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Mozart and Salieri, iOS and Android, OpenSea and LooksRare – rivalries exist wherever you look. Nonetheless, most crypto-watchers and NFT lovers have concluded that the excessive quantity of wash buying and selling on the LooksRare NFT market means it could actually’t match as much as OpenSea.
Alternatively, LooksRare’s LOOKS token has been seeing some intriguing exercise over the previous few days. For that purpose, it’s value a small investigation.
Eyeing a brand new alternative?
The very first thing to notice is that from round mid-April, the availability of LOOKS on exchanges rocketed till it hit all-time-highs of roughly 20.94 million on 20 April. After this, nevertheless, the availability of LOOKS started to fall sharply, although it was recovering barely at press time.
Supply: Santiment
Moreover, energetic addresses and volumes for the asset have each been spiking from 20 April onwards. Collectively, these two metrics paint an image of an asset which is seeing a rise in adoption. Moreover, we are able to see that the spike in volumes was adopted by a equally massive spike in addresses.
It stays to be seen if this sample will maintain sooner or later.
So, is LooksRare profitable the NFT market race? In keeping with Dune Analytics, that is removed from the case as each LooksRare and OpenSea look like operating neck-to-neck when inspecting their each day quantity in USD.
Nonetheless, whereas OpenSea each day volumes are rising extra constant, LooksRare volumes have plunged by a whole bunch of hundreds of thousands of {dollars} since its launch in January 2022.
Supply: Dune Analytics
However that’s not all, of us!
The OpenSea and LooksRare rivalry may not be a two-way rivalry for for much longer as a brand new participant prepares to enter the NFT market scene. That is none apart from Coinbase NFT, which lately launched its beta model for choose customers to check out.
With a give attention to interoperability and user-friendliness, there’s likelihood {that a} new aggressive dynamic may type as quickly as Coinbase NFT opens its doorways to everybody else.
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