A real threat to OpenSea? The non-fungible token (NFT) platform LooksRare has just been launched, and yesterday it surpassed its rival in terms of volume traded… Focus on this newcomer.
LooksRare overtakes OpenSea in terms of volume
It’s only been two days since LooksRare launched, and NFT’s platform is already attracting attention as an alternative to OpenSea. As several commentators have pointed out, its trading volume actually surpassed that of the incumbent marketplace yesterday:
Daily volumes on OpenSea and LooksRare (Source: DuneAnalytics)
In total, LooksRare recorded a very substantial trading volume of over $322 million, while Open Sea recorded “only” $150 million. And the trend seems to be continuing this morning.
Rewards in LOOK to attract users
This rush to LooksRare comes as the platform offered an airdrop of LOOK, its native token. Users who have transacted 3 ETH or more on OpenSea in the second half of 2021 receive LOOK for free. At this stage, more than 87,000 addresses have claimed their LOOKs, out of the 185,000 eligible.
Another incentive is LooksRare’s transaction fee, which is 2% (compared to 2.5% at OpenSea). This fee is paid in full to users who store their LOOK tokens. At OpenSea, the fees are retained by the platform.
Will LooksRare manage to really threaten OpenSea in the long term? As a reminder, the latter accounted for 88% of NFT trading volume in 2021. It remains to be seen whether LooksRare will be able to continue to attract users when its LOOK distributions slow down. One thing remains certain: “NFT mania” is still here, and more and more platforms should try to ride the wave.
