Despite facing much criticism by the community, OpenSea ruled the NFT marketplace in all of 2021. OpenSea has been quite the dominant in the decentralized market for the investors expecting to buy, sell and trade non-fungible tokens. It provides a combined platform rather than a gallery and has been able to accomplish 3.25 billion dollars in total up until December 2021. As per the dune analytics, the total amount has been increased by 90.968% from December 2021 to December 2021.
Although OpenSea has seen quite the ups in the market, it has also seen a fair share of its downs and dangers. The most controversial news, the former product manager, Nate Chastin. He was found guilty of making a profit by selling inside information to the NFT platform front page.
Here are the five potential NFT markets that can probably dethrone OpenSea
Coinbase is, by all means, inclining toward segments of centralization as the essential driver for mass acquisition. By taking leverage of the growing popularity of NFTs, Coinbase competes with the OpenSea by starting their own NFT marketplace, coinbase NFT. As the reports show, the waitlist has crossed 1.1 million, which is higher than OpenSea’s active user base.
On the contrary to Coinbase NFT, FTX’s marketplace was set up in October with a mini collection of Solana-based NFTs, and it has expanded ever since on the Ethereum blockchain.
Zora bestows itself as the winner of Web3 and decentralization, as it presents its completely On-chain unlicensed platform.
Presently, Magical Eden stands as the number one NFT marketplace on the Solana network. According to DappRadar, it is rated in the top ten NFT marketplaces with $ 267.14 million since its launch in mid-September 2021.
While OpenSea was being established all by itself as the unchallenged NFT marketplace in the field. Another one was created that could flip it, and it is Rarible. Rarible is a marketplace that allows creators and artists to sell their custom-made tokens.