OPENSEA, X2Y2, AND THE BEST ETHEREUM NFT MARKETPLACE-
A report on why opensea is NOT the best nft marketplace on ethereum blockchain.
OPENSEA
Opensea is an American online Non-fungible token (NFT) marketplace headquartered in New York. The company was founded in 2017 by Devin Finzer and Alex Atallah. Opensea offers a marketplace allowing for NFTs to be sold directly at a fixed price, or through an auction, based on the ethereum ERC-721 standard.
In 2021, following a heightened interest in NFTs, the company’s revenue reached $95 million in February 2021 and $2.75 billion in September that year. By January 2022, the company had been valued at $13.3 billion and had been considered as the largest NFT marketplace.
ADVANTAGES OF OPENSEA
-Large variety of NFT collectibles.
-Easy to create your own NFTs.
-Royalties are included for Creators and investors.
DISADVANTAGES OF OPENSEA
-In mid February, 2022, hundreds of NFTs were stolen from Opensea users causing a huge panic among the platform community.
On June 30, 2022, Opensea reported a massive data breach after a staff member misused his employee access to download and share email addresses of Opensea users. Over 1.8 million addresses were said to have been leaked. Also, former Opensea product manager was charged with wire fraud and money laundering in connection with an insider trading scheme.
From this we can gather that Opensea have not exactly been the best in securing the assets and information of their users.
-2.5% transaction fee.
-Opensea side with investors in Silicon Valley and Wall Street to share enormous profits of the transaction fees.
LOOKSRARE
LooksRare is an ethereum-based NFT marketplace that allows users to buy or sell NFTs to earn rewards in the form of its native utility tokens LOOKS.
The developers behind the platform which launched in January, have said they want to build “something better” than other marketplaces. Looksrare bills itself as a platform “by NFT people and for NFT people” and uses reward mechanisms and special listing options to entice users.
Looksrare has yet to match Opensea’s market capitalization, but it is the leading NFT marketplace in terms of trading volume.
The Platform was co-founded by the pseudonymous “Zodd” and “Guts”, the two unidentified founders have provided no further information about their background.
ADVANTAGES
-2% transaction fee on sales.
-Users can earn LOOKS rewards -The platform’s native token- for staking, trading, and listing.
-Rather than bidding on individual items, LooksRare allows you to bid on a whole collection all at once.
-Staking of LOOKS
DISADVANTAGES
-Pseudonymous founders
-Accusations of wash trading
-Limited paying options and functionality.
X2Y2
X2Y2 is a truly decentralized NFT marketplace with the goal of giving back to the community. The marketplace’s smart contract, frontend and backend are all 100% independently developed. The X2Y2 marketplace is a full-fledged NFT market offering all the things you would expect from an NFT marketplace. They offer push notifications for buys and sells, Bull sending and listing, integrated rarity ranking and analysis, and more.
The team behind X2Y2 is comprised of NFT and blockchain development veterans that noticed the downsides of centralization in the NFT ecosystem. Namely, 90% of all NFT transactions are on Opensea and every time there is a downside or censorship, the whole NFT ecosystem is affected.
They named their marketplace X2Y2 because it is the formula for creating a perfect circle, and it coincides with their vision of building the perfect NFT marketplace.
ADVANTAGES
-2% transaction fees.
-Integrated rarity rankings and analysis.
-Collection bidding and bulk sending and listing.
-Instant push notifications.
-No private token sales.
-Token staking.
-100% of market fees collected is rewarded to X2Y2 stakers.
-Total transparency.
DISADVANTAGES
-Insufficiency of treasury.
-They are a relatively new NFT marketplace.
USER MARKET SURVEY
A market survey of five people who use Ethereum NFT marketplaces was conducted, and each of them was asked three questions; What Marketplace do they think is the best? Why do they think so? And which marketplace do they use?
SURVEY ONE
1. X2Y2 is the best NFT marketplace for me.
2. For obvious reasons, it doesn’t lag as much as OS (opensea) does. There is also the fact that you do not have to pay royalties with X2Y2. Also, X2Y2 rewards you with tokens for listing on their website.
3. I only use X2Y2 man.
SURVEY TWO
1. I think X2Y2 and OS are both the best marketplaces in the ethereum chain.
2. I like X2Y2 for their smooth operations and also because they were the first to implement bulk buying and sending, and opensea because they acquired gem aggregator. They were also the first marketplace I used.
3. I mainly use X2Y2, but a few times I use OS too.
SURVEY THREE
1. Opensea is the best marketplace period.
2. Opensea is advantageous to creators and investors due to the presense of royalties which X2Y2 doesn’t have. Withyout royalties how do you expect creators to continue building? Royalties are an essential part of the ecosystem. X2Y2’s servers also haven’t been tested with traffic, so we can’t know if their servers are actually capable of handling the volume that’s circulating during bull runs. And compared to Looksrare with their lack of transparency, I’d rather trust OS.
3. I use both Opensea and X2Y2, while I believe that OS is better, I use X2Y2 due to the rewards of tokens.
SURVEY FOUR
1. There’s no ‘best’ marketplace. I think they all have the various areas they are good in. But if I had to choose then I guess I’d go with Opensea and X2Y2
2. Well Opensea has a large database of NFTs and you can find almost anything you’re looking for, No matter the category. While X2Y2 is good and the team is working real hard. Zero royalties plus trading with them nets you x2y2 tokens.
3. I use X2Y2.
SURVEY FIVE
1. I think X2Y2 is the best without a doubt
2. The royalties for one, their website is also smooth and easy to use and they give rewards for using their website.
3. X2Y2 of course.
SOURCES
https://en.m.wikipedia.org/wiki/OpenSea
https://www.coinbase.com/blog/vampire-attack-looksrare-vs-opensea
https://www.fool.com/the -ascent/cryptocurrency/NFTs/looksrare-NFT-marketplace-review/
