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NFTs are still big in the crypto space, and even more so in the NFT market. These are the ways people can sell NFTs and show potential investors what they're doing. As the NFT space evolves, the market is getting more and more support from those who are actively involved. Over time, it has evolved from one market dominating the space to multiple markets now vying for supremacy.
OpenSea has maintained its position as the leading NFT market. But the question is, how long can this title last? The platform remains the first choice for those looking to start buying NFTs. Competitors, however, are picking up speed as their goal is to take market share from leaders in the field. One such competitor is the NFT platform LooksRare.
The recently launched platform is already comparable in number to OpenSea. After receiving more than $2 billion worth of Ethereum in the first two weeks of January, OpenSea is setting a new record for NFT transactions. But LooksRare has other plans. The younger platform has already set a record of receiving more than $3.4 billion in Ethereum in a single week.
Since its launch, LooksRare has successfully surpassed OpenSea in Ethereum trading volumes. In some cases, the NFT platform performed more than 100% better than OpenSea, returning more than $300 million a day for a week in a row.
LooksRare took a different but effective approach when it came to coming from rival OpenSea, which Arcane Research calls a "vampire attack." It is mainly aimed at the user base that OpenSea has already established, attracting them through airdrops. This airdrop is tailor-made for those who are active on the platform, targeting those who have completed at least 3 ETH of trading volume on OpenSea in six months. These users earned $LOOKS tokens when listing NFTs on the LooksRare platform.
LooksRare basically took a page out of the SushiSwap marketing book. When the decentralized exchange launched in August 2020, it also targeted the established user base of rival Uniswap, attracting them in the form of governance tokens.
However, LooksRare has achieved faster success with this approach. Just a week after implementing its strategy, the platform has already surpassed OpenSea, which has seen sales drop of about 50 percent.
Whether LooksRare can continue to sell at such high volumes remains to be seen, but it continues to do very well for itself. When it recorded $578 million worth of ETH on Jan. 17, it also surpassed OpenSea's $324 million daily trading volume record.
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