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OpenSea’s New Competitor LooksRare Exceeds $322M in Sales

LooksRare is new NFT marketplace that launched on the 10th of January. Founded by two anonymous creators Zodd and Guts, the platform markets itself to be “By NFT People, for NFT People.”  

Traders on LooksRare can earn rewards, LOOKS utility tokens, by selling or buying NFTs. 

LooksRare has 2% fees on basic sales and zero fees on private sales, bringing more customers on its side.

According to Dune analytics, LookRare’s transaction volume has exceeded OpenSea’s on the 11th of January ($322M and $151M, respectively). On the 12th of January, LooksRare reached $77M in sales, while OpenSea was at $24M. However, some numbers might be misleading.

“Due to the mechanism of transaction mining, LooksRare has a large number of repeated false transactions. Transaction volume of Meebits has reached 52,771 ETH. Whales are constantly repeating transactions to obtain Tokens,”

journalist Colin Wu reported on Twitter.  

On the Flipside

  • Another new NFT marketplace by Associated Press is launching soon.  

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