The second year of the pandemic was a breakout period for the OpenSea marketplace of non-fungible tokens. In the final trading month of 2021, OpenSea transactions amounted to more than $3 billion. Despite the various COVID-19 surges of 2021, the NFT market has been able to stay strong and develop new exchanges that are not reliant on the traditional platforms that support digital currency tokens.
In 2020, the pandemic took an important part of the digital asset market. However, there are still many positive signs that NFTs will gain more popularity over time. With the emergence of new blockchain projects and NFT exchanges, digital assets will continue to be popular. OpenSea will have some competition to deal with in 2022, particularly from emerging NFT platforms such as Coinbase NFT, Rarible, FTX, Magic Even, the Bancor Network, and Zora.
Bancor is a global platform that enables users to build and manage smart contract-based ecosystems on the blockchain. In addition to offering its platform to the general public, Bancor also supports a number of projects, including DappRadar, Status, and BancorDAR (Decentralized Autonomous Resource) .
The Coinbase NFT platform has a strong brand name to capitalize on. Coinbase is one of the biggest companies in the cryptocurrency world, and its trading platform is very well-known. However, Coinbase NFT will have to compete with OpenSea through lower transaction fees. Rarible is an exchange platform and NFT marketplace that currently focuses on the sale of collectibles. Rarible’s token, RAR, is also tradable on OpenSea and Coinbase. FTX is a blockchain and NFT platform that is backed by leading investment management firm Fairholme Capital. Magic Even is a blockchain ecosystem for the creation of digital assets. The blockchain platform is built using a smart contract language called Ruston.
FTX, Magic Even, and Rarible are all relatively new platforms. If they can continue to develop and grow, they will have a chance to compete with some of the more established platforms this year. All in all, 2022 could be a year of reckoning for the NFT sector, which has run into some questioning because of its considerable potential for fraudulent activity.