5 NFT MARKETPLACES

OpenSea might have led the explosion but there are many more NFT marketplaces vying to take its place.

OpenSea is by far the most popular marketplace that lets users mint, buy, trade, and sell non-fungible tokens (NFTs). More than 1.4 million wallets have traded NFTs on the marketplace to date, moving $23.5 billion in volume. That’s $5 billion more than the closest competitor according to DappRadar.

But as much as it’s famous for its success, OpenSea has also had some legendary problems. It began in 2020 as the NFT marketplace allowed users to ‘mint’ NFTs free of charge and without approval. OpenSea later admitted this led to plagiarised works, fake collections, and spam making up ‘80%’ of newly minted NFTs.

In January this year, OpenSea reimbursed $1.8 million to users who accidentally sold NFTs for way below their real value. Bloomberg discovered that at least one wallet had made over $800,000 by exploiting an OpenSea bug and then reselling just five NFTs (three of which were from the ultra-exclusive Bored Ape Yacht Club).

NFT sales boomed in 2021 to hit $25 billion – a massive leap from the $95 million throughout 2020. OpenSea might have led the explosion but there are many more

NFT marketplaces vying to take its place.

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