Insights

NFTs are NOT Decentralized

The NFT market is actually highly centralized, which should give pause given the inherent nature of blockchain tech. Consider the NFTs on the Ethereum network: Foundation, KnownOrigin, Zora, Rarible, SuperRare are some of the marketplaces attempting to become the “eBay” of NFT’s… Yet; NFT fanatics all admit that there really is only one site that’s even close to an eBay type store.

OpenSea is the site backed by venture capital firm Andreessen Horowitz that was valued at $1.5 billion this past summer. According to DappRadar, OpenSea has facilitated more than $600 million in trades just since last Monday! 

Part of the reason for OpenSea’s supremacy is that they act more like a listings aggregator than a “gallery”. While other platforms like SuperRare support trades with curated NFT collections, OpenSea does so on a much more varied range of projects. You can’t trade SuperRare NFTs on Foundation, or Foundation NFTs on SuperRare, but both Foundation and SuperRare can be traded on OpenSea.

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