Watch Out OpenSea! Your Competitors "Sea" You

Last year was a huge year for NFT Marketplaces. With the introduction of so many new platforms, it’s hard to keep track of them all.

I predict there are going to be even more NFT marketplaces being launched to rival the OG’s of OpenSea & Rarible. Let’s take a look at what up-and-coming platforms we know are going to be making big waves this year.

LooksRare

LooksRare is one of the newest members, causing quite a “storm” for OpenSea (pun intended). Since their launch on January 10th this year, they have traded over 2.33 billion dollars worth in the last 30 days, according to DappRadar. This puts it ahead of OpenSea, making us scratch our heads wondering if this volume is beginner’s luck or if this performance is here to stay. Only time will tell, but there are questions on if these numbers are an accurate representation due to wash trading per the cointelegraph.

So, what sets LooksRare apart from the rest? It is intended to be a community-driven NFT marketplace created “by NFT people, for NFT people” and rewards its users that either buy or sell on their platform with LOOK tokens. The platform fees also get returned to LOOK stakers per their site.

The big incentive for both collectors and creators is they have lower transaction fees (charging only 2% vs. OpenSea at 2.5%).

Coinbase NFT

If you don’t know who Coinbase is, then you’ve likely been living under a rock and definitely are not reading this article. As one of the largest cryptocurrency exchange platforms, they recently announced they are launching their own NFT marketplace. This is some huge news as they already have thousands of users to reach to.

Per their website, you can join an active waitlist, which will get you early access to their platform when they launch. There’s no date available thus far, but there’s no doubt this will become an NFT platform to reckon with.

That’s it folks.

One launched platform, another will make it’s debut soon, and it’s barely February. Be sure I’ll be updating all Hackernoon readers with the newest updates. If you need a quick catch-up on the latest NFT platforms to date, you can check out some of the top NFT platforms for 2022 here.