Although LooksRare’s trading volumehas overtaken OpenSea on several occasions, OpenSea has maintained a steady trading volume with no significant drops.
Welcome to the wonderful world of NFTs, a new type of crypto asset that can represent digital and physical objects such as photographs, films, land and wearables on the blockchain.
They’ve exploded in popularity over the last few months as part of the much-hyped metaverse, and as the digital economy emerges.
In 2021, NFTs became broadly mainstream, with OpenSea becoming the largest and most popular NFT marketplace to tap into that rave. They would allow just about anyone to purchase, sell, and manufacture NFTs on the Ethereum and Polygon blockchain networks.
Recently, other marketplaces, such as LooksRare, have entered the NFT sector, as OpenSea continues to expand and perhaps introduce additional chains. On January 10, 2022, the LooksRare NFT marketplace opened, launching its native coin LOOKS and claiming to be:
“A community-driven NFT marketplace that actively rewards traders, collectors, and creators”.
LooksRare is an NFT platform that offers a reliable, streamlined experience for those looking to trade their tokens and earn rewards and incentives for doing so. It features the following:
$LOOKS: The LooksRare platform has its own cryptocurrency that earns users nearly 1,000% APY, which is very attractive when compared to some other currencies.
Collection offers: Instead of having fixed floor prices, this platform allows users to bid their own chosen amounts on every single NFT that is available through the platform.
Trading rewards: Users on the LooksRare platform can receive rewards simply for making exchanges. Staking the $LOOKS currency can earn you up to 600% interest, while making any trade can earn you $LOOKS tokens
OpenSea is to the NFT market what Ethereum is to DeFi.
At the beginning of 2021, Ethereum was leading the DeFi chain with a 95.88% share, while OpenSea is currently leading with over 95% market share. However, since 2021, Ethereum has been challenged by the emerging chains and Ethereum’s market share has now dropped to 57%.
NFT marketplaces will likely develop in the same way. That is to say, new upstarts will continue to grow concurrently with OpenSea, but overtaking the leader is neither an easy task nor inevitable.