LooksRare NFT marketplace outdoes OpenSea’s volume with 20x less users

Promo banner for new NFT marketplace LooksRare

LooksRare NFT marketplace continues to turn heads as its trading volume leads the entire NFT market. As of the time of writing, LooksRare is dominating the daily charts by a wide margin even though there has been some pullback as of late. What’s more is that they are at the top of the weekly chart despite only being 5 days old. On top of that, they only have a fraction of users compared to OpenSea.

Promo banner for new NFT marketplace LooksRare

Could LooksRare be the Opensea killer that many in the NFT space have been calling for? Credit: LooksRare

LooksRare NFT marketplace: fad or future?

This alternative NFT marketplace is seeing success that no other competitors can imagine. At the same time, they have also had their fair share of backlash from the NFT community.

LooksRare is addressing many of OpenSea’s current criticisms by portraying themselves as a ‘community-first NFT marketplace’. Their $LOOKS token rewards NFT traders for completing eligible transactions. In addition, the fees collected through each transaction is given back to stakers, aka the community. Lastly, the token will be a governance token for the LooksRare DAO in the future.

On the flip side, the platform is also being accused of wash trading, leading to its insanely high trading volume. However, the management team has refuted this claim. Furthermore, the community is surfacing several dodgy aspects of its operations, especially in terms of transparency. For instance, there is no public audit, and there are no public repositories to access their code.

From the consumers’ point of view, having an alternative platform with increasing collections and an attractive fee structure is definitely intriguing. Nevertheless, LooksRare still has a long way to prove itself worthy in this competitive space.

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