Are the Gamestop and Coinbase NFT marketplaces serious competitors to OpenSea?
Opensea is still the market leader in the NFT space. With the introduction of Coinbase NFT and Gamestop NFT as well as other OpenSea competitors. Will this change the NFT landscape? Read about the OpenSea competitors below.
The NFT market officially launched in 2014, with the minting of the first ever NFT – Quantum, a digital work of art created by artist Kevin McCoy. However, it was not until 2017 that the world became truly aware of the NFT concept. Two key events occurred, creating a groundswell in the NFT Crypto space.
Firstly, the world saw the launch of the CryptoKitties game, which opened people’s eyes to the NFT concept. Secondly, OpenSea launched, making it the world’s first crypto marketplace. The launch of OpenSea kickstarted the sale of NFTs and spawned a boom in the niche. A similar NFT boom was seen in 2021, where NFTs went mainstream. We had celebrities talking about Bored Apes on primetime television, setting a bright tone for the future of NFT gaming and trading.
However, while OpenSea was the first to pioneer NFT trading, there are a host of OpenSea competitors looking to make an impression in 2023.
What is OpenSea?
OpenSea is a digital marketplace that uses blockchain technology to facilitate the sale of NFTs. OpenSea was the first marketplace of its kind and is mainly responsible for the initial uptick in NFT trading.
NFT collectors are able to sell their items at either a fixed price or in an auction style. Thanks to its early mover advantage and good user experience, OpenSea processes transactions in various cryptocurrencies and on multiple blockchains. NFT traders can create wallets or link existing ones. Wallets are a mandatory requirement for anybody looking to trade on the blockchain and thus on OpenSea
While there are now several possible OpenSea competitors, it remains the leading platform of its kind. OpenSea processed 88% of all NFT transactions in 2021.
What is Coinbase NFT?
Coinbase NFT is one of the newest OpenSea competitors and launched in April 2022. The platform operates on the same line as OpenSea, allowing users the ability to buy and sell NFTs. While a new product, Coinbase NFT is part of the Coinbase business enterprise, which has been at the forefront of the crypto revolution since 2012.
Coinbase is the brand behind one of the leading industry wallets, which is used for processing crypto transactions. In launching its own NFT marketplace, Coinbase NFT could start making some serious waves in web3.
Currently, the Coinbase NFT platform is not a true OpenSea competitor in terms of daily transactions. Since its launch and the torrid crypto landscape through most of 2022, the platform has struggled to gain the traction many thought it would.
Is Gamestop a serious competitor to OpenSea?
Gamestop is a frequently mocked video game company that shocked the world when it announced they were going to be the newest in a string of OpenSea competitors. The Gamestop NFT platform surprised many as it represented a significant directional change for the company.
However, almost immediately after its launch in July 2022, it was doing more business than Coinbase NFT.
While it is very early in the Gamestop NFT lifecycle, it would appear to have the potential to be a serious OpenSea competitor. Gamestop NFT is currently a 100% gas-free and carbon-neutral platform when it comes to both minting and trading.
With a large market following and a heavy US fan base, Gamestop indeed looks like one of the more dangerous OpenSea competitors. It was an understandably risky move to enter the marketplace during the largest crash in crypto history. However, having weathered that storm, Gamestop can look to make big strides in 2023.
Who are the current OpenSea Competitors?
There are currently 38 different NFT marketplaces that call themselves OpenSea competitors. However, while a few are making significant strides, many are too small and do not have the capabilities to rival the industry-leading powerhouse.
The top five NFT Marketplaces in 2023 are listed below:
- Magic Eden
Why does the NFT market need more competitors?
It is a simple fact that competition breeds better products and a more active and attractive market for investors. While being the only brand or standout name is good for initial profits, companies need to focus on long-term sustainability and growth. For that, you need competition.
The NFT market is still in its infancy, and the boundaries are not even in sight, let alone within reach. The more OpenSea competitors that rise up, the better and ultimately stronger the market should become.
With more companies competing against each other, innovation and ideas will be flying, and new features and avenues will be explored, forcing everybody else to do the same. Stagnation is the enemy of business progress, and the more OpenSea finds itself going up against success-hungry competitors, the better it is for everybody involved in the NFT space.
Other Opensea competitors. What is the current position of the NFT Market?
The current position of the NFT market makes for an intriguing study. The boom years in 2017 and 2021 set a positive tone for NFT trading. However, the crypto winter of 2022 saw the NFT market crash by up to 97%.
Several core events cause the destabilization of the NFT and crypto market. The four driving negative influences on the crypto market in 2022 are as follows:
- FTX Collapse
- Three Arrows Capital bankruptcy
- Terra scandal
- Axie Infinity hack
In addition, the high price of top-level cryptos and the rising cost of initial investments for those looking to make real profits reached a level that cut off the majority of regular people. This resulted in a general reduction of public interest in NFT Trading.
However, the NFT and Crypto markets have weathered the storm, and projections for the future are once again looking at an upward turn.
Final Thoughts on OpenSea Competitors
Ultimately, OpenSea is set to be the leader of the pack for some time to come. The NFT market is still stabilizing and trying to recover. OpenSea is the more trusted name with currently nervous investors. Nonetheless, OpenSea also does not sit still, releasing more supported blockchains such as Binance Smart Chain and other updates from time to time.
However, as blockchain technology and developments become more part of all of our collective every day, the landscape will change, and those companies that are currently holding onto the coattails of the NFT trading juggernaut will find their footing. When that happens, we will see real OpenSea competitors rise up, which promises to be an exciting time for anybody invested in the NFT world.
Check out the Bit Hotel NFTs on the Bit Hotel NFT Marketplace or on OpenSea. Cop one of the unique characters which you can play in the game or get a whole room for yourself in the Bit Hotel Metaverse. We hope you check in and enjoy the fun.