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Footprint Analytics: Will LooksRare overtake OpenSea?

January 10 NFT market Looks rare Issue Token – $ LOOKS – And I dropped it into the community in the air. The next day, the platform’s trading volume exceeded $ 115 million, surpassing the highest trading volume of OpenSea. NFT market..

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Will it continue to grow in 2022? Here are the advantages and challenges.

LookingRare: Web 3.0 NFT Marketplace

LookRare was created by two people Anonymous Co-founder – Zodd and Guts – “By NFT For people, NFT Man”.

LookRare aimed at OpenSea in its mission statement: “Creators’ deplatforming and decision makers who value business over community do IPOs rather than benefit the communities that reach them. I’m sick of what I’m looking for. “

There are many NFT Marketplace Recently available, LooksRare has been able to innovate in several key areas.

Community’s first NFT market

This is LooksRare’s main UVP and is described in the product and marketing roadmap.

  • Community First: 75% of all tokens are allocated to the community, attracting new members and continuously rewarding them.
  • Revenue diversification: 100% of transaction fees are earned by $ LOOKS Stacker.
  • Distributed management NFT project: Unlike OpenSea, which can be down NFT Freedom of the project, LooksRare’s position is not to suspend or freeze the status of derived projects unless they are “malicious”.

Profit sharing for users

LookRare offers a cheaper and more friendly trading experience than OpenSea.

Footprint Analysis – Comparison of OpenSea and LoosRare

It should be noted that OpenSea is not the first NFT It’s a market, not an unsophisticated first attempt NFT market. Rather, we have been developing products for several years to gain more than 95% of the market share. OpenSea innovations include:

  • On the first unlicensed list, NFT creator.
  • Wide market NFT Asset types such as artwork, music, and domain names.
  • Powerful classification system with tags based on NFT Characteristics (for example, users can search for BAYC apes based on clothing, eye color, accessories, etc.)

So it’s not easy for LooksRare to overtake OpenSea. However, while start-ups also implement tag filtering, they also offer lower rates, more revenue sharing, optimized delivery methods and payment options.

Transaction reward: Double-edged sword

There are three ways to earn $ LOOKS Looks rare

  • Earn by trading: earn $ LOOKS Every time you buy or sell NFT With LookRare.
  • Earn by Staking: Stake $ LOOKS Earn more than 600% APY. 100% of LookingRare transaction fees will be redistributed proportionally $ LOOKS Stacker.
  • Earn by Providing Liquidity: Liquidity $ LOOKS-Get additional revenue with Uniswap V2 ETH pair $ LOOKS Rewards in addition to Uniswap’s regular liquidity provider rewards.

LookRare has grown primarily based on its tokenomics and reward model. LooksRare, which has successfully attracted a pool of trading users, currently has an average daily trading volume of $ 130 million, several times ahead of OpenSea.

Looks rare

Footprint Analytics – Comparing OpenSea and LooksRare Trading Volumes

However, this also caused the problem of “dressing clothes” where users trade repeatedly just to get paid.Staring Footprint analysis LooksRare has an average of $ 197,068 per person, with OpenSea trading at $ 2,979 million per person, according to data from a random day in January.

Footprint Analysis – Comparison of OpenSea and LoosRare Trading Users

LookRare halves the deal and Staking February 10 reward. This reveals the true strength of the market.

Will LookRare be the leading NFT marketplace?

Probably not, at least in the short term.

  1. LookRare’s trading volume has exceeded OpenSea several times, but OpenSea has maintained a stable trading volume without a significant decline.

Footprint Analysis – Trading Volume NFT market

  1. LookRare hasn’t been able to attract the mainstream yet NFT project. Top 5 NFT Projects currently traded on LooksRare previously had less trading and a smaller audience. Mainstream projects such as CrpytoPunks are not participating.

Footprint Analysis – Top 5 NFT With LookRare

  1. LookRare has a small market share.

In terms of trading volume, OpenSea still holds 90% of the market share.

In terms of number of users, the percentage of users trading on LooksRare was only 0.83% as of February 6.

Footprint Analysis – Trading Users NFT market


OpenSea NFT What to market Ethereum Is to do DeFi..

At the beginning of 2021 Ethereum Was leading DeFi A chain with a 95.88% share while OpenSea currently leads with a market share of over 95%.However, after 2021 Ethereum Challenged by emerging chains, EthereumMarket share is currently down to 57%.

NFT The market will probably develop in the same way. So while new start-ups will continue to grow at the same time as OpenSea, overtaking leaders is neither an easy task nor an unavoidable one.

What is a footprint?

Footprint Analytics is an all-in-one analytics platform for visualization. Blockchain Discover data and insights. Clean up and integrate on-chain data so users of all experience levels can quickly start exploring tokens, projects, and protocols. With over 1000 dashboard templates and a drag-and-drop interface, anyone can create their own customized charts in minutes.make clear Blockchain Use Footprint to collect data and invest smarter.

Footprint website:



Disclaimer: The views and opinions expressed by the author should not be considered financial advice. We do not provide advice on financial products.


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