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LooksRare disrupting NFT marketplace and moving ahead of OpenSea

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  • OpenSea was undoubtedly the market player in NFT marketplace but at least five NFT market announced to get launched
  • LooksRare being one of them launched on 11 Jan and already have gained lot of attention
  • The value of LOOKS token has already gained more than 100%, from $1.97 to $4.06  today

The NFT market has seen a massive boom in 2021 and ended up capturing approx $22 Billion of market capitalization. NFT marketplace OpenSea played a major role for this to happen. Alongwith the NFT, OpenSea too got a lot of popularity being the only genuine and trusted marketplace for NFT available at the time. However there were other options too like Nifty Gateway, Axie Infinity, Magic Eden, etc. But it seems that this undoubted monopoly of OpenSea is going to be challenged by new players in the game. Newly launched Marketplace for NFT, LooksRare, is getting a lot of attention. 

It’s been only 5 days since its launch and it has crossed approx $1.8 billion of sales volume. It’s a lot more than OpenSea’s volume of $965 million. Newly launched Marketplace has also shown an impressive everyday lead in volumes for the past one week since launch. Although OpenSea still successfully attracted 14% more traders on the platform last week. 

Reason for OpenSea’s popularity can be considered its first mover advantage in the NFT market. It has already been an established brand and that’s how it’s been a successful marketplace for NFTs. At the time OpenSea was handling 90% of total trade happening in the NFT market. Its valuation has also crossed $13 billion. But LooksRare has launched with a bang and its strategy for initial marketing via Airdrop, had taken hand to hand. It attracted a lot of traditional OpenSea users. 

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More than 75,000 accounts have claimed to receive the newly dropped tokens.LooksRare was able to create this much buzz because of its conditions which are better than OpenSea. Many a time the OpenSea found acting strictly on critics either inside or outside the crypto community. The newly launched marketplace seems more centralized and welcoming to some users. Apart from that users were asking for a native token for a very long time but OpenSea didn’t act upon the demand, while LooksRare has its token LOOKS with its very beginning.  Comparing its platform fees 2% which is also less than OpenSea’s 2.5%. 

However it may not be an easy way to move on for LooksRare. There are already reports floating around regarding the wash trading on the platform. It seems like the same accounts act as sellers and buyers so that the trade volume can be pumped up. Many users are skeptical about this too, it may be there or maybe not. Although the report took into consideration a very rarely traded NFT Meefit, which has seen trading six times a day on newly launched platforms. If these reports affect the hype of LooksRare is a matter of time. For now it’s only about keeping an eye on how heavy winds have blown in the market because of LooksRare.

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