One of the ways to describe NFT is unique cryptographic tokens, which can be connected to digital assets like an art piece, musicals, or visuals. In the NFT space, there are many popular series making the rounds on the internet.
NFT Series like the Bored Ape Yacht Club have been frequently traded on the OpenSea platform. The OpenSea platform is known to host many multi-million dollar sales with new NFT marketplace like Binance also experiencing their fair share of market sales. The NFT market went crazy around February 2021 and since then it has not looked back.
When it comes to NFTs, Ethereum is undoubtedly the king in this space. Artists and creators mostly prefer to work on the Ethereum blockchain due to its popularity and readily available market even though there are various marketplaces to choose from. This is where you will find platforms like OpenSea, Rarible, etc.
The Ethereum blockchain is not the only one experiencing the boom of NFTs. Other blockchains like Binance, Solana, and Flow have recently been making rounds in the NFT market space too. Currently, Solana is one of the biggest rivals of Ethereum when it comes to NFTs.
Although Solana can’t be described as the largest “Ethereum Killer” out there in the market, it gained serious momentum in 2021. Nevertheless, compared to Ethereum, the Solana blockchain’s framework is still at an early stage.
Binance is also not backing down in the NFT market space. Apart from being one of the best platforms to purchase cryptocurrencies, it also offers artists a platform to create and launch NFTs. What makes it unique is it is a centralized entity with a closed ecosystem, which creates a kind of exclusivity. Binance is more like an all-in-one platform, offering users a wallet and NFT marketplace to explore at the same time.
The Tezos Ecosystem is filled with more art/NFTs than collectibles and avatar projects. In addition, its price offers are affordable too. Newbie artists often make use of the Tezos marketplace to sell their arts at a low cost or free. Although renowned artists/creators also utilize the ecosystem.
The Flow ecosystem hosts the NBA Top Shot NFT platform, which reproduces tokenized NBA highlights. Dapper Labs developed both the Flow ecosystem and the NBA Top Shot NFT platform. The Flow ecosystem is unique in the sense that it was built specifically for NFT and smart contracts.
What Is the OpenSea NFT Marketplace?
The OpenSea NFT marketplace is developed on the Ethereum blockchain, allowing users to create, trade, and exchange NFT assets. The definition of NFT doesn’t only revolve around art but also virtual experience, music, and virtual assets on the blockchain.
OpenSea also has the highest trading volume in the crypto space with a few unique features:
- OpenSea supports polygon (the layer-2 solution) and Klaytn blockchain to overcome the high gas fees and accelerates the low transaction speed of Ethereum;
- OpenSea is also decentralized and transparent, allowing users to connect their non-custodial wallets. All transactions are executed without the interference of an intermediary;
- OpenSea stores and displays NFTs to users on its blockchain;
- OpenSea allows users to track their NFT transactions conveniently.
OpenSea Hit $10 Billion in Volume
OpenSea NFT marketplace officially recorded facilitation of about $10 billion in volume in November for the first time in four years. As of August, OpenSea recorded a total volume of $1 billion.
As the first NFT marketplace to be launched on the Ethereum blockchain, OpenSea is witnessing an explosive boom in trading volume in the past year, just as NFTs are also booming in the market.
OpenSea has officially surpassed $1 billion in gross market volume after a record few days.
More impressively @opensea facilitated $1 billion in volume in 2021 alone!
2018 – $473k
2019 – $8 million
2020 – $24 million
2021 (YTD) – $1.02 billion
Just absolutely insane growth. pic.twitter.com/loH0jw5cqr
— Mason Nystrom (@masonnystrom) August 2, 2021
What Is the Binance NFT Marketplace?
Since it was launched, the Binance NFT marketplace has set about to bring together artists, creators, and investors on its platform to create and transact NFTs. Apart from being powered by Binance Blockchain infrastructure and community, the Binance NFT space also provides users with the highest liquidity platform to launch their NFTs.
There are two other distinct product lines offered alongside the marketplace provided for minting, transacting, and bidding. They are top artist-featured NFT events and Mystery Boxes with NFTs of different rarity levels are also offered to users.
For convenience, buying and selling NFTs on the Binance NFT marketplace can be done using a Binance.com account. It becomes easier to utilize the different functions of Binance on its NFT marketplace, for example using the Binance wallet to transact on the Binance NFT platform.
Binance Goes Multi-Chain
Recently, the Binance NFT marketplace successfully enabled multi-chain support for transfers between the Binance Smart Chain and Ethereum. Making it easier for Binance users to easily deposit their NFTs while auctioning or selling them. It can also be withdrawn to other NFT supported platforms like OpenSea.
The new feature allows users to utilize connectable Web3 wallets like Metamask linked to a Binance account to deposit and withdraw NFTs. With the launch of these two features, Binance aims to elevate its NFT space to an open marketplace ecosystem. This shows the potential of Binance in competing with OpenSeas domination of the NFT space.
OpenSea vs. Binance NFT
Although both OpenSea and Binance NFT are about one thing and that is NFT. However, quite a few things set them apart that users find appealing. A look at both platform features can give us a better insight into both platforms.
The Blockchain Ecosystems
On the other hand, Binance is said to be the largest crypto exchange in the world. So, the introduction of an NFT platform built on the Binance ecosystem means the NFT platform already has a huge user base to tap from. A recent report has it that Binance NFT is introducing the Multi-chain feature that will allow users to transfer their assets between Binance and Ethereum. This could be a game-changing feature that shoots Binance NFT to the forefront of the NFT industry.
#BinanceNFT is now multi-chain! NFT deposits and withdrawals are now LIVE on our marketplace. 🎉🎉
Transfer your NFTs easily to and from @BinanceChain and Ethereum (ETH) networks!
— Binance NFT (@TheBinanceNFT) October 21, 2021
OpenSea is open to users of all kinds, which means anybody can register on the platform to mint NFT of their choice provided it is in the supported format.
However, Binance is only open to pre-approved creators at the moment. The platform aims to extend that to all registered users in the future. This gives OpenSea the Edge in terms of accessibility.
The Binance user interface is sleeker than OpenSea’s UI. However, Binance UI is not as user-friendly as OpenSea UI is. Users new to NFT might find the Binance user interface confusing to use despite its sleek look. However, OpenSea UI is set up in a way to make exploring the NFT marketplace easy.
The Binance NFT platform is home to a variety of digital artworks and collectibles. However, the OpenSea NFT platform hosts several types of NFTs including arts, music, collectibles, virtual world, domain names, trading cards, utility, and much more.
In-House Payment Options
The main cryptocurrencies used on OpenSea are ETH, WETH, USDC, and DAI. That means you can buy NFTs on the platform using the cryptos mentioned above. This gives users a variety of payment options.
The Binance NFT marketplace uses BUSD as its in-house cryptocurrency, which means you can only buy NFT on its platform using BUSD. This limits the payment options that are available to users on the platform.
|Blockchain ecosystems||Ethereum, Katlyn, Polygon||Binance Smart Chain|
|User accessibility||Open to all registered users||Open only to pre-approved creators|
|User interface (5.0)||4.5||3.0|
|NFT variety||Arts, music, virtual world, domain names, trading cards, utility, collectibles, utility.||Arts and digital arts.|
|In-house payment options||ETH, WETH, USDC, and DAI||BUSD|
Could Binance Outshine OpenSea?
Recently, headlines on OpenSea have been less enticing since its news of shady operations involving insider trading, when you combine that with the news of SOL’s power outage. These controversies could prove to be quite beneficial to the Binance platform, making it a perfect opportunity for the Binance NFT marketplace to make the headlines.
The marketing strategy of the Binance NFT marketplace has to be very efficient for that to happen. It seems Binance is not relenting in its marketing efforts given the various strategies it has been implementing from collaborating with musical stars to offering artworks of some of the best artists in history. These marketing moves have been attracting NFT investors from different platforms.
According to a recent post, Binance is said to be expanding the multi-chain feature as a testament to its commitment to developing an open ecosystem. Further emphasizing the benefits of utilizing Binance Native’s NFT marketplace.
However, despite OpenSea’s fumbles in recent times. The platform is still the undoubted market leader and it is expected to remain so for the foreseeable future.
The NFT market is growing at a dramatic rate and so are the various marketplaces in it. The leading marketplace OpenSea should be prepared to face more and more competitors for dominance in the NFT industry. Among the new challengers is the Binance NFT marketplace and it seems the platform is also making giant strides despite its relatively young age compared to its older counterparts.
The NFT platform that thrives better in the future will be the one that can keep its users enticed for a longer period by introducing more and improved features as the market continues to heat up.
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