FRAPS has been in the gameplay capture business for over a decade now, inarguably serving as the best solution for early gameplay video recordings. The advent of casual streaming and competitive eSports has finally pushed recorded game content to widespread consumption. ISP-provided datarates have mostly stabilized to usable levels, which helps in production and consumption of high bit-rate content.
ShadowPlay was announced as a FRAPS alternative last year by nVidia, and is only compatible with nVidia devices. The tool uses an integrated H.264 video encoder on Kepler and Maxwell hardware, ensuring most the performance drag is loaded on the GPU rather than the CPU; moreover, it's being loaded on specific components of the GPU that are built for video encoding and largely unused while gaming.
FRAPS does no live encoding and only records raw data output, which theoretically means it will have the best quality (lossless), but also demands the most resources in storage and CPU cycles.
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