What are you "looking" for with this vacation? And have you been to either or to similar places?
City vs beach is how I would generally read the Lisbon vs Nice option. Sure, you can get the "city" in Nice (and nearby) and you can get "beach" in Lisbon & Porto (and nearby), but to me, they're two fairly different experiences.
Lisbon/Porto, to me, has always been more about the cities and side trips to other places like Sintra or Belem. If I wanted beaches in Portugal, I'd be headed to the Algarve, I think.
Nice and the areas around there have always been, for me, more about the Mediterranean/beach, and that strip in France and into Italy (and Monaco) is packed with all the "beachy" stuff I enjoy in a hotter month like August.
I generally would pick Lisbon for "easy" and Nice for "beachy", but like noted elsewhere, there are nice art museum options in Nice. I think Lisbon has plenty of museums (art or otherwise), but after two recent visits there, I still haven't popped into one.