Best NFT Marketplaces on Ethereum (ETH) and Solana (SOL)

In just a few months, the NFT ecosystem has generated tens of billions of dollars and welcomed millions of users. In the beginning, it was the marketplace developed on Ethereum (ETH) OpenSea that positioned itself as the leader of this nascent market, capturing the majority of investors.

This remarkable rise has motivated many behind-the-scenes creators to launch their own NFT exchange platform. LooksRareSolanartMagic Eden, and X2Y2 were created over the last 12 months and are today among the Best NFT Marketplaces in this sector.

What are The Best NFT Marketplaces?

The realm of NFTs has revolutionized digital assets, leading to the emergence of numerous marketplaces.

The question many people ask is: What are the Best NFT Marketplaces? In this article, we have compared these platforms on several different search criteria, so that you can form an initial opinion on this subject.

Key Statistics from NFT platforms: OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

PlatformCreation dateMonthly volume (~)Platform feesSupported Networks
OpenSea2017$217 million2.5%Ethereum, Polygon, Solana, Klaytn
LooksRare2021$35 million2%Ethereum
X2Y22022$65 million0.5%Ethereum
Magic Eden2021$15 million2%Solana, Ethereum (recently)
Solanart2021$2.5 million0%Solana
Key Statistics from NFT Platforms

Which NFT platform offers the best fees? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

If there is one criterion that users pay attention to during their research, it is the trading fees offered by marketplaces. First of all, it is important to note that marketplaces developed on the Ethereum (ETH) network will necessarily be exposed to much higher network fees (necessary for the operation of the blockchain) than those built on Solana (SOL).

If we take the example of the OpenSea, LooksRare, or even X2Y2 platforms, users must pay several tens or even hundreds of dollars just in network fees on Ethereum. Not to mention the trading costs specific to each.

❕  On X2Y2, you can observe live ETH network fees users are exposed to.

For Solana marketplaces, network fees generally do not exceed 0.00001%. This is also why many users with small crypto wallets favor this blockchain to make their NFT purchases.

As for the fees applied by marketplaces when trading NFTs, Solanart is in first position with 0%, followed by X2Y2 with 0.5%, then LooksRare and Magic Eden with 2%, to finish with the giant OpenSea and its 2.5%  of charges.

However, it is important to note that 100% of the fees collected by LooksRare and X2Y2 are automatically redistributed to users via their staking program. Add to this that they are also rewarded in the form of $LOOKS and $X2Y2 during each transaction (purchase, sale, etc.) carried out on the marketplaces.

❕ LooksRare was the first marketplace in the world to offer this kind of attractive rewards system.

And LooksRare hasn’t said its last word. Recently, the platform also rewards users who simply list NFTs on its secondary market. Note that only collections that are part of LooksRare‘s top 15 in terms of volume will be taken into account.

Best NFT Marketplaces

Final opinion on NFT Sales Fees:

We can therefore conclude that it is the Solanart marketplaces that rise to the first position in terms of negotiation fees offered. Indeed, users can trade their NFT without having to pay any amount in fees (not counting the few cents from network fees). 

However, the daily trading volume recorded on the marketplace is relatively low compared to its competitors. This means that you may have difficulty finding a buyer after listing an NFT.

However, LooksRare and X2Y2 have a rather attractive rewards system that allows active traders to automatically make part of their investment profitable. Although in the short term, this does not represent very large sums, you would be surprised to see the results in the long term, especially when selling high-value NFTs.

Which NFT platform is easiest to use? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

In an ecosystem as complete as that of non-fungible tokens (NFT), the ease of use of a marketplace is a key point to reassure newbies looking to learn about this revolutionary world.

On this point, the 5 marketplaces are quite similar. Whether in terms of user interface, ergonomics, or handling, OS, LooksRare, Solanart, Magic Eden and X2Y2 are more or less at the same level.

Once on one of these platforms, the buying, selling, or browsing process is accessible to all investor profiles, namely beginners and experts.

Final opinion on ease of use:

As mentioned above, it isn’t very easy to define the easiest platform to use. This is why we encourage you to form your own opinion by trying each of these marketplaces in turn.

Which platform offers the most features? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

In addition to classic features like buying, selling, and trading NFTs, most of today’s marketplaces come with a range of unique tools and services.

PlatformsNFT OffersCollection offersAuctionStakingLaunchpadPrivate sellNFT transferCollectible MintAdd to CartSweep the floorRarity RankingGaming
OpenSea
LooksRare🟠🟠
X2Y2🟠
Magic Eden
Solanart
Platforms Overview

✅: Present
❌: Absent
🟠: Under construction

Final opinion on NFT features:

Once again, it is objectively difficult to define THE best platform in terms of available features. Indeed, each platform has unique features that are found almost nowhere else.

For Solana (SOL) users, it nevertheless turns out that Magic Eden particularly stands out from its competitor, particularly given its daily trading volume and its number of features, even though Solanart does not apply 0%. trading fees. Especially since I recently announced its arrival on the Ethereum network which, today, represents more than 98% of all available collections.

If you have a weakness in the gaming sector, then the “Eden Game” section of Magic Eden might also interest you.

As for LooksRare, this marketplace stands out mainly thanks to its LOOKS token which offers annual returns of up to 50% via its staking program. Not to mention LooksRare’s collection offers” service which is also found on OpenSea and X2Y2.

LooksRare also just released a brand new feature that allows its users to receive notifications directly through Discord. A great way to be informed of new listings, interesting offers, and much more.

On the other hand, OpenSea allows artists to mint their NFT or collection extremely easily and quickly. Once created, the tokens are automatically published on the marketplace for everyone to see. On LooksRare, NFT project creators will have to turn to the “Manifold Studio” platform which allows you to create collections on the Ethereum (ETH) network relatively simply.

Which platform offers the most NFT collections? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

There is no doubt, that OpenSea is the platform that brings together the most NFT collections to date. This is explained in particular by the fact that it has recently presented itself as a truly “multi-chain” marketplace, that is to say, that in addition to the Ethereum (ETH) and Polygon (MATIC) networks, you can now find collections from the Solana network (SOL).

Add to this that OpenSea, similarly to LooksRare, allows any user to publish their own NFT collections. Whether on Magic Eden or Solanart, only “verified” collections (approved by internal teams) can be listed on their marketplace.

It is for these reasons that ETH marketplaces generally hold more collections than those developed on Solana. To give you an idea, OpenSea has a total of more than 80 million NFTs on its marketplace.

Which platform is more secure? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

In the world of decentralization, users are the sole masters of the tokens they hold in their wallets. A point which has many advantages and disadvantages, particularly in terms of security.

However, the security of your NFTs only depends on your actions and not on marketplaces, at least for those that have reached a certain level of reliability. The only real risk is coming across fake collections, new fraudulent marketplaces or even clicking on bad links when minting the collections.

It is for these reasons that from a certain capital, it is preferable to store your non-fungible tokens on “Hardware” or “Cold” wallets such as those offered by the French company Ledger, to guarantee them maximum security. To further minimize risks, you can also spread your funds across several different digital wallets (Metamask, Phantom, etc.).

In the event of a hack or scam, this will considerably mitigate your losses.

Which NFT platform offers the best token? : OpenSea vs LooksRare vs X2Y2 vs Magic Eden vs Solanart

LooksRare and X2Y2 are to date the only marketplaces holding their utility token, namely $ LOOKS and $X2Y2. As mentioned above, these cryptocurrencies are used to reward traders daily when they buy and sell tokens on the platform, as well as for users who stake their cryptocurrencies.

However, LooksRare offers slightly higher returns than those available on X2Y2. Add to this that its rewards system also pays users who simply list their NFTs on the marketplace at a price relatively close to the floor price of a collection.

For comparison, LOOKS is currently capitalized at around $90 million, compared to only $12 million for $X2Y2.

Also Read:

FAQs:

Q: Which platform is best for NFT trading?

Two top NFT trading platforms are OpenSea which offers the largest and most diverse selection of NFTs, and Rarible which focuses on user-friendliness and creator empowerment..

Q: What is the best NFT marketplace for artists?

The best NFT marketplace for artists depends on individual needs, but popular choices include OpenSea (widely used with large collections) and Rarible (community-driven and art-focused).

Q: What are the best NFT marketplaces on Ethereum free?

The top free NFT marketplaces on Ethereum are Rarible and OpenSea, both offering user-friendly interfaces and diverse NFT collections for creators and collectors.

Q: What is the best NFT marketplace for beginners?

For beginners, OpenSea is the best NFT marketplace. It offers a vast selection of NFTs, an easy-to-use interface, and strong security features.

Q: What is the best NFT marketplace on Solana free?

Magic Eden is the best free NFT marketplace on Solana, offering a wide array of collections, low fees, and user-friendly features.

Q: What is the best launchpad for NFT on Solana?

The best launchpad for NFT on Solana depends on your specific needs. Popular options include Magic Eden Launchpad for its large user base and Solanart for its minting, token distribution, and community building.

Conclusion:

This comparison reveals that LooksRare, OpenSea, X2Y2, Solanart, and Magic Eden are all excellent NFT exchange platforms.

Magic Eden stands out for Solana users due to its daily trading volume and numerous features, despite 0% trading fees.

LooksRare is the preferred marketplace for Ethereum traders, while X2Y2 offers low fees and royalties avoidance. OpenSea remains the most used marketplace, with over $10 million in ETH volume daily and 40,000 registered traders.

NFT ProfileNFT platform
TradeLooksRare
CollectorLooksRare  / Magic Eden / OpenSea / X2Y2 / Solanart
Artist / CreatorLooksRare  / OpenSea
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