Does LooksRare outperform OpenSea?
LooksRare is the community-first NFT marketplace with rewards for participating.
On January 10th, the NFT trading market LooksRare issued Token LOOKS and airdropped it to the community. On January 11, the transaction volume of LooksRare exceeded 115 million US dollars, surpassing OpenSea to become the NFT trading market with the highest transaction volume.
LooksRare: NFT Marketplace for Web 3.0
LooksRare was created by two anonymous co-founders — Zodd and Guts — with the slogan “By NFT People, For NFT People”.
Taking a short brief at OpenSea and LooksRare, LooksRare's mission statement announced it was “tired of the de-platforming of creators, and the decision-makers who value business over the community, seeking IPO instead of benefiting the communities that got them there.” According to this, we can see their ambition to replace OpenSea.
LooksRare has been operating for two months, and real trading volume has grown to 8% of OpenSea’s
— — The total transaction volume of the three series of BAYC/MAYC/BAKC on LooksRare has exceeded 45,000 Ethereum.
0x02 LooksRare ‘s product experience
- One-click quotation function, users can make quotations to all NFTs under a series with one click. After one of them is completed, the quotation is over. This can help users quote quickly, save on fees, and bid to as many sellers as possible, thereby increasing the likelihood of closing at a lower price.
2.Combined with the rarity query website, users can directly see the NFT ranking, rarity, etc. without installing extensions, and users can directly see the floor price of a certain property, which can help users better understand the market price, so as to be more Good valuation and pricing.
3. Combining with GEM, users can also get LOOKS rewards if they bulk purchase on GEM, and if they buy NFTs on LooksRare.
4. The official website provides a daytime mode. The previous official website only had a night mode, and users could not choose a day mode. For some users, the comfort of use is reduced. The choice of day mode was added in early March.
Status: LooksRare the transaction amount of the three series of BAYC, MAYC, and BAKC exceeds 45,000 ETH
LooksRare is a new generation of NFT trading market built on Ethereum, and inevitably needs to be compared with OpenSea. Since its operation, the daily real transaction volume of LooksRare is about 2% to 5% of OpenSea; the daily active users are about 1,000, and the peak is 3,000, which is also about 2% of OpenSea. So, overall, LooksRare still needs to do a lot of efforts to increase transaction volume and active users. A rough comparison can be seen from the figure below:
0x03 Blue Chip NFT
For blue-chip NFTs, because of their high price, LooksRare can save 0.5% of the handling fee and can obtain LOOKS tokens as transaction rewards, which is undoubtedly attractive. This appeal can be seen in the number of blue-chip deals. As can be seen from the figure below, except for the terraforms, meebits, and cryptopunks v1 versions, which have zero royalties, and there are volume transactions, the others are transactions with royalties, In addition to Bored Ape Yacht Club and its surrounding derivatives, blue-chip projects such as doodles, azuki, world of women, clonex and other blue-chip projects have also achieved thousands of ethers on LooksRare. These blue-chip holders' posts sell the information in the community, looking for buyers, and if they reach an agreement, they will tend to place orders on LooksRare. This is particularly evident in Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club, where the total transaction volume of the three series on LooksRare has exceeded 45,000 ether.
Beneficial benefit distribution for users
LooksRare offers a cheaper and more friendly trading experience than OpenSea.
That is to say, it won’t be easy for LooksRare to overtake OpenSea. However, the upstart has also implemented tag filtering, but also offers lower fees, more revenue distribution, and optimized offer methods and payment options.
0x04 Trading rewards: A double-edged sword
There are three ways to earn $LOOKS on LooksRare
- Earn by trading: Earn $LOOKS every time you buy or sell NFT on LooksRare.
- Earn by staking: Stake $LOOKS to earn over 600% APY. 100% of LooksRare’s trading fees are redistributed proportionally to $LOOKS stakes.
- Earn by providing liquidity: Provide liquidity to the $LOOKS-ETH pair on Uniswap V2 to earn additional $LOOKS rewards on top of Uniswap’s regular liquidity provider rewards.
0x05 Does LooksRare outperform OpenSea?
In the short term, this is almost impossible.
- Although LooksRare’s transaction volume has exceeded OpenSea many times, OpenSea has maintained a stable transaction volume and has not dropped significantly.
- LooksRare has not yet been able to attract mainstream NFT projects. The top 5 NFT projects currently trading on LooksRare previously had low transactions and a small audience. Mainstream projects such as CrpytoPunks have not joined.
- LooksRare’s market share is small.
0x06 Summarize
OpenSea is to the NFT market what Ethereum is to DeFi.
The competition in the NFT comprehensive trading market is undoubtedly fierce and cruel. In the NFT market that appeared before 2020, only OpenSea is the dominant player, and other NFT markets simply do not have the ability to fight against it. The rapid development of the NFT market itself, changes in hot spots, changes in external policies, etc., all continue to bring new problems. How far can LooksRare go? NFT marketplaces will likely develop in the same way. That is to say, new upstarts will continue to grow concurrently with OpenSea, but overtaking the leader is neither an easy task nor inevitable.
ref:https://docs.google.com/document/d/1usHEA0vSerr7LR2AOSJIx4SEVEzJOb7QQmRDhoHojls/edit
