Competitor’s Research & Analysis

The team conducted research and visited several sites on Google, and YouTube and read documents to help with understanding the problem, the market, and the users. They also researched some NFT platforms individually to see if they have released financial figures.

A lil description

Competitors Analysis

[ ] Analyze the user interface, user experience, and features of competitor's products to identify strengths and weaknesses
[ ] Identify potential gaps in the market
[ ] Use the analysis to create a design that is user-friendly and intuitive
[ ] Identify common features and functionalities that the target audience expects

According to SkyQuest Technology, the Global NFT market was valued at USD 15.70 billion 2021 and it is expected to reach USD 122.43 billion by 2028 with a Compound Annual Growth Rate (CAGR) of 34.1% during the forecast period of 2022-2028.

Globe Newswire states that the rise of mainstream influencers, gaming communities and rising demand for digital artworks will continue to fuel the Global NFT market boom over the next five (5) years. Some popular NFT marketplaces are Rarible Opensea and Foundation.

Some major vendors offering NFT market across the globe are Cloudflare (US), Dapper Labs (Canada) The Sandbox (China) Axie Infinity (Vietnam) Mintbase (Portugal) Appdupe (India) Sorare (France).

Competitor’s Strength

Rarible	Open Sea
It enables users to mint and index their digital assets through smart contracts	Provide a vast marketplace that makes it easy for users to buy and sell digital assets
Good visual design	They work with smart contracts
It provides digital assets that developers can use to create new applications	Provide a vast marketplace that makes it easy for users to buy and sell digital assets
They create a space for creators where they have a say in how the platform is governed.	Allows users to use DAI, ETH and other Ethereum based tokens to buy and sell Nfts
Low transaction fees and no network fees	It supports Metamask
They allow purchases with credit cards and supports various wallet integrations	Provides tools and resources for onboarding new users.

Competitor’s Weaknesses

Rarible	Open Sea
Only supports token on Ethereum block chain	Open sea doesn't allow purchases with credit card
High risk of scam and fraudsters	Presence of bugs on their website
Wash trading is a big issue here	Over saturated market
Not enough onboarding resources for new user	Verification system is not thorough and transparent enough
Not enough security on this platform	No protection for mid class buyers against fraud and legal issues
Not enough information on their website	Predominant scandals of theft and scam

Opportunities and Insights gathered

We were able to identify trends and patterns both in the business and customer realms, as well as opportunities for improvement. Below are some of the opportunities we identified from the data above.

Provide more onboarding resources: Both Rarible and Open Sea onboarding system for new users require more work. When users first sign up, they should be provided with clear instructions on how to use the platform. They should also be provided with resources to help them learn about NFTs, this most recently has been a lost part of their information architecture.
Offer more payment options: Both Rarible and Open Sea only accept cryptocurrency payments from external wallets. This can be a barrier for entry for some users as they are required to have to create external wallets with third parties. To reach a wider audience, we should consider offering other payment options, such as credit cards - “inhouse” crypto wallets.
Improved verification system: Rarible and Open Sea both have verification systems in place, this requires profile completion and setting up security features such as 2FA
Reduce the risk of scams and fraud: Both Rarible and Open Sea have been plagued by scams and fraud. You can reduce the risk of scams and fraud by implementing measures such as buyer protection and seller verification. This can be as escrow for purchasing assets/collections with attached projects/implementations.