After One Day From Launch OpenSea Rival LooksRare Made Over $110 Million in Sales

 

OpenSea is keeping pace with record months in buying and selling Ethereum NFTs, but resistance is growing. LookRare has a hot new competitor who has already made over $110 million in sales in just one day.

OpenSea is keeping pace with record months in buying and selling Ethereum NFTs, but resistance is growing. LookRare has a hot new competitor who has already made over $110 million in sales in just one day. 

Released yesterday, LookingRare targets OpenSea clients using its own LOOKS token. Lux Rare is offering LOOKS free of charge to OpenSea customers who traded with a minimum of 3 ETH (currently around $9,630) on the market from June 16 to December 16, 2021. 

This is a form of problem known as the Vampire Attack, an attempt to lure customers from popular platforms by offering token incentives. SushiSwap launched one in 2020 because it was trying to bring down the major decentralized exchange Uniswap, and the NFT  Infinite marketplace has been working hard to be on par with OpenSea.

In addition, all expenses created by LooksRare going ahead will be paid out as remunerations to LOOKS holders who stake their tokens in the stage. LookRare's 2% charge on exchanges is likewise lower than OpenSea's 2.5%, yet OpenSea keeps that expense. LooksRare has vowed to convey 100 percent of charges to LOOKS token stakers in Wrapped Ethereum (WETH).



It's the first day, but LookRare may already be seeing results. According to public blockchain information gathered using Dune Analytics, Lux Lair has already raised over $110 million to buy and sell Ethereum NFTs. 

Interestingly, OpenSea's buys and sells fell from a positive streak the day before. OpenSea recorded a really good Ethereum trade of under $170 million on Monday. It was the lowest day of 2022 and fell from more than $261 million on Sunday. 

The NFT market, like the cryptocurrency market, is known to be highly volatile, and facts from a single day are not sufficient to indicate a trend. However, it will probably be interesting to see if LookRare purchases and sales continue to increase or remain at that level over the next few days and weeks and if OpenSea sees that effect fade away in the future.

Biggest NFT Market Competitors Trying to Beat OpenSea 

NFTs are tokenized receipts that prove ownership of virtual items such as images, video files, or other collectibles. According to DappRadar data, the broad NFT market will grow to over $22 billion in 2021. OpenSea, along with Dune Analytics, leads commissions with over $15 billion in purchases and sales in 2021. 

As indicated by Dune Analytics, north of 185,000 Ethereum wallets can offer LOOKS, and at the time of this writing, more than 74 million tokens of LOOKS have already been declared. LOOKS is currently at $3.71, consistent with CoinGecko's data, down 16% from the previous high of $4.52.

The market is also currently offering additional rewards to buyers who earn and promote NFTs from verified eligible collections comprised of  Bored Ape Yacht Club, Meebits, and more. There are currently more than 2.86 million LOOKS tokens per day or around $10.6 million on the market, but that number will gradually decrease over the next year.

In addition to the token distribution and reward model provided by the community, LookRare has other features. First, an opportunity to propose NFTs from a selected collection that, if chosen by the owner, will satisfy all owners. For example, the amazing collector Pranksy donated 10.5 ETH ($33,900) for every NFT in the Doodles profile picture project.

 


 Pranksy is one of the angel traders on the project, co-founded with the help of an anonymous duo and an entire team of 11 people. The other traders appear to consist of co-creator Pudgy Penguins  ColeThereum and collector NFT  DeeZe. The transcript asked the Look Rare team for information on the area of ​​the investment and further information, but they no longer heard back immediately. 

LookRare arrives during ongoing OpenSea support, but it's also disappointing to the NFT community. OpenSea is facing recent technical challenges, such as long Sunday downtime, which CEO Devin Finzer said is "unacceptable". He wrote that OpenSea will increase the hiring of engineers and customer support staff. 

Additionally, in December, new OpenSea CFO Brian Roberts hinted that the organization was thinking about a preliminary public offering (IPO), which annoyed longtime customers who hoped OpenSea could issue tokens instead. Roberts reaffirmed his opinion, but it's possible that frustration has left a void for token-promoting competitors who reward customers. 

Despite all this, OpenSea, recently valued at $13.3 billion, is currently on an unusual lunar orbit for buying and selling Ethereum. This figure is already at $2.27 billion, 1/3 the month, and August 2021 has been an exceptional month for OpenSea so far, with nearly $3.43 billion in ETH purchases and sales.

Read More: The legendary rapper Eminem Buys Bored Ape Yacht Club NFT for 123.45 ETH ($452,000)

Jamie Lamten

Jamie Lamten is a writer and investor in crypto, provides his opinions and the latest news about non-fungible tokens.

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