OpenSea Boosts Activity Despite Competition from LooksRare

OpenSea Boosts Activity Despite Competition from LooksRare

OpenSea attracted 14% more traders in the past seven days

OpenSea has been the king of NFT marketplaces for quite some time now, however, rising star LooksRare is proving to be a worthy competitor. Despite losing the top spot in DappRadar Top Marketplaces rankings, OpenSea attracted 14% more users in the past week.

Battling against stiff competition from newcomer LooksRare, OpenSea also boosted the volume that went through the platform to close to $950 million. With more than 185.000 unique active wallets, the marketplace processed 645.540 transactions in the last seven days. 

Impressively, despite the increasing competition, and the high gas fees associated with the Ethereum blockchain, OpenSea holds its position. Of course, as NFT collectors continue searching for the next big hit collection, secondary marketplaces are enjoying a lot of activity. Additionally, OpenSea benefits from an already established brand and level of popularity as one of the most successful NFT marketplaces out there. 

OpenSea Vs. LooksRare

OpenSea has been the king of NFT marketplaces for months. While competitors like Foundation, Rarible and SuperRare have been around for quite some time, OpenSea has always claimed the top spot. Until LooksRare came to the spotlight. 

LooksRare is the newest NFT marketplace out there, however, it has already managed to snatch first place in the DappRadar Top NFT Marketplaces ranking for the past week. Thanks to a combination of factors including a rather lucrative token airdrop, LooksRare has attracted over $1.3 billion in NFT trading in the past seven days.

However, it’s important to note that many collectors are partaking in wash trading. They do this in an effort to boost their LooksRare trading stats. This, in turn, would allow them to claim a bigger share of the daily LOOKS airdrop. Considering this, the marketplace’s success might be somewhat artificial. Only time will tell whether LooksRare will continue to dominate the rankings. Keep in mind, Rarible used to be a worthy competitor to OpenSea. However, it lost its leading position during its battle against wash trading by RARI token farmers.

OpenSea has proven to be an established, and trustworthy secondary marketplace. In this sense, the battle between the two will be an ongoing event in the NFT space. It will be interesting to see whether LooksRare can claim market share from OpenSea.

DappRadar will continue monitoring both OpenSea and LooksRare. Especially, as the two marketplaces fight for the attention of NFT creators and collectors alike. If you want to have access to the most up-to-date NFT trading data, check out DappRadar PRO. PRO also gives you access to exclusive Discord channels and chats. 

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