SuperRare (RARE) is an old-fashioned NFT comprehensive trading platform, founded in 2018, which is also built on Ethereum. Compared with OpenSea’s “everyone can create NFT”, SuperRare has higher requirements for the quality of NFT works. It sets some thresholds for creators. For example, artists must first apply to the platform. SuperRare conducts strict weekly reviews and passes the review. available later.
If OpenSea is taking the people-friendly route, SuperRare chooses the high-end boutique route, mainly serving encrypted artworks minted on the blockchain, where users can watch and buy the works of the world’s top artists.
SuperRare official website
In terms of service objects, OpenSea serves NFT creators and buying users, while SuperRare is composed of artists, collectors and curators, and hopes to establish a circulation place for real, high-quality art curation.
SuperRare believes that collecting is essentially a kind of social networking, where collectors and artists can easily interact around their common hobbies, and the platform hopes to provide a platform for crypto art lovers to communicate and collect works.
RARE is SuperRare’s platform token with a total supply of 1 billion, which is mainly used for voting governance for the community treasury’s fund allocation, network and protocol improvement proposals.
SuperRare products are also constantly being upgraded and iterated. In the initial version 1.0, the core team personally selected artists and minted their works as NFTs. After providing a trading market, the artists’ works were sold to collectors.
On August 18, 2021, SuperRare 2.0 was born and launched new functions such as SuperRare Spaces and SuperRareDAO.
- SuperRareSpaces – known as Community Galleries, will allow independent curators, artists and promoters to launch their own gallery pages in this section, where curators, collectors and community members host specific themed exhibitions and post their work , while helping artists with more practical promotion and sales strategies.
The gallery needs to be reviewed by community members, and holders of SuperRare’s platform token RARE will vote to elect the gallery’s operators. The elected operators will select artists and their works, and conduct marketing in the way they see fit. Operators can Get a commission on NFT product sales for exhibitions in this gallery.
- SuperRareDAO – It is a decentralized autonomous organization managed by RARE holders and the SuperRare Governance Committee, which oversees SuperRare Spaces, as well as manages exhibition launch timing, community finances, and future development plans for the platform.
The SuperRare Governance Council is a group of nominated community members that execute decisions based on the votes of RARE holders.
Dappradar data shows that the number of 24-hour trading users of SuperRare is 29, and the NFT transaction volume is $690,000.
Rarible, a multi-chain NFT trading platform
Rarible (RARI) is an NFT trading and minting platform running on Ethereum. It is also a multi-chain community-driven open source platform that allows users to create and display their own works with zero barriers to entry and own NFT ownership.
The Rarible NFT trading platform focuses on cross-chain compatibility and is currently integrated into the Flow and Tezos public chains. RARI is the platform’s native token, with a total supply of 25 million. It is mainly used to reward Rarible’s transaction users and creators, and can also be used to vote on the platform’s transaction fees, product upgrades, and improvement proposals.
Rarible official website
Rarible has many overlapping attributes with OpenSea in terms of product form, and they all belong to a comprehensive NFT trading platform. Since OpenSea launched the NFT creation function, the products between it and OpenSea have become more and more similar.
But in the second half of 2021, the Rarible team made multiple improvements and innovations in the product.
First, Rarible developed an APP version and became the first NFT trading application with a mobile terminal. Users can manage or trade NFT assets anytime and anywhere using their mobile phones, and they can also directly cast some works as NFTs, such as taking photos with their mobile phones or uploading them to the mobile phone. image to make NFT, which is undoubtedly good news for photographers.
Secondly, Rarible has also developed Rarible Messenger, a communication tool for NFT transaction users and creators. Users can directly connect with collectors, artists and creators on Rarible, which expands social functions for the NFT trading platform.
In addition, Rarible also launched the open source protocol Rarible Protocol, which collects the issuance and transaction data in the NFT market, and provides development components and templates for NFT application developers or entrepreneurs. Start from zero.
Rarible has also formed its own community DAO, offering creators multiple opportunities for funding and exposure, and plans to reward those creators.
Rarible provides developers and creators with more choices, and it cannot be ruled out that it will become a dark horse on the NFT trading track.
According to Dappradar data, the number of 24-hour trading users on the Rarible platform is 199, and the NFT trading volume is $290,000.
Artion, the NFT platform on Fantom
Artion is an NFT trading platform built on the Fantom chain, launched in September 2021.
As a new project, the product has received a lot of attention, largely because of its founder Andre Cronje, who is also the founder of DeFi protocols Yearn (YFI) and Curve (CRV), and the technical architect of the Fantom network. In September last year, Cronje publicly mentioned Artion, an NFT trading product, many times on Twitter, and the celebrity effect brought exposure to the platform.
There are two backgrounds for the launch of Artion. First, the gas fee on the Ethereum chain was high at that time, and each transaction was converted into fiat currency of about 100 US dollars, and NFT transactions often required huge gas fees. Second, OpenSea broke the scandal of insider trading among employees, and the rat warehouse behavior caused strong dissatisfaction in the market.
At this time, Andre Cronje asked on Twitter: Why is there no product to compete with OpenSea? A few days later, he spoke up again that there were already teams building new products. It didn’t take long for the Fantom Foundation to launch Artion, an NFT trading platform.
Artion official website
The Artion testnet is quite similar to OpenSea on the page, but unlike OpenSea, because it is built on Fantom, users can create and trade NFT faster, and the price is low, and the gas fee is almost negligible. In addition, Artion does not charge any transaction fees compared to OpenSea’s 2.5% fee.
The low cost and easy operation of using the Artion platform removes the main obstacle for creators and collectors to enter the NFT market, which is undoubtedly beneficial for users. More importantly, at that time, the Fantom Foundation proposed the concept of “NFT bridge”. In the future, Artion will include an Ethereum-Fantom bridge, allowing users to seamlessly transfer NFTs on Ethereum to the Fantom chain, and users do not need to trade and transfer NFTs. To bear the huge gas fee again, this plan has been supported by many people in the industry.
Unfortunately, since Artion launched the testnet in September 2021, there has been no new action, and whether the “Ethereum-Fantom Bridge Project” can still be implemented is unknown. At present, the Artion website is still in the testing stage, and the official has not indicated that there will be new actions.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/who-will-replace-nft-trading-in-opeasea/
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