Is it possible that LooksRare will replace OpenSea?
Jan. 2022, George
Data Source: LooksRare
On January 10, the NFT trading market LooksRare issued Token LOOKS and airdropped them to the community. On January 11, the transaction volume of LooksRare exceeded 115 million US dollars, surpassing OpenSea to become the NFT transaction market with the highest transaction volume.
Will LooksRare Continue to Grow in 2022?
LooksRare: NFT marketplace for Web 3.0
according toaccording toIn its blog announcement, the LooksRare team is “tired of the de-platforming of creators and decision makers who value business over community and seek an IPO instead of benefiting the community.”
From these remarks, we can see their ambition to replace OpenSea.
As an NFT trading platform, users can browse, collect, publish and trade NFT on LooksRare. This model is not special, but compared with other NFT trading platforms, LooksRare's model has more innovative points.
Product Positioning: Community First NFT Market
LooksRare hopes to build a Web 3.0 platform.
From LooksRare's product and market strategy, we can see its determination to develop on Web 3.0.
Community first: 75% of the total tokens will be allocated to the community to attract and continue to reward community users
Decentralization of income: promise to give 100% of all platform fees to those who pledge $LOOKS Token
Decentralized management of NFT projects: Unlike OpenSea, which can remove NFT projects without authorization, LooksRare’s position is that it will not remove or freeze the status of derivative projects, provided that"their actions were not malicious"。
User experience: friendly payment benefit distribution
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Footprint Analytics - Comparison of OpenSea and LoosRare
OpenSea is not the first NFT trading market. It has won more than 95% of the market share. In addition to years of hard work, what is more important is its excellent product capabilities:
It pioneered the model of unlicensed listing, which lowered the operating threshold for NFT creators.
There are many types of NFT assets covered, including eight types such as art, music, and domain names.
A powerful classification system has been established, and tags are set according to each different type of NFT characteristics (for example, BAYC classification includes characteristics such as clothes, ears, eyes, hair, etc.), and tags are the most filtered items, so that users can use them in their huge asset system. Quickly search for rare NFTs.
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Trading rewards: a double-edged sword
Users have 3 sources of income in LooksRare:
Transaction Mining: Trade NFT on LooksRare to obtain LOOKS tokens.
Earn APY by staking: LooksRare redistributes the transaction fees collected as APY rewards to stakers, and you can earn more than 600% APY by staking LOOKS.
Liquidity mining: At present, the LOOKS-ETH currency pair has been launched on Uniswap, and rewards can be obtained by providing liquidity.
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Footprint Analytics - Comparison of of trading volume of OpenSea and LoosRare
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Footprint Analytics - Comparison of of trading users of OpenSea and LoosRare
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Will LooksRare replace OpenSea?
In the short term, this is almost impossible.
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Footprint Analytics - Trading Volume of NFT Marketplace
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Footprint Analytics - Top 5 NFT on LooksRare
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Footprint Analytics - Trading Users of NFT Marketplace
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OpenSea is to the NFT market, just like Ethereum is to DeFi.
At the beginning of 2021, Ethereum occupies the leading position in the DeFi public chain with a 95.88% share, and currently OpenSea is also far ahead with a market share of more than 95%. However, Ethereum has been continuously challenged by emerging public chains since 2021, and its current market share has dropped to 57%.
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The above content is only a personal opinion, for reference and communication only, and does not constitute investment advice. If there are obvious understanding or data errors, feedback is welcome.
Copyright Notice:
This work is original by the author, please indicate the source for reprinting. Commercial reprinting needs to be authorized by the author, and those who reprint, extract or use other methods without authorization will be investigated for relevant legal responsibilities.
