NFT marketplaces are platforms where NFT owners can sell their assets. They allow traders to set prices for their NFTs and automate the process of transferring ownership when a buyer meets the asking price.
In addition to this, NFT marketplaces also provide NFT storage and minting services. Many NFT marketplaces also offer promotional services for NFT creators and incentives for traders.
OpenSea is one of the first modern-day NFT marketplaces and offers all categories of NFT including buying, selling, and minting NFTs. But what are some of the best alternative NFT marketplaces that offer stiff competition to OpenSea? Let's explore our top 7 NFT marketplaces for Asians and their distinctive features.
1. Magic Eden
Magic Eden is a leading NFT marketplace that allows users to mint, list, and trade non-fungible tokens (NFTs). Launched on the Solana blockchain, it has since expanded its support to include Ethereum and Polygon. Additionally, Magic Eden offers a platform designed to support NFT games, known as Magic Eden Games, with features such as trailers and tournament hosting.
Magic Eden provides a diverse range of NFT collections issued on the Solana, Ethereum, and Polygon blockchains, including DeGods, Solana Monkey Business, CryptoPunks, and Mutant Ape Yacht Club, among many others. It has achieved a trading volume of over $6 million in the past 30 days and can be accessed via a web interface, cryptocurrency app, or native iOS app.
- Auctions: Allows buyers and sellers to negotiate mutually acceptable prices for NFTs.
- Whitelisting: Enables users to apply for whitelisting for upcoming projects and become authorized participants in future mints.
- MagicDAO: Magic Eden sells "Magic tickets," which are their own NFTs that represent a stake in the Magic Eden DAO, known as MagicDAO.
More on Magic Eden: Visit official site
Rarible, founded in 2019, is an early pioneer of NFT marketplaces and has quickly emerged as a prominent platform in the NFT space. It has established itself as a popular alternative to OpenSea, particularly among users who appreciate a clear and simple interface.
At the height of NFT trading activity, Rarible reportedly reached a 30-day trading volume of $263 million, solidifying its position as a leading NFT marketplace for buying and selling collectibles. The platform is designed for ease of use, making it ideal for beginners, and offers a vast selection of popular collections and individual NFTs. Notably, Rarible empowers creators to earn royalties on future sales of their creations, ensuring they continue to benefit from their work's success.
- RARI Token: Holders of RARI, the platform's native token, can participate in the governance process.
- Freedom to Artists: Artists have the opportunity to showcase their work to a potentially global audience.
- Royalty Payments: Creators can set up an NFT royalty payment of up to 50% and receive a share of the proceeds from each sale of their work.
More on Rarible: Visit official site
LooksRare is an Ethereum-based decentralized NFT marketplace designed for NFT traders and collectors to buy and sell NFTs. Launched amidst the NFT market boom in early 2022, the platform has distributed over $1.3 billion in rewards to its users.
Aiming to establish itself as a community-driven marketplace, LooksRare leverages the growing popularity of decentralized finance (DeFi) to attract NFT traders with attractive incentives. The platform initially charged a 2% fee on NFT trades, but in April 2023, LooksRare released version two (v2) of its platform, reducing NFT trade fees from 2% to 0.5%.
- NFT Collection Analytics: Monitor sales volume and trends for your favorite NFT collections.
- Bulk Listings and Orders: LooksRare V2 allows you to combine listings and purchases to save money on gas.
- Transaction and Staking Rewards: Earn LOOKS tokens by purchasing and listing items on LooksRare. LOOKS tokens can also be staked in order to earn user fees.
More on LooksRare: Visit official site
SuperRare is an exclusive NFT marketplace that focuses exclusively on art NFTs. With over $180 million in trading volume in the last 30 days, this platform aims to digitalize the traditional art market. To ensure the quality and authenticity of the artwork, SuperRare curates its artists and digital galleries, even collaborating with renowned designers like Gucci.
The NFT platform runs on the Ethereum blockchain, enabling smart contracts, decentralized data management, improved accessibility, and reduced fraud. NFTs purchased on SuperRare can also be traded on OpenSea.
- Invitation Only: NFT artists undergo a vetting process to ensure the quality and authenticity of their work.
- Single-edition NFTs: Each digital artwork sold on SuperRare is a unique, one-of-a-kind creation, ensuring incredible value.
- Support for Popular Wallets: SuperRare supports popular wallets like Fortmatic, MetaMask, and Wallet Connect.
More on SuperRare: Visit official site
5. Binance NFT
A leading cryptocurrency exchange with a global user base, Binance is known for its low-fee structure and user-friendly interface. Binance has applied this strategy to its NFT marketplace, launched in 2021.
The Binance NFT marketplace offers a diverse selection of NFTs for users to buy and sell, spanning various categories, including art, gaming, sports, entertainment, and collectibles. Leveraging the Binance Smart Chain (BSC) and Ethereum blockchains, the platform enables cross-chain NFT transfers between BSC and Ethereum, with the potential to expand to other blockchains in the future.
- Events: Purchase premium and exclusive NFTs by world-renowned artists.
- Marketplace: Mint, buy, and bid on NFTs created by creators all over the world.
- Mystery Box: Win rare NFTs with a mystery box full of surprises.
More on Binance NFT: Visit official site
6. Blur NFT Marketplace
Focused on experienced NFT traders and collectors rather than catering specifically to beginners, Blur NFT Marketplace has seen a surge in trading volume, nearly doubling that of OpenSea in the past three months. Attracting over 60,000 NFT enthusiasts on a monthly basis, and its user base continues to grow.
Powered by the Ethereum blockchain, Blur utilizes its native governance token, $BLUR, empowering the community to determine the platform's future direction through voting. Blur's advanced features, including trend tracking, top project analysis, cherry-picking the best NFTs, and sweeping collections in a few clicks, set it apart from other marketplaces.
Blur serves as both an NFT marketplace and an aggregator, unifying over $1.4 billion in premium listings into a single platform, enabling market analysis prior to making trades.
- Sweeps: Blur allows you to quickly find the lowest-priced listings in any collection, with filters to fine-tune your search.
- Bidding: Blur adds transparency to NFT pricing through bidding and the ability to see bid volume at various price levels.
- Multiple View Options: As a trader-friendly marketplace, Blur allows users to seamlessly toggle charts and details as needed.
More on Blur NFT Marketplace: Visit official site
7. OKX NFT
OKX NFT Marketplace is one of the most affordable NFT trading platforms in the cryptocurrency industry. OKX does not charge platform fees for secondary market sales; instead, users only pay network fees when they buy or sell NFTs on the exchange. OKX assets also benefit from the network's low gas fees and fast transaction settlement times.
OKX NFT Marketplace is a centralized NFT marketplace that supports a wide range of blockchains, including Ethereum, Solana, Polygon, Aptos, Binance Smart Chain, Avalanche, Arbitrum, Optimism, Klaytn, Immutable X, and OKC. It also aggregates orders from other major NFT platforms, such as OpenSea, LooksRare, Magic Eden, and IMX Official.
This makes OKX NFT Marketplace a one-stop shop for buying, selling, and trading NFTs across a variety of blockchains. This is a significant advantage over other centralized exchanges, which typically only support a few blockchains.
- Deep Liquidity: By aggregating orders from other major NFT platforms, OKX NFT Marketplace offers deep liquidity for its users.
- User-friendly Interface: The OKX NFT Marketplace website is easy to use and navigate, making it suitable for beginners.
- Wide Variety of NFTs: OKX NFT Marketplace offers a diverse selection of NFTs, including gaming items, art, and collectibles.
More on OKX NFT: Visit official site
As NFT technology evolves, marketplaces are facing the challenge of adapting their underlying technology to support innovative features. Alternative marketplaces are poised to outperform competitors by rapidly adopting these support features.
While this article has discussed the best alternatives to OpenSea for trading NFTs, there are many more options available. To avoid falling for scams, such as using fake or malicious platforms, it is crucial to carefully check the authenticity of each marketplace and the NFTs you plan to buy.