The current NFT marketplace landscape becomes more competitive thanks to Tezos

the-current-nft-marketplace-landscape-becomes-more-competitive-thanks-to-tezos

Non-fungible token marketplaces are incredibly popular in the blockchain and cryptocurrency world today. Although OpenSea is the current market leader, competition emerges across different ecosystems. Therefore, it is always worthwhile to explore alternative NFT marketplaces, as they may provide benefits you might not be aware of.

OpenSea Continues To Dominate

There are several NFT marketplace solutions on the market today. Even though some of the first movers have not been successful, the story is different for OpenSea. As an Ethereum-based marketplace – with support for alternative chains including Polygon – the marketplace dominates the landscape. All noteworthy collections are sold through OpenSea first or eventually make their way there to tap into the ever-growing number of traders.

The appeal and success of OpenSea are both a blessing and a curse. It makes life very difficult for other NFT marketplaces on Ethereum to succeed. Sales income for Foundation, Rarible, SuperRare, and others is minimal compared to OpenSea’s, creating a very skewed picture. However, without this platform’s success, NFTs would not be where they are today. So there is always a positive and negative side to the way things are in the NFT world today. 

Source: Dune Analytics

One also has to consider the Ethereum network is a problematic blockchain for most activities. High gas fees and slow transactions can pose numerous issues. Forcing users to spend $75 or more to buy or sell an NFT holds back the overall growth of this industry. Until that situation changes, it will always be worthwhile to explore alternative options across different blockchains. 

Tezos NFT Marketplaces Offer Benefits

As one of the blockchains offering alternatives to Ethereum-based NFT marketplaces, Tezos checks many right boxes. The network is more energy-efficient, has cheaper transaction fees, and is quickly gaining momentum in the NFT space. More specifically, Tezos is the fifth-most-used blockchain for non-fungible tokens today. In addition, artists and developers see many benefits regarding this blockchain, fueling future innovation. 

One project leveraging these benefits to its full potential is Hic Et Nunc, An NFT marketplace founded by Rafael Lima. Through Tezos’ smart contracts, minting prices for NFTs remain very low, making the concept more approachable to users. For instance, one can mint an NFT on Tezos for under $0.255, whereas doing the same on Ethereum would cost $50 or more. Tezos’ energy-efficient nature mainly stems from the proof-of-stake consensus algorithm. The ecological aspect of NFT minting, embodied by the #GreenNFT movement has made Hic et nunc a “punk” corner of the NFT industry focused on practice contribution and collaboration. 

Kalamint is another Tezos NFT marketplace making waves in the industry. It is currently the 10th most-active marketplace for non-fungible tokens in the world. Like Hic et nunc, it benefits from Tezos’ ecological aspects and better efficiency than competing blockchains. In addition, the platform recently introduced a Tupac Shakur NFT series, which attracted a lot of attention from collectors and enthusiasts. 

A third marketplace attracting attention is Oneof. The Doja Cat launch has propelled this Tezos NFT marketplace to many people’s radar. In addition, the 26.000 collectibles in this series are of great interest to Doja Cat fans, as the non-fungible tokens can provide access to VIP concert packages. Oneof, backed by music legend Quincy Jones, is a music-centric NFT marketplace launched in May 2021. Doja Cat’s choice for Oneof rests with these NFTs not being bad for the environment, a recurring topic when it comes to non-fungible tokens. 

Other Noteworthy NFT Marketplaces And Solutions

Art is no longer the only asset popular in NFT marketplaces. Play-to-earn blockchain games like Splinterlands, the most played blockchain game on the market, leverages NFT technology to rise to the top of Dapp popularity. As the game uses NFTs to let players sell and rent cards, the blockchain aids in creating a fair way to sell and rent NFTs. Moreover, their recent anti-scalping and anti-bot mechanism is receiving a lot of praise.

Hoard, a digital marketplace to trade, buy, sell, rent, and loan non-fungible tokens, uses Ethereum technology. The platform was founded in 2018 and is transitioning to a DAO model to let the users govern the platform. Hoard aims to bring more functionality to non-fungible tokens through its competitive fees, additional benefits, and a wide range of services. A crossover between decentralized finance and NFTs can lead to intriguing and powerful use cases. The flash loan feature is one of the flagship solutions by Hoard, as it is instant and uncollateralized and can be used for arbitrage, collateral swaps, and self-liquidation.

Despite all of these innovative ideas, there is still a need for broader decentralization. NFT marketplaces are hoping to achieve that goal for their own storage systems by using tools like Bluzelle’s decentralized database service. The Bluzelle V2.0 upgrade aims to boost DeFi and NFT adoption through decentralized file storage and removes the need for centralized systems. In addition, the technology lets creators store IP in a secure, always-available, and censorship-resistant manner. 

Closing Thoughts

The current NFT landscape offers many opportunities, assuming one explores different blockchain ecosystems. Being a market leader isn’t always sufficient when the underpinning technology is expensive and harms the environment. Tezos positions itself firmly as an NFT-capable blockchain, thanks to better efficiency and lower transaction fees over Ethereum. Moreover, there are many thriving NFT marketplaces on Tezos, paving the way for more artists and creators to explore this booming industry.

More importantly, service providers come up with decentralized ways to bring more utility to non-fungible tokens. That is a major development, allowing NFTs to be used for more than collectibles, digital art, profile pictures, or speculation. 

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