Will LooksRare Be An OpenSea 'killer'? This Is A Comparison Of The Two NFT Marketplaces

Mrketplace NFT LooksRare and OpenSea (InvestorWish)

JAKARTA – Non-fungible tokens (NFT) are increasingly popular domestically throughout 2021 to 2022. Recently, the NFT boom has gotten bigger after the Ghozali Everyday phenomenon. The largest NFT marketplace today is OpenSea, an NFT trading platform that uses the Ethereum and Polygon blockchain networks.

Reported by Yahoo Finance from FXEmpire, another marketplace is starting to enter NFT, namely LooksRare which emerged at a time when OpenSea was growing and possibly adding new networks. LooksRare NFT marketplace launched on January 10, showing impressive numbers along with the native LOOKS token, and is claimed to be the first NFT marketplace to reward NFT traders, collectors and creators.

“The first community (based) NFT marketplace to actively reward merchants, collectors and creators for participating.”

Data from Dune Analytics reveals that daily transactions on LooksRare. The highest volume was seen on January 11 with 3.964 transactions, on January 19 it was 2,032 daily transactions and on January 26 1.522 daily transactions, i.e. a 25 percent drawdown from January 19 and a 61 percent drawdown.

Well, comparing it to OpenSea since LooksRare was launched, the majority of daily transactions are above 100.000, with a maximum daily transaction of 178,659 on January 15, as can be seen in the chart below:

The second data set analyzed is daily users. The high was on January 11 with 3.540 users, on January 19 it was 2.210 daily users and on January 26 1,838 daily users, i.e. 16.8 percent withdrawals from January 19 and 48 percent from the peak, as can be seen in the chart below:

Now, comparing it to OpenSea since LooksRare launched, the majority of daily users are over 50.000, having a maximum daily user of 75.529 on January 15th, as you can see in the chart below:

The final comparison is the daily volume, this is where things get interesting. LooksRare has surpassed OpenSea on a daily basis since launch, having a daily highest volume of USD 842 million on January 19, while OpenSea has USD 202 million. As of January 26, LooksRare had $519 million in volume and OpenSea had $273 million.

In seven days, LooksRare is down 38 percent while OpenSea is up 35 percent, as can be seen in the chart below:

According to the data, a part of LooksRare's daily volume looks like trading volume, where investors are simultaneously selling and buying assets to create confusion, having a kind of market manipulation by inflating trading volume as reported by Yahoo Finance.

On the other hand, LOOKS, which is the native token marketplace NFT LooksRare, started to recover after falling following the market crash. Data from Coingecko shows that the price of LOOKS is trading at the level of IDR 64.385. The LOOKS token has increased by 20.1 percent in the last 24 hours.