If you purchased an NFT in the last two years, you may have purchased it at OpenSea.
Leaders of the NFT marketplace took advantage of their early movers and now have complete control of the sector with an astonishing 95% share of sales.
Still, NFT traders are always complaining about OpenSea. The website goes down at the wrong moment, the newly revealed NFT can take forever to update, and the feature set and interface haven’t changed much.
Most importantly, you can’t buy or list multiple NFTs from one page. This is a feature that active traders really need.
Competitors emerge
Well, things are starting to change in 2022.
Welcome to the dawn of NFT aggregators and the expansion of trading in fast-growing markets. This new variety provides traders with a way to trade NFTs of size at once, instead of scrolling through and selecting a series of offerings.
The opportunity is clear.We saw Multiple NFT Marketplaces Launched in the first quarter and most failed, Looks rare It is emerging as a viable alternative to OpenSea and is gradually gaining market share.
The graph above is from the Dune Analytics dashboard. Wash the trading filter Application.LooksRare’s early volume swelled, as traders wanted Maximize their LOOKS rewards through wash trade..
It has been a daunting task for emerging markets to steal organic volume from existing markets, but the project continues to add new features.
Aside from low transaction fees — 2% compared to 2.5% for OpenSea-buyers and sellers Earn LOOKS tokens Whenever a sale is made on the platform. Recently released Looks Rare List of benefitsUsers can earn LOOKS by listing NFTs for sale on the marketplace.
List fragmentation
While competition now drives innovation and is great for the entire space, list fragmentation is a problem for large traders looking to buy multiple NFTs at the best price.
Similar to the method preferred by DEX aggregators Matcha Raise the best prices for crypto tokens from multiple exchanges, and NFT aggregators source lists from multiple markets.
jewelry When spirit Is the most popular aggregator and is steadily gaining users this year. Over 1.4 million NFTs worth $ 1.3 billion It has been traded through them since October 2021.
Let’s look at an example and understand why. Suppose you want to buy five Akutars, a recently released NFT collection from former MLB player Micah Johnson.
Buying the 5 cheapest lists on OpenSea costs 5.73 ETH.
The same purchase will cost 5.618 ETH using Gem as there is a cheaper list available in X2Y2Another competing market.
With NFT Aggregators, users can choose from a wide range of aesthetics, not only because they get the best price, but also because they have access to the entire available inventory.
Sale of multiple NFTs
Listing multiple NFTs for sale on the marketplace can be tedious because you have to list them one at a time. Both Gem and Genie provide a convenient interface for listing NFTs in selected marketplaces.
NFT aggregators can be expected to continue to grow as more users become aware of the convenience and gas savings offered. OpenSea clearly sees the letters on the wall, Acquired Gem on April 25..
If you’re working in an NFT space, I highly recommend trying out Gem and Genie.You can qualify Potential airdrop As a bonus, you may not even need to return to the OpenSea website.
