Non-fungible tokens (NFTs) are digital assets that are unique and not interchangeable. NFTs have become increasingly popular with the rise of blockchain technologies, providing users with various options for buying, selling, and trading digital assets such as art, music, gaming items, sports cards, and more. With this surge in popularity has come a plethora of NFT marketplaces to choose from, like OpenSea, Blur.io, and Rarible.
Each platform has advantages and disadvantages, making it challenging to choose which is best. To help you make your decision, we’ll be comparing OpenSea Vs. Blur Vs. Rarible to find out which provides the best user experience when buying, selling, and trading NFTs.
Let’s explore the marketplaces’ history, features, fees, and revenue stats.
History
OpenSea
OpenSea is a marketplace for buying and selling crypto items, including digital collectibles like CryptoKitties and game assets from games like Decentraland. The platform allows users to buy, sell, or trade these items in exchange for cryptocurrency tokens such as ETH or DAI. It also supports non-fungible tokens (NFTs) and traditional collectibles such as physical art and sports memorabilia.
Since its inception in 2017 by Devin Finzer and Alex Atallah, OpenSea has experienced several defining moments. One such event occurred in January 2022, when OpenSea acquired Ethereum wallet-maker Dharma Labs and reimbursed users for over $1 million worth of NFTs purchased at a discount due to a user interface bug. Months later, the company suffered a significant data breach when a Customer.io employee who had misused his access rights to obtain confidential information leaked 1.8 million email addresses. OpenSea took swift action in response to this incident, informing potentially affected users and strengthening their security measures.
Blur
Since launching on Ethereum mainnet on October 19th, 2022, Blur has quickly become the top choice among experienced traders looking to maximize their investments. What sets Blur apart from other NFT marketplaces is its comprehensive suite of features, which allow users to sweep and list tokens across different marketplaces, snipe reveals for token sales, and manage their portfolios faster than anywhere else. This wide range of functions is thanks to Blur’s team of elite professionals from esteemed institutions like MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator- so you know you’re getting a reliable platform when dealing with them.
Blur, an emerging tech startup, was founded by the highly accomplished @PacmanBlur, an MIT graduate and member of the prestigious Peter Thiel Fellowship. In addition, some of the world’s leading venture capitalists, including Paradigm, supported the venture’s beginning.
Blur stands out for its top-tier research, innovative product design, and uncompromising dedication to customer satisfaction. As a result, it is fast becoming one of the most popular platforms in its sector and has been praised highly by influential business figures worldwide.
Rarible
Rarible is a revolutionary NFT-commerce platform co-founded by Alex Salnikov and Alexei Falin based in New York City. Salnikov – a cryptocurrency veteran since 2013 – and Falin – a former co-founder of a digital sticker marketplace used on chat platforms – joined forces to bring the non-fungible token (NFT) revolution to life.
Rarible is an Ethereum-based marketplace for buying, selling, and trading unique digital assets such as art, music, and gaming skins. The platform allows artists and creators to create NFTs (non-fungible tokens) used as collectibles or artwork. Users can also trade these assets with others on the Rarible platform in exchange for ETH or ERC20 tokens.
As an indication of their innovative capabilities, Rarible successfully closed its first round of venture capital funding from the highly esteemed New York firm CoinFund, which has backed the meteoric rise of NFTs with total confidence. So both the founders and their investors are set for success!
Features
OpenSea
Free NFT minting – OpenSea offers a free NFT minting service, allowing users to create and issue custom tokens quickly.
NFT gifting – OpenSea allows users to send and receive digital gifts, such as art or music, to friends by sending them to their username or ETH address.
OpenSea Referral program – Through OpenSea’s referral program, users can earn a 1% commission on each sale they refer through their link.
Blur
Sweeping the floor in one click- Blur provides an easy-to-use and comprehensive tool for users to sweep the floor of NFTs across multiple platforms quickly. The tools allow them to cover as much market ground as possible to maximize their returns without manually searching through each marketplace.
Snipe reveal – Blur has a sniping feature that lets users see listings in real-time. The feature lets you snipe NFTs before they hit the Gem.xyz and NFTNerds.AI NFT aggregators.
Advanced analytics -With Blur, you can track your portfolio’s unrealized profits and losses in real-time. They also offer settlement visibility to see the total sale proceeds after deducting applicable fees. The feature is a significant advantage over other marketplaces since they only let you opt in or out of a set rate when paying back creators’ royalties—which can be hard to budget. Blur takes all of the guesswork out of tracking investments and returned royalties, allowing traders to plan better not just their trades but also their prospects as creatives.
Rarible
Decentralized governance – Rarible boasts a self-governed platform that its users primarily own. Using its native token RARI, the community can collectively decide how the platform runs. Through smart contracts and on-chain voting, users can collaboratively manage the system in a way that provides a fair and transparent environment for all.
Bag NFTs – Rarible allows users to “bag” their NFTs, essentially allowing them to bundle multiple digital assets together and buy them as a single unit. The feature is ideal for users wishing to trade a collection of NFTs or to increase their digital assets’ value by bundling them.
Aggregated listings – Rarible has an aggregated listings page, showing users all NFTs currently listed across other marketplaces like OpenSea and LooksRare.
Fees
OpenSea
OpenSea is making buying and selling blockchain-based digital assets such as tokens and collectibles more affordable than ever. For a limited time, the platform excises its 2.5% fee for sales from the most popular collections, allowing you to save significantly on your next purchase. Just remember that in addition to OpenSea’s typical fee, you’ll be responsible for paying gas when listing an item on Ethereum.
Blur
For a hassle-free experience for professional NFT traders, Blur.io offers an unparalleled fee structure that does not include any transaction fees for their users. As a result, it provides an added benefit that other marketplaces don’t have and is especially advantageous for people hoping to make large secondary transactions.
Moreover, the platform has customizable royalties that can be set to 0 percent if the user wishes. The feature means that the buyers don’t have to worry about hefty fees and can make secure investments at comfortable prices.
Blur presents an excellent opportunity for traders looking to get involved in NFTs, as it offers a cost-effective and convenient platform with no hidden charges.
Rarible
Shopping on Rarible can be a gratifying experience for everyone involved. Both sellers and buyers benefit from the service’s low fees; every sale made comes with only a 1% charge for both parties. Other fees are gas fees which depend on the blockchain used.
The marketplace provides an organized system for making transactions, and its minimal fee structure makes it easy to enjoy the entire process from start to finish.
Revenue stats
These revenue stats are from Dune Analytics – a blockchain analytics platform- and are due to change over time.
OpenSea
OpenSea is one of the world’s leading marketplaces for crypto collectibles, allowing users to buy and sell digital items such as art, cards, and tokens. With 41 million trades already conducted and over 2 million users engaged, the platform’s cumulative volume is an impressive $40 billion. OpenSeas’s success is indicative of the increasing digital marketplaces that are growing in popularity. In addition, it provides a secure venue for accessing new experiences and opportunities with digital ownership – something no amount of traditional currency could buy.
Blur
Blur Stats provides an impressive collection of services to customers. As a result, the company has grown gross merchandise volume (GMV), reaching $1.4 billion. It has 146,823 active users and a cumulative sales volume of 1,208,745 ETH, with an additional volume of 1,318,847 ETH.
Blur.io is emerging as one of the top providers in their industry.
Rarible
Rarible is an online digital collectible marketplace launched in early 2020. Since then, it has become one of the leading platforms for non-fungible tokens. In just one year, Rarible’s total user count has skyrocketed to 74,328, allowing a trading volume of $22,597,461.
However, with this growth and popularity comes the responsibility of managing fees — approximately $6,659,838 being collected as Rarible fees each year.
These stats show the success and potential of the digital asset market and how Rarible successfully manages its operations while achieving outstanding performance gains.
Which is the Best NFT Marketplace
The digital asset market is growing in popularity, and with it comes the need for service providers that offer low fees. OpenSea, Blur Stats, and Rarible have emerged as the leading platforms for non-fungible tokens, providing users with a secure and cost-effective avenue for trading digital assets. With attractive fee structures, customizable royalties, and impressive volume stats, these three services are setting the standard for digital asset marketplaces.
As more people turn to digital assets to diversify their portfolios, these services will continue to expand their offerings and grow in popularity. As for the best, may take your pick according to what passes your screening.
