What is the Difference between Creating, Buying, & Selling NFT's on Opensea, Crypto.com, Coinbase
Crypto.com is a popular cryptocurrency exchange that allows you to purchase, trade, sell, and event mint NFT's. You may be wondering what is the difference between minting on opensea versus crypto.com. Well Opensea is the largest NFT marketplace and supports multiple blockchains such as Ethereum, Solana, & Polygon Matic. Coinbase NFT Platform is the newest entrant to the NFT scenes and doesn't have a large track record.
Which is the Largest MarketPlace Opensea VS Crypto.com VS NFT.coinbase.com VS rarible.com
I used my marketing and research tool Ubersuggest to get an idea of the monthly organic traffic and clearly Opensea.io has the most traffic with 1.77 million per month compared to crypto.com at just under 18K per month. Nft.coinbase.com was just recently launched so my tool was just showing under 500 visits per month, which I wouldn't trust the data. I think it is still too new. As an NFT creator and seller you would benefit from the overall traffic. Out of curiousity I used the tool on NFT marketplace rarible and it has over 91K visits.
Creating NFT's Opensea VS Crypto.com VS NFT.coinbase.com Vs Rarible
Crypto.com has a more traditional approach to creating an account on their NFT platform, which you can use to buy and mint NFT's. This makes it a lot easier for beginners. All the other platforms require you to create a hot wallet like metamask or coinbase wallet to use the site to buy, create, and sell NFT's. A hot wallet is a digital wallet that exists as a web browser extension or as an app. It's a self custody wallet (decentralized) that you are fully responsible for.
Crypto.com Buying and Creating NFT's
I actually purchased a snoop dog and a ufc on crypto.com. The process is easy for most people to understand and you can use crypto or credit card to pay or leave an auction bid. After you purchase an NFT it exists on their platform by default. Crypto.com has made huge investments in the sports and entertainment world with the crypto.com arena and sponsorships of UFC and other sports teams.
When creating an NFT on crypto.com it is a familiar look and feel to buying. They don't support videos at the time of writing, but you can easily mint images and create multiple editions of your NFT's. The NFT's are minted on their native CRO chronos blockchain by default. Check out my Crypto.com NFT here.
Creating and Selling NFT's on Opensea, Rarible, Coinbase
All these other platforms require you to use a hot wallet as I mentioned before so that adds another layer of complexity. Here is a video explaining in more detail what a hot wallet it.
Coinbase is still new and doesn't allow you to actually create NFT's. For now it just reads NFT's that you have minted on your particular hot wallet on the Ethereum Blockchain & allows you to list your NFT's for others to see. They are new to the game so I expect minting and more blockchain support to be available in the near future.
Opensea supports the most blockchains and has the most visitors. Ethereum is the most popular and expensive blockchain to do any transactions with NFT's on any platform. Whereas Polygon Matic & Solana are cheaper and more energy efficient with NFT transactions. Ethereum tends to attract the most popular NFT projects and most volume, but we are seeing Solana NFT projects creep into the ranking the past week.
As someone that has minted Polygon NFT's on Opensea I can share that it allows you create multiple versions of your NFT, which actually makes it practical for using NFT's to sell digital products. At the time of writing Opensea doesn't support minting NFT's on solana. You would have to mint your solana NFT on a phantom wallet on a platform like solsea and import it to Opensea. You can check out my opensea NFT collection here
Rarible has recently added support for Polygon, Tezos, Flow, in additional to Ethereum for their NFT's. The process is similar to Opensea in that you need a hot wallet to mint your nft's.
Opensea may have the most to offer at the moment for buyers and creators of NFT's. There are many other platforms on the rise like looksrare and other players in the space that we mentioned.
As you can see we are just scratching the surface for this exciting world of NFT's. In my NFT web3 course you can learn step by step how to get set up to mint your NFT on any of these platforms and blockchains. You will also learn about blockchain domains and IPFS.
One you create or buy NFT's especially expensive ones it is important to protect them. Hot wallets should be treat like real wallets where you store the real assets in your bank. With NFT's you can store them in hardware wallets. I have an NFT security course to get you up to speed.