LooksRare NFT marketplace outdoes OpenSea’s volume with 20x less users

LooksRare NFT market continues to show heads as its buying and selling quantity leads all the NFT market. As of the time of writing, LooksRare is dominating the day by day charts by a large margin despite the fact that there was some pullback as of late. What’s extra is that they’re on the prime of the weekly chart regardless of solely being 5 days outdated. On prime of that, they solely have a fraction of customers in comparison with OpenSea.

Meebits listing on LooksRare NFT marketplace
Meebits at the moment has the best buying and selling quantity on LooksRare NFT market. Credit score: LooksRare

LooksRare NFT market: fad or future?

This different NFT market is seeing success that no different rivals can think about. On the identical time, they’ve additionally had their justifiable share of backlash from the NFT neighborhood.

LooksRare is addressing a lot of OpenSea’s present criticisms by portraying themselves as a ‘community-first NFT market’. Their $LOOKS token rewards NFT merchants for finishing eligible transactions. As well as, the charges collected by means of every transaction is given again to stakers, aka the neighborhood. Lastly, the token will likely be a governance token for the LooksRare DAO sooner or later.

On the flip facet, the platform can also be being accused of wash buying and selling, resulting in its insanely excessive buying and selling quantity. Nevertheless, the administration workforce has refuted this declare. Moreover, the neighborhood is surfacing a number of dodgy elements of its operations, particularly when it comes to transparency. As an example, there isn’t any public audit, and there aren’t any public repositories to entry their code.

From the shoppers’ perspective, having an alternate platform with increasing collections and a sexy price construction is unquestionably intriguing. However, LooksRare nonetheless has a protracted method to show itself worthy on this aggressive house.

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All funding/monetary opinions expressed by aren’t suggestions.

This text is academic materials.

As all the time, make your individual analysis prior to creating any form of investments.

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