Best NFT Marketplaces for Trading on Ethereum
Picking the right marketplace for your NFT could multiply your portfolio or divide it. With the increasing popularity of NFTs, traders have a lot of choices for NFT marketplaces.
So, the question is how do you pick the best NFT marketplace? In this article, we will compare the best decentralized NFT marketplaces on Ethereum and give our verdict on the best NFT marketplace on Ethereum.
Founded in December 2017 by Devin Finzer and Alex Atallah, OpenSea is the largest NFT marketplace on Ethereum, as it currently has a daily trading volume of about $14.5 million. OpenSea charges a 2.5% platform fee on all sales on its platform, which is the highest platform fee of all NFT marketplaces.
OpenSea has some great features which improve your trading experience. It has a rankings page, which ranks collections based on analytics like trading volume and floor price.
Since it is the biggest NFT marketplace, your chances of getting a good deal for your NFT on OpenSea are the highest!
LooksRare was founded in January 2022 by two anonymous co-founders Zodd and Guts. It is the second largest NFT marketplace on Ethereum, with a daily trading volume of about $9 million. LooksRare charges a 2% platform fee on all sales.
LooksRare provides similar features to that of OpenSea, like having a collections page that lists top NFT projects’ analytics. Unlike OpenSea, it does not let you select different collection categories. However, LooksRare introduced a bulk listing feature in April 2022, allowing you to list multiple NFTs with little effort needed. They also reward their users who trade any NFTs on their platform with their utility token called LOOKS.
Pro Tip: You can also stake the LOOKS token for a 52% annual yield.
X2Y2 was founded in February 2022, with a daily trading volume of about $1.5 million. X2Y2 charges a platform fee of just 0.5% on all platform sales, much lower than OpenSea and LooksRare. If you already have a buyer lined up, exchanging on X2Y2 seems reasonable.
X2Y2 also has a rankings page where you can look at trending collections on the basis of trading volume, sales and average price. Like OpenSea and LooksRare, you can also make a collection offer.
But what separates X2Y2 from other marketplaces on Ethereum is its integrated rarity ranking for NFT collections. This feature lets you snipe any undervalued rare items very easily. X2Y2 also offers bulk listing and instant push notifications for sales.
Out of these three marketplaces, X2Y2 is the most feature-rich and low-cost platform, especially if you are a frequent trader. But if you don’t mind the higher fees, OpenSea is the best platform for trading NFTs with its high trading volume and notable drops page keeping you up to date on new collections.